Full Year Results for year ended 31 December 2025

ATOME PLC

02 October 2026

 

 2 October 2026

ATOME PLC

("ATOME", "the Company", or "the Group")

Full Year Results for year ended 31 December 2025

Investor Presentation via Investor Meet Company

ATOME (AIM: ATOM), the world-leading low-carbon fertiliser developer and the UK's only dedicated international industrial scale low-carbon fertiliser company, with large-scale projects in Latin America, announces its audited results for the year ended 31 December 2025.

The Company's Annual Report is being posted today to shareholders together with the Notice for the Annual General Meeting, further details of which are set out below.

Following the publication of the Annual Report, and the Company's interim accounts for the six month period ended 30 June 2026, which is to occur shortly following this announcement, trading in the Company's ordinary shares on AIM is expected to be restored at 7:30 a.m. on Monday 5 October 2026.

Peter Levine, Chairman, Commented:

"These regrettably much delayed Accounts for the year end 31 December 2025 are now substantially historic taking into account the well documented recent issues and current position of the Company.

"The unaudited accounts for H1 2026 are also being issued contemporaneously and provide a more up to date picture read in conjunction with the recent announcements of ATOME".

Investor Presentation via Investor Meet Company

ATOME is pleased to announce that Peter Levine, Chairman, and Olivier Mussat, CEO, will provide a live presentation relating to the Full Year and Half Year Results as well as a general business update via Investor Meet Company on 05 Oct 2026 at 11:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 04 Oct 2026 at 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet ATOME PLC via:

https://www.investormeetcompany.com/atome-plc/register-investor

Investors who already follow ATOME on the Investor Meet Company platform will automatically be invited.

"For further information on ATOME, please visit the Company's Curation Connect showcase at: https://app.curationconnect.com/company/Atome-71605"

For more information, please visit https://www.atomeplc.com or contact:

ATOME PLC Nikita Levine, Investor Relations	[phone] [e-mail]
Beaumont Cornish (Nominated Adviser) Roland Cornish, Michael Cornish	[phone]
SP Angel (Joint Broker) Richard Hail, Jen Clarke	[phone]
FTI Consulting (Communications Adviser) Elizabeth Adams, Ben Brewerton	[phone] [e-mail]

MAR

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

About ATOME

ATOME PLC is an AIM-listed company leading the international development of green fertiliser with a pipeline of projects across Latin America.

ATOME's projects are situated at the heart of one of the world's largest food export hubs - the Mercosur region in the Southern Cone of South America with the Argentinian and Brazilian markets next door. ATOME's production will disrupt the region's heavy dependence on imported fossil fuel generated fertiliser, contributing to regional food security goals.

In May 2026, ATOME declared unconditional Final Investment Decision on its flagship Villeta Project, Paraguay following the completion of US$665 million project finance backed by leading international development finance institutions and private infrastructure investors. The Villeta Project benefits from a minimum 10-year Definitive Offtake Agreement signed with Yara International, the leading international fertiliser company, for offtake of all of Villeta's green fertiliser production, as well as a US$465 million fixed-price EPC contract with leading ammonia and fertiliser engineering specialist Casale S.A.

Approximately a third of human caused GHG emissions is linked to food production according to UN data, and fertiliser use and production is the source of more emissions than the shipping and aviation industries combined. ATOME's green Calcium Ammonium Nitrate product will contribute to decarbonising the food sector from the bottom up, getting to the root of the food value chain's emissions. ATOME's renewably generated fertiliser is both low-carbon and provides a secure, stable alternative product not reliant on fossil fuels, unlike all nitrogen fertiliser production today.

The Company has a green-focused Board which is supported by major shareholders including Peter Levine, Schroders, a leading fund manager, Baker Hughes, a global energy technology company operating in the energy and industry sectors and Casale S.A, the Swiss-based ammonia and fertiliser specialist engineering firm and technology licensor.

Other information

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Distribution

This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.

Statement by the Chairman, Peter Levine

Summary

ATOME's fourth set of full year results for the financial year ended 2025 demonstrated the significant progress made by our Company towards the Final Investment Decision ("FID") and full financial close for our flagship 260,000 tonnes p.a. Villeta green fertiliser project in Paraguay ("Villeta or "Project).

This progress however has been stayed in this current year by the unforeseen events relating to ATOME's Power Purchase Agreement ("PPA") for Villeta which are referred to later in this report and which the Company remains in the process of addressing with the object of getting back on track, proceeding to commence work on site and draw down the first disbursement of the financing.

Introduction

In just four years, ATOME has progressed from a company start-up to becoming the recognised world leader in green fertiliser project development with valuable intellectual property, engineering expertise and a network of world leading strategic parties. ATOME is widely considered by our peer group to be at the forefront of our industry, with ATOME's market-leading execution abilities.

Business Summary

The milestones achieved in the calendar year 2025 included the following:

1.   Signing Heads of Terms with Hy24, the world leading clean hydrogen investor, for anchor and lead equity investment of up to US$115 million in the Villeta Project and subsequently constituting the equity consortium to cover the entirety of the Villeta Project US$245 million equity

2.   Signing of the definitive US$465 million EPC contract with Casale S. A. and commencement of detailed engineering work

3.   Signing the minimum 10-year binding offtake agreement with Yara International ASA, the world's largest nitrogen fertiliser manufacturer, for 100% of Villeta's production which includes a tiered pricing mechanism that increases Yara's participation in product sale returns in line with realised price together with price protection mechanisms to ensure bankability as well as green premium upside sharing.

4.   Creation of ATOME POWER, a new independent power generation and battery energy storage division with the potential to deliver significant income streams for the group

In the first part of 2026, significant milestones in relation to Villeta were achieved, including:

1.   Declaration of the FID with full debt and equity requirement of US$665 million committed for the project

2.   Management Services Agreement signed between ATOME Paraguay and ATOME PLC ensuring ATOME's continued effective management and delivery of the Villeta project

3.   ATOME PLC fundraise to provide for its investment in the Villeta Project implementation and working capital.

In June of this year ATOME suffered a setback in the Villeta Project when, as has been announced to the Market, without any fault or reason on the part of ATOME, the January 2026 Presidential Decree and Power-to-X resolution governing an already agreed form of PPA was unilaterally revoked by the Paraguayan Government, allegedly under political pressure.  As has also been announced, the Company is making all reasonable efforts to achieve an agreed form of PPA and put the Project back on track. In such regard we are particularly grateful to our contractor Casale and our offtake partner Yara as well as our debt and equity partners for their continued patience and understanding.

As part of the Company's due diligence and protecting the interests of our shareholders, whilst we hope it will not be necessary, ATOME has been advised by its lawyers, the multinational law firm White & Case LLP, that not only has it a right of action against the Paraguayan Government under the UK-Paraguay Bilateral Investment Treaty of 1981 ("the Treaty") but on present evidence it also has good prospects of success for the  claim which has been independently assessed by reputable international damage assessment experts in that field as reasonably substantial i.e. into nine figures. Further, in such eventuality, ATOME has been advised that legal costs of such claim has a good chance of being third party litigation funded by a respectable and deep pocketed financial entity experienced in that field.   

ATOME will, should the circumstances demand, protect any legitimate right it has and as an initial step whilst allowing compromise discussions to proceed has served Paraguay with the requisite three month formal Notice of Dispute and Arbitration Intent under ICSID in Washington D.C. as required under the treaty.

Financial

ATOME's 2025 results reflect the continued investment which has powered the material progress achieved in the year. It must likewise also reflect a cautious and prudent approach taking into account the current position in regard to the aforesaid PPA issue for Villeta. The investment as in 2025 together with this approach led to a total comprehensive loss for the year ended 31 December 2025 of $9.2 million (2024: US$7.3 million), in line with expectations.

Prospects

In relation to Villeta we view the prospects for resolution calmly and prudently whilst being comforted that if the current issues are not resolved, the Company has a good case for very significant compensation to place ATOME PLC in the same or similar position as if the project would have succeeded on reasonable expectations.

ATOME is not however a one-asset Company. Allied with our strategic partners Casale, the EPC contractor in Paraguay, we have recently entered into discussions covered by a Non-Disclosure Agreement with a major renewable power supplier in Brazil and are continuing to explore opportunities in other jurisdictions using the expertise, know-how and relationships developed at Villeta, including the development of strong relations with Yara, our fertiliser offtake partner, as well as with Sungrow, a multi-billion-dollar market capitalised provider of electrolysers and batteries, including with respect to ATOME Power's prospects.

Accordingly taking into account a pipeline of other projects both related to food security and renewable power, capitalising on the strategic relationships we have created, we are quietly optimistic as to the future of ATOME.

Finally, all this progress cannot have been achieved without the sterling efforts of our management and employees to whom I extend my sincere gratitude.

Peter Levine

Chairman

2 October 2026

Financial Review

The consolidated financial statements present the group results for the year ended 31 December 2025 for ATOME PLC, an independent AIM listed business focused on producing, marketing, and distributing green fertiliser.

At the date of this report, the first major project has progressed through the Final Investment Decision ("FID") and started.  This milestone provides contribution to group overheads by way of recharge for services provided through Management Services Agreement as well as consideration for certain anticipatory expenses already incurred and paid out included in the amount of funds raised by ATOME as part of its equity contribution.

In May 2025, the Group raised a total of US$1.6 million, which was settled in-kind by 31 December 2025 through a director-led placing with institutional and private investors, with further US$0.4 million thousand set off against amounts owing from the share issue.

As part of the arrangements with the Company's Villeta Project anchor equity investor Hy24 to date US$2.5 million has been advanced to the Company by Hy24 which has assisted in the expenditures on the project.  The loan is not due for repayment until 2028 if the Villeta Project issue is resolved by 30 December 2026 or if not at present such monies become payable at the start of 2027.  On such eventuality ATOME would seek to re-negotiate payment terms, accordingly as there is a contractual scenario under which the payment becomes due on demand, the liability is shown as a current liability in the Statement of Financial Position at the year end.

Additional funds were also provided during the year for working capital support from the founder and Chairman through his investment vehicles, under the terms of the facility agreement provided in and notified on 26 June 2025.

As part of the Villeta Project agreements, the Company entered into a conditional Management Services Agreement with ATOME Paraguay, which will provide an estimated US$2.8 million annualised cash proceeds to the Company during the construction period (2026-2029), and c.US$1 million during the operations phase of the project.

In 2026 the Company raised a value of US$34.6 million before fees to provide for its contemplated investment in Villeta and working capital.

Further funding may continue to be required from shareholders, lenders or otherwise for the Company to achieve success in project financing for Villeta Project with the desired outcome of cash generative production in 2029/2030.

However, to alleviate concerns as to future funding, additional funds may be made available to the Group in the form of the commitment based on the support letter dated 2 October 2026 ("the Facility") provided by Peter Levine the founder, Chairman and a significant shareholder of ATOME. The terms thereof provide inter alia for a revolving facility of up to £2.5 million (c. US$3.35 million) for a period up to 30 September 2028 to support working capital needs.

The Facility is unsecured and will be repayable on the earlier of a future fundraise by the Company of at least £4 million, in which Peter Levine will have the right to participate to maintain his current interest in the Company. The Facility has an initial facility fee of £200,000 which can be settled in shares and bears an interest rate of 12.5% on drawn amounts, and a commitment fee of 4% on undrawn amounts, together with a one-off support facility fee, which will be settled in ATOME shares.

The Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The financial results of the Group are presented in US Dollars as all the Group's budgeting, cost management and future trading are primarily denominated and maintained in US Dollars. All translation differences arising from translation from functional to reporting currency are taken to the Foreign Currency Translation Reserve on the statement of financial position.

Further AIM Disclosures

Related Party Transaction

Peter Levine is a Director and substantial shareholder in the Company. The Facility is therefore a related party transaction pursuant to Rule 13 of the AIM Rules for Companies.

The Independent Directors comprising all directors of the Company, other than Peter Levine and Nikita Levine, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, consider the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.

Consolidated Statement of Comprehensive Income
Year ended 31 December 2025
		Note		2025 US$'000		2024 US$'000
Continuing Operations
Administrative expenses		2		(7,945)		(6,946)
Operating loss				(7,945)		(6,946)
Finance income				19		26
Finance costs				(236)		(159)
Loss before tax				(8,162)		(7,079)
Total income tax (charge)/credit				-		-
Loss for the year from continuing operations				(8,162)		(7,079)
Loss for the year from continuing operations				(8,162)		(7,079)
Non-controlling interest				2		(187)
Loss for the year attributable to equity holders				(8,160)		(7,266)
Other comprehensive income net of tax
Items that may subsequently be reclassified to profit or loss
Exchange differences on translation of foreign operations				(1,060)		(14)
Total comprehensive loss for the year attributable
to the equity holders of the parent				(9,220)		(7,280)
Loss per share		3		US cents		US cents
Basic loss per share from continuing operations				(16.33)		(16.13)
Diluted loss per share from continuing operations				(16.33)		(16.13)

Consolidated Statement of Financial Position
As at 31 December 2025
ASSETS				2025 US$'000		2024 US$'000
Non-current assets
Intangible assets				6,154		6,010
Goodwill				2		2
Property, plant and equipment				1,395		1,312
				7,551		7,324
Current assets
Trade and other receivables				632		755
Cash and cash equivalents				159		167
				791		922
TOTAL ASSETS				8,342		8,246
LIABILITIES
Current liabilities
Trade and other payables				8,709		4,367
Short term facility				477		-
Borrowings				2,937		135
				12,123		4,502
Non-current liabilities
Non-current portion of leases				-		2
Borrowings				740		675
				740		677
TOTAL LIABILITIES				12,863		5,179
EQUITY
Share capital				134		127
Share premium				24,755		23,153
Retained earnings				(29,970)		(21,810)
Translation reserve				(1,166)		(106)
Share option reserve				1,738		1,713
				(4,509)		3,077
Non-controlling interest				(12)		(10)
TOTAL EQUITY				(4,521)		3,067
TOTAL EQUITY AND LIABILITIES				8,342		8,246

Consolidated Statement of Changes in Equity
Year ended 31 December 2025
	Share		Profit						Non-
	capital and		and loss		Other				controlling		Total
	premium		account		Reserves		Total		Interest		Equity
	US$'000		US$'000		US$'000		US$'000		US$'000		US$'000
Balance at 1 January 2024	16,990		(14,544)		1,667		4,113		(197)		3,916
Share-based payments	-		-		(46)		(46)		-		(46)
Offer of shares to public	6,415		-		-		6,415		-		6,415
Costs of issue new shares	(125)		-		-		(125)		-		(125)
Transactions with the owners	6,290		-		(46)		6,244		-		6,244
Loss for the year	-		(7,266)		-		(7,266)		187		(7,079)
Translation reserve	-		-		(14)		(14)		-		(14)
Total comprehensive loss for the year	-		(7,266)		(14)		(7,280)		187		(7,093)
Balance at 31 December 2024	23,280		(21,810)		1,607		3,077		(10)		3,067
Share-based payments	-		-		25		25		-		25
Offer of shares to public	1,609		-		-		1,609		-		1,609
Costs of issue new shares	-		-		-		-		-		-
Transactions with the owners	1,609		-		25		1,634		-		1,634
Loss for the year	-		(8,160)		-		(8,160)		(2)		(8,162)
Translation reserve	-		-		(1,060)		(1,060)		-		(1,060)
Total comprehensive loss for the year	-		(8,160)		(1,060)		(9,220)		(2)		(9,222)
Balance at 31 December 2025	24,889		(29,970)		572		(4,509)		(12)		(4,521)

Consolidated Statement of Cash Flows
Year ended 31 December 2025
	2025 US$'000		2024 US$'000
Cash flows from operating activities
Cash used by operating activities (note 4)	(2,346)		(2,272)
Taxes paid	-		-
Taxes refunded	-		-
	(2,346)		(2,272)
Cash flows from investing activities
Additions to intangible assets	(144)		(1,498)
Additions to property, plant and equipment	(111)		(124)
Interest received	19		26
	(236)		(1,596)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses)	66		3,672
Proceeds from borrowings	2,864		195
Finance costs	(193)		(154)
Repayment of borrowings	(135)		(195)
Repayment of obligations under leases	(28)		(27)
	2,574		3,491
Net decrease in cash and cash equivalents	(8)		(377)
Cash and cash equivalents at beginning of period	167		550
Exchange gain/(loss) on cash and cash equivalents	-		(6)
Cash and cash equivalents at end of period	159		167

Notes

1.    Accounting policies and basis of preparation

The financial information set out in this announcement does not constitute the Company's statutory financial statements and is derived from the consolidated financial statements for the year ended 31 December 2025 and year ended 31 December 2024.

Financial statements for the year ended 31 December 2025 will be delivered in due course. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to matters to which the auditors drew attention around the Company's ability to continue as a going concern as further funding will continue to be required from shareholders, lenders or otherwise for the Company to achieve success in project financing for Villeta Project allowing it to achieve the desired project outcome of cash generative production in 2029/2030 and to continue its operations, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2025 and 2024.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2025.

Whilst the consolidated financial statements from which this preliminary announcement has been derived are prepared in accordance with International Financial Reporting Standards ("IFRS") and applicable law, this announcement does not itself contain sufficient information to comply with IFRS. The Annual Report, containing consolidated financial statements for the year ended 31 December 2025 that comply with IFRS, will be sent out to shareholders by 2 October 2026.

2 Administrative expenses
	2025		2024
	US$'000		US$'000
Directors and staff costs (including non-executive Directors)	2,095		4,110
Cost of issue for existing shares	-		-
Share-based payments	25		162
Depreciation	27		29
Other	5,797		2,645
	7,945		6,946

3   Loss per share
	2025		2024
	US$'000		US$'000
Loss for the period attributable to
the equity holders of the Parent Company	(8,160)		(7,266)
	Number		Number
	'000		'000
Weighted average number of shares in issue	49,963		45,053
	US cents		US cents
Loss per share
Loss per share from continuing operations	(16.33)		(16.13)
Diluted loss per share from continuing operations	(16.33)		(16.13)

At 31 December 2025, 1,813,580 (2024: 1,813,580) share options and share warrant awards were in issue that, if exercised, would dilute earnings per share in the future. No dilution per share was calculated as with the reported loss adding share options and warrants is anti-dilutive.

4  Notes to the consolidated statement cash flows
	2025		2024
	US$'000		US$'000
Loss from operations before taxation	(7,945)		(6,946)
Interest accretion on lease liability	1		2
Interest payable	(3)		(5)
Depreciation and impairment of property, plant and equipment	27		29
Foreign exchange difference	(1,018)		41
Payment in kind for shares placed	2,049		3,025
Share-based payments	25		(46)
Operating cash flows before movements in working capital	(6,864)		(3,900)
(Increase) / decrease in receivables	(326)		114
Increase in short term facility	477		-
Increase in payables	4,367		1,514
Net cash used by operating activities	(2,346)		(2,272)

5    Segment reporting

In the opinion of the Directors, the operations of ATOME PLC comprise one class of business, the development, production and the sale of green ammonia derivatives for agricultural use and related activities.

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses and whose results are regularly reviewed by the Board of Directors.

The Board of Directors reviews operating results by reference to the core principle of geographic location. As at 31 December 2025, the Group had projects in two geographical markets: Paraguay and Costa Rica.  It has a head office and associated corporate expenses in the UK.

	Iceland		Paraguay		Costa Rica		UK		Total
	2025		2025		2025		2025		2025
	US$'000		US$'000		US$'000		US$'000		US$'000
Administrative expenses	-		3,166		21		4,758		7,945
Segment costs	-		3,166		21		4,758		7,945
Segment operating profit/(loss) for the Year Ended 31 December 2025	-		(3,166)		(21)		(4,758)		(7,945)
	Iceland		Paraguay		Costa Rica		UK		Total
	2024		2024		2024		2024		2024
	US$'000		US$'000		US$'000		US$'000		US$'000
Cost of sales
Administrative expenses	3		571		97		6,275		6,946
Other (gains) / losses	(789)		-		-		789		(0)
Segment costs	(786)		571		97		7,064		6,946
Segment operating loss for the Year Ended 31 December 2024	786		(571)		(97)		(7,064)		(6,946)

Segment assets	Paraguay		Costa Rica		UK		Total
	2025		2025		2025		2025
	US$'000		US$'000		US$'000		US$'000
Intangible assets	-		-		6,154		6,154
Goodwill	2		-		-		2
Property, plant and equipment	1,395		-		-		1,395
	1,397		-		6,154		7,551
Other assets	208		5		419		632
Total assets as at 31 December 2025	1,605		5		6,573		8,183
	Paraguay		Costa Rica		UK		Total
	2024		2024		2024		2024
	US$'000		US$'000		US$'000		US$'000
Intangible assets	-		-		6,010		6,010
Goodwill	2		-		-		2
Property, plant and equipment	1,312		-		-		1,312
	1,314		-		6,010		7,324
Other assets	142		6		607		755
Total assets as at 31 December 2024	1,456		6		6,617		8,079

Segment liabilities	Paraguay		Costa Rica		UK		Total
	2025		2025		2025		2025
	US$'000		US$'000		US$'000		US$000
Total liabilities as at 31 December 2025	4,360		21		8,482		12,863
	Paraguay		Costa Rica		UK		Total
	2024		2024		2024		2024
	US$'000		US$'000		US$'000		US$000
Total liabilities as at 31 December 2024	1,025		22		4,132		5,179

Reconciliation of the amounts reported for segment assets to the Group's consolidated statement of financial position is as follows:

			2025		2024
			US$'000		US$'000
Segment assets			8,183		8,079
Group cash			159		167
Group assets as at 31 December 2025			8,342		8,246

-ends-

 

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