Sigma Lithium reported record quarterly revenue of $54.7 million and a record Adjusted EBITDA margin of 47% for the second quarter of 2026, though results missed analyst expectations on the top and bottom lines. While production volume of 35.4 kt exceeded estimates, the company recorded a net loss of $2.6 million, primarily driven by $9.0 million in stock-based compensation and $9.4 million in idle capacity costs related to the final phase of mining operational restructuring.
Key Highlights
- Spodumene concentrate production of 35.4 kt exceeded analyst estimates of 33 kt, though sales volume of 24.4 kt lagged production.
- Adjusted EBITDA margin reached a company record of 47.0%, up significantly from negative margins in the prior year period.
- Completed the "primarization" of mining operations, transitioning from contractors to in-house management with larger equipment to improve unit economics.
- Reported a partial suspension of operations starting July 17, 2026, pending the finalization of a TAC Agreement with the Minas Gerais state government regarding environmental procedures.
- Phase 2 development continues to target a construction commencement in late 2026 or early 2027, aiming to double total capacity to 520,000 tonnes per annum.