Slide 1: Ironton Operating Budget 2024
1 Ironton Operating Budget 2024 December 2024 Submission Exhibit 99.1
Slide 2: Table of Contents
2 Table of Contents • Summary • Material Assumptions • Profit and Loss • Balance Sheet • Cash Flows • Financial Covenants
Slide 3: Summary
3 Summary • Ironton continues to go through the commissioning process and is anticipated to get to full utilization rates in the first half of 2024 in our base case • Full year operations are expected to generate $27.7mm in EBITDA with profitability improving throughout the year as the operation mat
Slide 4: Material Assumptions - Operations
4 Material Assumptions - Operations Assumption Metric Comments Production Start Date Dec-23 Production Ramp Period Additional detail provided herein Revenue 1.36 $/rPP lb Average sales price based on projected contracted sales, spot sales, and excluding coproducts and order fulfillment activities Op
Slide 5: Material Assumptions – Ramp of Operations
5 Material Assumptions – Ramp of Operations Month Ramp Schedule Jan-24 50% Feb-24 50% Mar-24 75% Apr-24 75% May-24 75% Jun-24 100% Jul-24 100% Aug-24 100% Sep-24 100% Oct-24 100% Nov-24 100% Dec-24 100%
Slide 6: Material Assumptions – Working Capital / CapEx
6 Material Assumptions – Working Capital / CapEx Assumption Metric Comments DSO 45 days Days sales outstanding DPO 30 days Days payables outstanding (trade payables) DIO 30 days Days inventory on hand Interest Income N/A None forecasted
Slide 7: Material Assumptions – Other
7 Material Assumptions – Other Assumption Metric Comments Use of capitalized interest reserves Jun 2024 & Dec 2024 Cover full interest payment ($10.1MM) in Jun 2024 with projected remaining funds (~$0.5MM) used to cover a portion of Dec 2024 payment Use of contingency account All of 2024 Funds assum
Slide 8: Budgeted Profit & Loss by Month
8 Budgeted Profit & Loss by Month – 2024 (in $ ‘000s) Income Statement Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 2024 Total Revenues 1,650 1,917 2,950 8,493 11,960 11,825 12,495 12,716 12,979 13,109 13,109 13,109 116,312 Growth 100% COGS (1,779) (1,775) (2,9
Slide 9: Budgeted Balance Sheet by Month
9 Budgeted Balance Sheet by Month – 2024 (in $ ‘000s) Balance Sheet Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 2024 Total Cash in Liquidity Reserve 101,235 100,726 100,693 100,123 100,773 100,713 101,929 100,827 100,599 100,309 100,998 107,294 107,294 Other R
Slide 10: Budgeted Cash Flows by Month
10 Budgeted Cash Flows by Month – 2024 (in $ ‘000s) Cash Flow Statement Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 2024 Total Cash Flow from Operations (CFO) Net income (8,207) (7,445) (7,880) (3,028) (260) (1,865) (534) (293) 151 (91) 455 401 (28,596) Addbac
Slide 11: Budgeted Financial Covenants
11 Budgeted Financial Covenants – 2024 (in $ ‘000s) Financial Covenant Calculations Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 2024 Total Commencing with the Fiscal Year Ended 12/31/23 Net Income Available for Debt Service 27,685 Senior DSCR: >150% Total Seni