Tianqi Lithium (002466) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ¥5.13 billion, up 98.44% year-over-year, driven by higher average selling prices of lithium products and strong downstream demand.

• Net profit attributable to shareholders was ¥1.88 billion, a 1,699.12% increase year-over-year, with adjusted net profit (excluding non-recurring items) at ¥1.82 billion.

• Significant non-recurring gains included investment income from disposal of SQMB shares and government subsidies.

Financial highlights

• Operating cash flow was ¥259 million, down 72.77% year-over-year due to reduced cash from sales and increased procurement of lithium concentrate.

• Basic EPS was ¥1.12, diluted EPS ¥1.10, both up sharply from ¥0.06 in Q1 2025.

• Total assets at quarter-end were ¥79.44 billion, up 10.16% from year-end 2025; equity attributable to shareholders rose 9.52% to ¥46.39 billion.

Outlook and guidance

• Continued benefit from new energy industry growth and robust lithium demand expected to support future performance.

• Ongoing optimization and ramp-up of the Talison third-phase lithium concentrate expansion project to enhance production capacity.