Elevra Lithium (SYA) Q2 2026 earnings summary

Executive summary

• December 2025 quarter marked the first full quarter post-Sayona-Piedmont merger, with record revenue and positive operating cash flow at NAL, driven by higher sales volumes and improved pricing amid operational challenges.

• Focus remained on integration, operational discipline, optimizing NAL, advancing growth projects, and maintaining financial flexibility.

• Advanced permitting and development at Moblan, Ewoyaa, and Carolina Lithium, with key environmental milestones reached.

Financial highlights

• Record quarterly revenue of US$66 million, a 223% increase quarter-over-quarter, driven by a 27% increase in realized price to US$998/ton FOB and higher sales volumes.

• Operating profit of US$12 million and operating cash flow of US$13 million at NAL.

• Cash balance at quarter-end was US$81.3 million, down from US$97.9 million, mainly due to US$14 million in non-recurring merger costs and US$7 million in planned capex and working capital outflows.

• Unit operating costs decreased 1% quarter-over-quarter to US$812/ton sold.

• Spodumene concentrate sold totaled 66,016 dmt, up 154% QoQ.

Outlook and guidance

• FY 2026 spodumene concentrate production guidance revised to 180,000–190,000 tons (previously 195,000–210,000).

• Sales guidance now 170,000–190,000 tons, with concentrate grade expected at 5% for the second half of FY 2026.

• Unit operating cost guidance increased to US$860–US$880/ton (from US$765–US$830/ton) due to additional short-term expenditures.

• Capital expenditure outlook unchanged at US$26 million.

• Expectation to return to higher concentrate grades (5.2–5.25%) and recoveries (69%) in FY 2027 as mining moves past current challenging areas.