London · Delayed Price · Currency is GBP · Price in GBX Gem Diamonds Earnings Call Transcripts
Fiscal Year 2026
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Revenue rose 32% to $59.7 million and EBITDA turned positive at $8.6 million, driven by higher diamond prices and cost efficiencies. Net debt was nearly eliminated, and the company is well-positioned amid improving market conditions and ongoing industry uncertainties.
Fiscal Year 2025
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Revenue and carat volumes declined sharply in 2025, but aggressive cost controls and operational changes led to a positive EBITDA in H2. Exceptional items, including a major asset impairment, drove a net loss of $104 million, though signs of price recovery for high-end diamonds emerged late in the year.
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Revenue dropped 42% year-over-year to $45.5 million, with a net loss of $11.7 million and negative EBITDA. Aggressive cost-cutting, mine plan revisions, and strong liquidity position the company to weather ongoing diamond market pressures and capitalize on future recovery.
Fiscal Year 2024
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Revenue rose 10% to $154 million with EBITDA nearly doubling to $29.7 million, driven by higher carat sales and cost reductions. Net debt fell to $7 million, and operational efficiencies improved, despite ongoing market headwinds and no dividend planned.
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A revised mine plan significantly reduces waste and costs, increases ore mined, and improves operational efficiency. 2025 guidance shows lower costs and stable production, with extended credit facilities. The diamond market remains challenging, but supply reductions and operational changes position the company for improved cash flow and potential market recovery.
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Revenue rose 9% to $78 million with EBITDA more than doubling, driven by operational efficiencies and strong large diamond recoveries. Guidance for carats recovered and sold was raised, while costs and net debt fell sharply. Market conditions remain challenging, with September seen as a key inflection point.