Iofina PLC (AIM:IOF, OTC:IOFNF), the iodine producer and chemical manufacturer, has hit a major milestone, achieving record iodine production of 634.1 metric tonnes (MT) in 2024 — a 13.4% increase on the previous year.
This achievement was powered by strong output from the company’s seven IOsorb plants in Oklahoma, including its newest facility, IO#10, which reached full production in September.
In the final quarter of the year, Iofina set another record, producing 194.1MT of crystalline iodine in Q4 alone.
Combined with first-half production of 276.1MT and second-half output of 358MT, 2024 marked a banner year for the company’s operations.
Adding to this momentum, Iofina has benefited from strong global demand for iodine, with spot prices climbing above $70 per kilogramme, higher than levels seen earlier in 2024.
These elevated prices are expected to hold steady through the first half of 2025, providing a favourable backdrop for the company’s operations.
However, the year wasn’t without its challenges. Delays in shipping over $2 million worth of chemical products from Iofina Chemical’s facility in December meant these sales were pushed into January 2025.
As a result, the company now expects adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2024 to come in at $7.5 million, below the previously forecast range of $8.5 million to $9 million. Iofina said without the delays it would have hit guidance.
That said, they give the company a stronger-than-expected start to 2025, as these sales are now being recognised early in the new year.
Looking ahead, Iofina is projecting iodine production of 320MT to 355MT for the first half of 2025, with output expected to pick up further in the warmer months as higher brine temperatures improve efficiency.
Construction of the company’s next plant, IO#11, is already underway and on track for completion by the third quarter of 2025. Meanwhile, discussions about a potential IO#12 plant are progressing, signalling Iofina’s commitment to ramping up production to meet rising global demand.
CEO Tom Becker: "With the foundations for IO#11 currently being laid, we are on track to complete construction in Q3 2025.
"At the same time, we are making good progress in finalising plans for IO#12. These developments highlight our ongoing focus on rapidly executing our growth strategy in a prudent fashion."