Sigma Lithium (SGML) Q3 2026 earnings summary

Executive summary

• Q3 disruptions reduced sales and production; operations resumed October 6 after an appellate ruling upheld environmental licenses.

• Nine-month net sales rose 18.7% to $110.564M, with $51.332M operating cash flow and $35.747M Adjusted EBITDA.

• A $125M convertible bond offering and production plans support a 330kt FY2027 target and capacity expansion toward 830kt/year by 2028.

Financial highlights

• Q3 net sales were $13.522M versus $28.549M YoY; net loss was $25.880M, while gross profit was $4.255M.

• Nine-month net sales were $110.564M versus $93.109M YoY; gross profit was $62.630M and net loss was $17.388M.

• Operating cash flow was $24.2M in Q3 and $51.332M for 9M, versus $1.6M and negative $6.566M in the prior-year periods.

• Q3 net revenue margin was 31.5%; 9M net revenue margin was 56.6%, and Adjusted EBITDA was $35.747M, a 32% margin.

• Plant-gate cost was $424/t, CIF cash cost $518/t and Q3 AISC $642/t; AISC is pro forma, with SG&A spread over 60kt of quarterly volume.

Outlook and guidance

• Production targets are 240kt over the next 12 months and 330kt in FY2027; Plant 1 FY2027 cash-flow estimates range from $125M to $290M at SC6 prices of $1,000–$1,500/t.

• Plant 2 construction is planned to resume in 2027, targeting 580kt/year capacity; Plant 3 is planned by 2028, taking capacity to 830kt/year.

• Q4 priorities include catching up overburden removal, coordinating pit development and fleet deployment, and improving plant stability and throughput.

• FY2027 AISC guidance is $620/t, versus $668/t for 2026.