Sigma Lithium Corporation

Sigma said Q2 revenue was a record $55 million and gross margin was 60%, while EBITDA margin reached a record 47%. Production was 35,400 tons of lithium oxide concentrate, up 52% versus Q1, and management said it was 6% above guidance. Net revenue for the first half was $97 million, and cash from operations totaled $27 million in the first half. All-in sustaining cash cost was $668 per ton in Q2, with plant gate and CIF costs also said to have decreased by more than 30%. For guidance, management said 2026 all-in sustaining cash cost guidance is now $668 per ton, and it remains on track for 2027 total cash cost per ton of $620. Production outlook was reiterated at 240,000 tons per year for the next 12 months with Plant 1, 330,000 tons per year by end-2027 with all Plant 1 circuits, 580,000 tons per year by end-2027 including Plant 2, and 830,000 tons of installed capacity by end-2028.

Ana Cabral Gardner framed the quarter as proof of execution, cost discipline, and operational resilience, repeatedly emphasizing Sigma’s low-cost structure, traceability, and sustainability profile. She said the company has been “battle-tested,” that ESG and governance are being validated under stress, and that the current lithium market and Sigma’s cost position support a significant growth strategy. Her tone was confident and assertive, with a strong focus on operational control and long-term capacity expansion.

Felipe Peres did not speak in the quoted transcript excerpts, so the financial commentary came from the CEO. Management highlighted $27 million of cash from operations in the first half, $97 million of first-half net revenue, and debt reduction of 25% over the last year and 43% over the last two years. The company also said it is lowering 2026 all-in sustaining cash cost guidance to $668 per ton, while targeting $620 per ton in 2027 as volumes rise.

Analysts focused on production mix, cash flow during the suspension, restart timing, offtake prepayments, and what exactly was suspended. Management said Q2 production was entirely high-grade material, the lower-grade material produced was not sold in the quarter, and about $60 million had been received to date under the $96 million offtake agreement. On the suspension, management said it initially stopped both mining and industrial operations, then continued discussions with authorities and expects to restart industrial operations soon; the best-case mine restart was next week and the worst case about two weeks. Management also said the $50 million offtake tied to the 40,000-ton agreement would be used to repay debt, potentially by the end of Q3.