The Sayona Mining Ltd (ASX: SYA) share price is on shaky ground today.

Shares in the S&P/ASX 300 Index (ASX: XKO) lithium stock closed yesterday trading for 2.2 cents. In morning trade on Friday, shares dipped 2.3% to 2.15 cents but have since recovered to trade flat at the time of writing.

For some context, the ASX 300 is down 0.7% at this same time.

This follows the release of Sayona Mining's half-year results for its North American Lithium (NAL) joint venture. Sayona owns 75% of NAL, while Piedmont Lithium Inc (ASX: PLL) owns the other 25%.

Read on for the highlights covering the six months to 31 December (H1 FY 2025).

Sayona Mining share price in the spotlight

• Revenue of $122 million, up 3% year on year
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of $37 million, up from a loss of $9 million in H1 FY 2024
• Consolidated loss after income tax of $64 million, up from a loss of $33 million in H1 FY 2024
• Net cash flow from operating activities of $19 million, up 158% year on year
• Cash balance as at 31 December of $110 million, down 30%

What else happened during the half?

The Sayona Mining share price is seeking direction, with the miner reporting spodumene concentrate production of 103,063 dry metric tonnes (dmt) over the half, up 57% year on year.

Spodumene concentrate sold totalled 115,027 dmt, up 59% on PCP, with the product delivered to customers in Asia.

The average realised selling price over six months declined 35% to $1,060/dmt.

Unit operating costs per tonne sold came in at $1,303 per dmt during the half year.

On the operational front, Sayona said lithium recoveries at NAL remained consistent throughout the half-year at 67%. That's a 7% improvement from H1 FY 2024.

The six months also saw Sayona Mining complete $13 million in capital projects at NAL, including phase 2 of the Tailings Storage Facility capacity upgrade and other site enhancements.

The Sayona Mining share price could be getting some support, with the company expecting capital expenditure to be lower in the second half of FY 2025 and total capital expenditure in line with full-year guidance of $20 million.

In other big news over the half year, in November, Sayona Mining and Piedmont Lithium announced a definitive merger agreement. That transaction is expected to close in mid-2025. The companies said they anticipate significant synergies by integrating Sayona's production capabilities with Piedmont's market presence in North America.

What did management say?

Commenting on the results that have yet to lift the Sayona Mining share price today, CEO Lucas Dow said:

Sayona is on an exciting growth trajectory, and we are well-positioned to capitalise on the increasing global demand for lithium. Our strategic merger with Piedmont Lithium will create a leading North American lithium producer, unlocking growth opportunities and strengthening our financial position for long-term success…

Despite market fluctuations, Sayona has remained financially resilient, successfully completing a capital raise of $38 million and maintaining a strong cash position. Our disciplined capital allocation strategy ensures we can continue to invest in future growth while delivering value to shareholders.

What's ahead for the Sayona Mining share price?

Looking at what could impact the ASX 300 lithium stock in the months ahead, Sayona Mining reaffirmed its full-year FY 2025 guidance.

The miner expects full-year spodumene concentrate sales of 200,000 dmt to 230,000 dmt, which implies 85,000 dmt to 115,000 dmt in the second half.

Costs are forecast to be in the range of $1,150 to $1,300 per dmt sold.

"With the Piedmont merger further strengthening our asset portfolio, a committed leadership team, and a clear strategy for expansion, we are confident in our ability to drive sustainable growth and cement our position as a key player in the global lithium industry," Dow said.

The Sayona Mining share price is down 45% in a year.