Sigma Lithium Posts 32% Net Revenue Margin in Q3 2026 Despite Temporary Production Shutdown

Sigma Lithium reported third-quarter 2026 results on November 13 showing resilient profitability despite a partial suspension of mining and plant operations during the period. Quarterly gross revenues reached US$22 million, compressed by lower volumes sold during the shutdown, while the net revenue margin held at 32% and operating cash flow rose to US$24.2 million, up sharply from US$1.6 million in Q3 2025.

For the nine months through September 30, gross revenues climbed 20% year over year to US$115.4 million, with a net revenue margin of 56.6%, a tenfold improvement from 5.6% in the same period of 2025. Adjusted EBITDA for the nine-month period was US$35.7 million, a 32% margin, and gross profit reached US$62.6 million. CIF costs stood at US$518 per tonne in the quarter and US$505 per tonne for the nine-month period, underscoring the company's low-cost positioning.

The operational disruption stemmed from a temporary partial suspension while the company worked to finalize a Conduct Adjustment Agreement, known as a TAC, with Minas Gerais state and federal regulatory authorities over environmental licensing. Operations fully resumed on October 5, 2026, and Sigma reported 11,000 tonnes of high-grade lithium oxide concentrate produced in early Q4 through November 10.

Sigma also announced a significant balance sheet transformation after the quarter ended. On November 2, 2026, it priced a 5-year US$125 million senior unsecured convertible bond due November 2031, with settlement expected November 16. The proceeds will fully repay the Synergy export prepayment facility, reducing pro forma short-term debt by 85% to US$19 million. The company received a legal victory during the quarter when a court upheld the validity of its environmental licenses, and it was awarded a "too big to stop" classification, strengthening its ESG standing. Construction of Cleantech Industrial Plant 2 is set to resume in 2027, fully funded by BNDES, with Plant 3 targeted for 2028.