Group revenue for the 12 months to June 30 rose more than 800 per cent to $US770 million ($A1.1 billion) on record production from Mt Cattlin in Western Australia and Olaroz in Argentina.
Shares in Allkem rose 12 cents or 0.9 per cent to $14.00 in morning trade on Thursday after opening in the red on a surprise downgrade of production at its WA operations.
Allkem posted a consolidated net profit after tax of $US337.2 million, after a net loss of $US89.5 million a year earlier, on surging minerals prices and efforts to control cost as global inflation soars.
"Our gross profit margin remains very high at 82 per cent," managing director and CEO Martin Perez de Solay said on an investor call.
"The spodomene market remains robust and spodomene contract pricing in the September quarter is expected to be about $US5000 per tonne," the industrial engineer said.
He said pricing for lithium carbonate is expected to be in the $US47,000 range for the first half of the financial year.
"We expect the market to remain tight - customer demand for electric vehicles remains resilient," he said.
New development and expansions are expected to see the business expand threefold by 2026, he said, with the aim of maintaining a 10 per cent global market share.
Surprising analysts, production was downgraded at Mt Cattlin as state-wide labour shortages in mining -exacerbated by COVID-19 absences - delay pre-stripping activities at the new pit.
Allkem says FY23 annual production at Mt Cattlin will be 140-150 kilotons, down from earlier guidance of 160-179kt.
Production will suffer over the next four to six weeks but normal levels will then resume, supported by an additional mining contractor and new equipment, the company said.
Allkem plans to sell 130,000 tonnes of lower grade spodemene concentrate to existing customers in the first half of FY23 to offset the deferred production.
Quizzed by analysts, Mr de Solay said this was "not a long-term strategy", but would support customers while global supply remains difficult.
Renamed Allkem after Galaxy Resources merged with Orocobre in 2021, strong cash generation and the existing cash balance was forecast to fully fund development projects including Sal De Vida in Argentina and James Bay in Canada.
The group gross profit rose 13 times to $US605 million.
Group earnings before interest, taxes, depreciation, amortisation and exploration were $US513 million.
Global EV sales in FY22 were 8.5 million, up 71 per cent year on year, with China accounting for 4.7 million of those, up 123 per cent, along with record production of lithium-ion batteries.
Allkem is also expected to benefit from new US laws that require minerals for EV batteries to be sourced in North America or from countries holding a free trade agreement with the United States - such as Australia.
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