Sigma Lithium reported net revenues of $28.5-million (U.S.) for Q3 2025, representing substantial increases of 69 per cent quarter over quarter and 36 per cent year over year. The increases reflected a successful commercialization strategy, which enabled the company to maximize seasonal lithium price variations and lock gains, enabled by the company's provisional pricing strategy. The increase on a quarter-over-quarter basis also reflected better sales volumes, which rose 21 per cent primarily because in the previous quarter, in line with Sigma Lithium's disciplined commercial strategy, the company temporarily withheld product from the market during periods of intense price volatility to preserve pricing power and protect long-term margins.
Mining operations upgraded to match Greentech industrial plant 3.0
Following the upgrade in the Greentech industrial plant last year in November, 2024, it has been recurringly delivering unprecedent recovery levels since January, 2025, with over 70 per cent at plant level. As a result, in 2026, the company plans to reach the full Greentech industrial plant capacity of 300,000 tonnes, already achieved in Q4 2024.
As a result, the company's medium-term mine plan was extensively reviewed throughout the year: Initiatives to assess the upgrade in mining operations currently in execution include the increase in the size of the mining equipment (double the capacity of trucks and excavators) and full digitalization of controls in mining operations, including fleet and diesel. Sigma Lithium took over the mining operations from a previous equipment contractor and plans to be leasing equipment directly from manufacturers, financing this upgrade through offtake agreements in Asia, with low interest rates. The company expects mining operations to resume by the end of November, achieving a full ramp-up by Q1 2026.
Significant improvement in cash position in contrast to peers
As of Sept. 30, 2025, the company's had cash and cash equivalents of $6.1-million (U.S.) in addition to $20-million (U.S.) from trade receivables booked in the quarter totalling $26.1-million (U.S.).
Currently, as of Nov. 13, 2025, Sigma Lithium converted the trade account receivables into $21-million (U.S.) in cash and benefited from an $8-million (U.S.) increase in the value of certain settled trade receivables sold by the end of Q2 2025, totalling $29-million (U.S.) representing a significant improvement in the company's liquidity.
Additionally, the company has the opportunity to monetize its high-purity reprocessed lithium materials (middlings) in the robust lithium market environment during this quarter.
Deleveraged by decreasing trade finance short-term debt
During 2025, Sigma Lithium has substantially deleveraged by reducing its expensive short-term trade finance by 38 per cent to $37-million (U.S.) as of Sept. 30, 2025. Additionally, the company continued to execute this strategy planning to decreasing the trade finance debt by 60 per cent to Nov. 30, 2024.
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