Liquidity is under severe pressure as evidenced by a nominal cash balance of $6.2M and historical CapEx/Revenue ratios peaking at 28.2% in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 |
|---|
| Cash from Operations | 566.89K | 2.44M | -24.35M | -23.23M | -4.02M | -4.26M | -2.42M | 409.73K | -3.47M | -78.65K | -137.62K | -97.34K | -114.42K | -59.89K | -104.01K |
| Operating CF Margin % | - | 2.22% | -11.66% | -12.82% | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 149.09% | 110.04% | -4.8% | -478.6% | 5.78% | -76.18% | -690.33% | 111.8% | -4314.74% | 42.85% | -41.38% | 14.93% | -91.07% | 42.42% | - |
| Net Income | -43.94M | -50.19M | -69.98M | -28.86M | -93.84M | -33.89M | -1.55M | -5.07M | -10.45M | -68.89K | -156.44K | -109.08K | -108.09K | -60.82K | -125.45K |
| Depreciation & Amortization | 10.13M | 10.36M | 0 | 6.25M | 75.25K | 57.61K | 59.15K | 67.53K | 22.47K | 10.19K | 0 | 0 | 0 | 573 | 572 |
| Stock-Based Compensation | 0 | 2.01M | 11.17M | 0 | 0 | 26.39M | 344.97K | 258.28K | 2.68M | 168K | 0 | 0 | 0 | 0 | 29.71K |
| Deferred Taxes | 13.01M | 15.8M | -20.38M | -1.71M | 0 | 1.53M | -665.78K | -613.22K | 867.3K | 0 | 0 | 0 | 0 | 0 | -29.71K |
| Other Non-Cash Items | 1.28M | -4.93M | 66.95M | 45.61M | 78.46M | 199.31K | 381.82K | 4.66M | 2.32M | 7.59M | 0 | -7.7K | 0 | 0 | 29.71K |
| Working Capital Changes | 20.63M | 29.39M | -12.11M | -44.53M | 11.29M | 1.45M | -990.74K | 1.11M | 1.09M | -9.77K | 18.82K | 11.74K | -6.33K | 364 | -8.84K |
| Change in Receivables | -455.08K | 2.35M | -8.06M | -15.64M | 18.21M | -287.07K | -137.8K | -13.09K | -433.32K | -50.7K | 0 | 7.7K | -7.16K | 0 | 0 |
| Change in Inventory | 882.33K | -7.73M | -8.49M | -6.45M | 0 | 287.07K | 137.8K | 0 | 250.62K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.16M | 7.11M | -4.73M | 0 | 0 | 1.57M | -811.62K | 1.07M | 1.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.06M | -11.96M | -32.56M | -62.03M | -97.77M | -18.6M | -1.35M | -4.89M | -11.55M | -1.59M | 0 | 0 | 0 | 0 | -1.15K |
| Capital Expenditures | -10.05M | -10.88M | -23.08M | -52.26M | -94.17M | -18.6M | -1.35M | -3.64M | -9.77M | -1.54M | 0 | 0 | 0 | 0 | -1.15K |
| CapEx % of Revenue | 9.66% | 9.89% | 11.06% | 28.83% | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.02K | -50.66K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.68K | -1.08M | -9.48M | -9.78M | -3.6M | 0 | 0 | -1.26M | -1.82M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -19.82M | -33.31M | 72.12M | 58.72M | 58.86M | 165.15M | 17.62M | 377.61K | 18.61M | 97.5K | 57.53K | 10K | 254.88K | 0 | 170.46K |
| Debt Issued (Net) | -36.87M | -33.31M | 72.35M | 59.78M | 57.57M | -3.88M | 1.22M | 239.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 16.6K | 1.8M | 169.69M | 16.4M | 0 | 20.04M | 97.5K | 57.53K | 0 | 254.88K | 0 | 170.46K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 17.05M | 0 | -237K | -1.07M | -507.54K | -649.37K | 0 | 137.69K | -1.43M | 0 | 0 | 10K | 0 | 0 | 0 |
| Net Change in Cash | -15.96M | -39.7M | 1.65M | -22.49M | -50.91M | 140.76M | 13.44M | -4.06M | 3.88M | 18.85K | -80.09K | -87.34K | 140.46K | -59.89K | 65.3K |
| Free Cash Flow | -8.47M | -8.44M | -47.42M | -57.78M | -87.79M | -22.86M | -3.77M | -3.23M | -13.24M | -1.61M | -137.62K | -97.34K | -114.42K | -59.89K | -105.15K |
| FCF Margin % | -8.14% | -7.67% | -22.72% | -31.88% | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 74.35% | 82.2% | 17.91% | 34.19% | -283.98% | -506.19% | -16.84% | 75.62% | -719.78% | -1073.36% | -41.38% | 14.93% | -91.07% | 43.05% | - |
| FCF per Share | -0.08 | -0.08 | -0.43 | -0.54 | -0.87 | -0.26 | -0.05 | -0.05 | -0.29 | -2.41 | -0.43 | -0.30 | -0.50 | -0.30 | -0.67 |
| FCF Conversion (FCF/Net Income) | 0.19x | -0.05x | 0.35x | 0.61x | 0.04x | 0.16x | 1.99x | -0.07x | 0.25x | 1.14x | 0.88x | 0.89x | 1.06x | 0.98x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Pricing Volatility
As reported in recent financial statements, SGML exhibits a volatile relationship between net income and operating cash flow, with OCF/NI ratios frequently swinging into extreme territory, such as the 3.74x observed in 2024Q2, suggesting that accruals and working capital shifts heavily distort underlying cash generation.
The lack of a stable correlation between net income and operating cash flow indicates that reported earnings are currently poor proxies for the company's actual liquidity. Investors should monitor whether this divergence persists as the company attempts to move beyond its initial production ramp-up phase.
Based on the provided quarterly data, SGML's free cash flow trajectory remains highly inconsistent, oscillating between a peak of $45.1M in 2024Q3 and a trough of -$53.5M in 2024Q2, which underscores the company's struggle to maintain positive cash flow amidst volatile spodumene market pricing.
The inability to sustain positive free cash flow suggests that the business model is currently highly sensitive to external commodity price shocks rather than internal operational efficiency. This volatility warrants further investigation into whether the company can achieve self-funding status without additional capital injections.
According to historical cash flow filings, working capital changes have been a primary driver of cash flow variance, highlighted by a massive $72.8M swing in 2024Q3, which suggests that inventory management and collection cycles are currently exerting significant pressure on the company's limited cash reserves.
The extreme fluctuations in working capital appear to reflect the complexities of scaling production and managing offtake agreements in a cyclical market. Such instability may indicate that the company's cash position is vulnerable to even minor delays in product shipments or customer payments.
As indicated by the company's reported figures, capital expenditures have remained a persistent drain on liquidity, with CapEx/Revenue ratios reaching as high as 28.2% in 2024Q2, reflecting the heavy investment required to maintain and expand the Greentech plant's processing capabilities during this early production stage.
The high capital intensity relative to revenue suggests that the company is still in a heavy growth-capex phase, which may be unsustainable given the current cash balance of $6.2M. This capital-heavy profile necessitates a cautious outlook regarding the company's ability to fund future expansion phases internally.
Quick answers to the most common questions about buying SGML stock.
Sigma Lithium Corporation (SGML) generated $2.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sigma Lithium Corporation (SGML) reported negative free cash flow of $8.4M in 2025, indicating capital requirements exceeded cash from operations.
Sigma Lithium Corporation (SGML) spent $10.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.