Graphite miner Tirupati Graphite plc (LSE:TGR.L) (TGR) reported a pre-tax loss of £3.4 million for the six months to 30 September 2025, more than doubling from £1.9 million a year earlier, as intermittent production at its Madagascar operations fell short of targets.
The operating loss widened to £2.7 million from £1.6 million, as the company ran at full operating costs while delivering inconsistent output. Administration expenses rose sharply to £1.8 million from £0.7 million, reflecting one-off legal costs tied to the new financing, restructuring and potential litigation, as well as prior-year audit overrun charges. The company shipped 1,998 MTs to customers during the period at an average realised price of $846 per metric tonne, up 2% from $828 in 2024. Cash stood at just £0.16 million at 30 September 2025.
The filing of these results completes Tirupati's financial reporting obligations for the first time since July 2024, following a governance crisis triggered by the termination of its previous chief executive in February 2025. Executive Chairman Mark Rollins said the update brings "the Company's reporting obligations into full compliance," adding that "with the fundraising in December 2025 now able to complete, as soon as the Prospectus is approved, and mining operations ready to resume, the Company can now focus on building shareholder value."
Tirupati raised £4.5 million via 2025 Series 1 convertible loan notes and a further £0.3 million through Series 2 CLNs during the period. In December 2025 it announced an additional £3.1 million fundraise, comprising £0.7 million of Series 3 CLNs and a £2.4 million conditional placing of new ordinary shares at 1.5 pence per share. The CLNs across all series carry a final maturity date of 31 March 2026, and the long-stop date for the placing conditions is the same.
The company said the suspension of its LSE-listed shares is expected to be lifted shortly now that financial reporting is current, with a draft prospectus already submitted to the FCA for review. The board flagged a material uncertainty around going concern, noting that closure of the placing and conversion of the CLNs to equity before their 31 March 2026 maturity are conditions not fully within directors' control. Directors said they nonetheless consider satisfactory outcomes to each milestone to be a reasonable assumption.
The recap
• Pre-tax loss widened to £3.4 million (H1 2024: £1.9 million) as Vatomina production fell short of targets and was suspended in September 2025. • Filing of interim results completes TGR's overdue financial reporting, clearing the path to lift the LSE trading suspension and close a £2.4 million conditional share placing. • All 2025 convertible loan notes and the December 2025 placing carry a 31 March 2026 long-stop date; failure to convert or close would leave the company unable to meet cash needs from revenue alone.
