Shares of Sigma Lithium (SGML +3.44%) stock, the Brazilian hard-rock lithium miner, leapt 36% in the opening minutes of trading Monday after reporting financial results for fiscal 2025.
The report was a strange hybrid of Q4 2025 revenue, Q1 2026 revenue, and full-year cash flow results -- and lacked accompanying financial statements. It was far from a complete earnings report -- and investors seem fine with that.
Image source: Getty Images.
What Sigma Lithium said
Management boasted of strong cash from operations: $31 million in Q4 2025, $35 million in Q1 2026, and a projected $96 million in Q2 2026. Management did not disclose the capital expenditures it spent to achieve this cash flow, however -- making it impossible to calculate free cash flow.
Revenue for Q4 2025 and Q1 2026 appears to have been aggregated to $67 million total (although it's possible the company meant $67 million each).
Sigma Lithium did not disclose the profit margin on revenue, as calculated under generally accepted accounting principles (GAAP).
NASDAQ: SGML
Key Data Points
What's next for Sigma Lithium?
Viewed most charitably, Sigma Lithium may simply believe its most recent results aren't as important as what it expects to achieve over the next 12 months. Turning quickly to guidance, management therefore advised that it expects to produce 240,000 tons of high-grade premium lithium oxide concentrate over the next 12 months. At an average price of $592 per ton, this should yield $142.1 million in annual revenue.
In fiscal 2027, the plan is to more than double output to 520,000 tons of concentrate, then grow that number another 48% to 770,000 tons in fiscal 2028. Assuming prices hold firm, this should result in tremendous revenue growth.
I only wish we had some idea how much Sigma Lithium was earning off of all of this.
