Sigma Lithium Corporation reported third‑quarter 2025 results that showed a 69% year‑over‑quarter increase in net revenue to $28.5 million, driven by higher sales volumes and the company’s provisional pricing strategy that captured favorable lithium prices. The jump follows a $16.89 million revenue in Q2 2025 and a $44.2 million revenue in Q3 2024, indicating that the company’s top‑line momentum is accelerating even as it faces a lower absolute revenue level than analyst consensus estimates.
The company’s cash and liquidity position improved markedly. Cash and cash equivalents were $6.1 million and trade receivables were $20 million as of September 30, totaling $26.1 million. By November 13, the company had converted $21 million of receivables into cash and realized an additional $8 million from settled trade receivables, raising total cash to $29 million. Concurrently, short‑term trade finance debt fell 38% to $37 million, reinforcing the balance sheet.
Operationally, Sigma Lithium upgraded its mining operations to match the Greentech 3.0 plant, doubling truck and excavator capacity and implementing full digitalization of controls. The upgrade is expected to enable a full restart of mining by the end of November and a complete ramp‑up by the first quarter of 2026, supporting the company’s 1Q26 production target. Phase 2 expansion plans aim to double production capacity and lower all‑in sustaining costs, positioning the company for continued growth in the hard‑rock lithium market.
Earnings per share fell to a loss of $0.10, matching the consensus estimate of –$0.10. The loss reflects the company’s ongoing EBITDA loss of $6.2 million for the quarter, underscoring that while revenue is growing, profitability remains constrained by high operating costs and capital expenditures associated with the expansion and upgrade projects.
The results were a mix of positives and challenges. Revenue growth was driven by higher volumes and the ability to capture higher lithium prices, but the company’s EBITDA loss and the lower absolute revenue level relative to analyst expectations highlight ongoing headwinds such as pricing volatility and the need for continued cost discipline. The strengthened cash position and reduced trade finance debt provide a buffer, while the operational upgrades and Phase 2 expansion signal a strategic focus on scaling production and improving cost efficiency. Investors responded positively to the earnings release, reflecting confidence in the company’s ability to navigate market volatility and execute its growth strategy.
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