Revenue remains highly sensitive to market fluctuations, evidenced by a 47.30% year-over-year decline and gross margins that have swung from -39.9% to 77.9% over the recent period.
| 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 |
|---|
| Sales/Revenue | 104.1M | 110.01M | 208.75M | 181.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -42.71% | -47.3% | 15.18% | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 75.97M | 91.59M | 164.47M | 92.33M | 75.25K | 59.48K | 46.43K | 67.53K | 22.47K | 10.19K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 83.25% | 78.79% | 50.95% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 28.12M | 18.42M | 44.27M | 88.9M | -75.25K | -59.48K | -46.43K | -67.53K | -22.47K | -10.19K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 27.01% | 16.75% | 21.21% | 49.05% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -58.39% | -50.2% | 118242.07% | -26.5% | -28.12% | 31.25% | -200.47% | -120.5% | - | - | - | - | - | - |
| Operating Expenses | 27.54M | 30.58M | 50.46M | 110.53M | 94.49M | 25.16M | 1.23M | 3.87M | 6.32M | 68.89K | 156.76K | 110.28K | 78.19K | 61.47K | 125.45K |
| OpEx % of Revenue | - | 27.8% | 24.17% | 60.99% | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.8M | 19.93M | 40.8M | 104.08M | 94.49M | 25.16M | 1.23M | 3.87M | 6.32M | 68.89K | 156.76K | 110.28K | 78.19K | 60.9K | 124.88K |
| SG&A % of Revenue | - | 18.11% | 19.55% | 57.43% | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 10.66M | 9.66M | 6.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 573 | 572 |
| Operating Income | 584.4K | -12.16M | -6.19M | -21.63M | -94.56M | -25.22M | -1.28M | -3.98M | -6.34M | -68.89K | -156.76K | -110.28K | -108.19K | -61.47K | -125.45K |
| Operating Margin % | 0.56% | -11.05% | -2.96% | -11.94% | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -96.56% | 71.4% | 77.12% | -275.02% | -1875.66% | 67.89% | 37.29% | -9102.91% | 56.06% | -42.15% | -1.93% | -76% | 51% | - |
| EBITDA | 13.56M | -1.81M | 12.78M | -14.09M | -94.49M | -25.16M | -1.23M | -3.87M | -6.32M | -58.69K | -133.95K | -110.28K | -48.19K | -60.9K | -124.88K |
| EBITDA Margin % | 13.02% | -1.64% | 6.12% | -7.77% | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 70.95% | -114.13% | 190.74% | 85.09% | -275.61% | -1945.4% | 68.19% | 38.79% | -10662.67% | 56.18% | -21.46% | -128.83% | 20.87% | 51.23% | - |
| D&A (Non-Cash Add-back) | 12.97M | 10.36M | 18.97M | 7.55M | 75.25K | 59.48K | 46.43K | 108.98K | 22.47K | 10.19K | 22.82K | 0 | 60K | 573 | 572 |
| EBIT | -7.09M | -11.71M | -6.19M | -13.15M | -93.53M | -26.52M | -892.72K | -3.98M | -6.34M | -1.41M | 0 | 0 | -108.19K | -61.47K | -125.45K |
| Net Interest Income | -20.27M | -20.45M | -17.81M | -15.71M | -253.46K | -389.8K | -322.5K | -598.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.3M | 2.23M | 3.89M | 2.66M | 0 | 0 | - | 0 | 0 | 0 | 327 | 1.2K | 104 | 650 | 0 |
| Interest Expense | 21.57M | 22.68M | 21.7M | 18.38M | 253.46K | 389.8K | 322.5K | 598.97K | 574.01K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -29.49M | -22.22M | -84.18M | -9.89M | 720K | -1.58M | 61.09K | -1.1M | -4.11M | -11.49M | 327 | 1.2K | 104 | 650 | 0 |
| Pretax Income | -28.91M | -34.38M | -90.36M | -31.53M | -93.84M | -26.8M | -1.22M | -5.07M | -10.45M | -68.89K | -156.44K | -109.08K | -108.09K | -60.82K | -125.45K |
| Pretax Margin % | -27.77% | -31.25% | -43.29% | -17.4% | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 15.03M | 15.8M | -20.38M | 6.72M | 0 | 0 | 0 | 0 | 0 | -7.62M | -327 | 0 | -104 | 0 | 0 |
| Effective Tax Rate % | -52% | -45.96% | 22.56% | -21.31% | 0% | 0% | 0% | 0% | 0% | 11060.33% | 0.21% | 0% | 0.1% | 0% | 0% |
| Net Income | -43.94M | -50.19M | -69.98M | -38.25M | -93.84M | -26.8M | -1.22M | -5.67M | -13.99M | -68.89K | -156.44K | -109.08K | -108.09K | -60.82K | -125.45K |
| Net Margin % | -42.21% | -45.62% | -33.52% | -21.1% | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -2.42% | 28.29% | -82.98% | 59.24% | -250.22% | -2104.98% | 78.58% | 59.43% | -20204.19% | 55.97% | -43.41% | -0.92% | -77.71% | 51.52% | - |
| Net Income (Continuing) | -43.94M | -50.19M | -69.98M | -38.25M | -93.84M | -26.8M | -1.22M | -5.07M | -10.45M | -11.55M | -156.44K | -109.08K | -108.09K | -60.82K | -125.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.39M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.45 | -0.63 | -0.35 | -1.26 | -0.39 | -0.02 | -0.08 | -0.31 | -0.14 | -0.49 | -0.34 | -0.48 | -0.30 | -0.79 |
| EPS Growth % | 22.88% | 28.57% | -80% | 72.22% | -223.08% | -1722.43% | 74.28% | 73.16% | -121.43% | 71.43% | -44.12% | 29.17% | -60% | 62.03% | - |
| EPS (Basic) | - | -0.45 | -0.63 | -0.35 | -1.26 | -0.39 | -0.02 | -0.08 | -0.31 | -0.14 | -0.49 | -0.34 | -0.48 | -0.30 | -0.79 |
| Diluted Shares Outstanding | 111.4M | 111.31M | 111.27M | 107.99M | 101.02M | 86.59M | 72.22M | 68.22M | 45.17M | 669.67K | 320.99K | 319.68K | 226.58K | 200K | 157.81K |
| Basic Shares Outstanding | 111.4M | 111.31M | 111.08M | 107.99M | 101.02M | 86.59M | 72.22M | 68.22M | 45.17M | 669.67K | 320.99K | 319.68K | 226.58K | 200K | 157.81K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Pricing Volatility
As evidenced by the erratic quarterly revenue figures, Sigma Lithium's top-line performance remains highly sensitive to market pricing, with a 47.30% year-over-year decline highlighting the difficulty of maintaining consistent growth in a commodity-linked environment despite the company's ongoing efforts to ramp up production capacity.
The revenue trajectory appears heavily influenced by external lithium price benchmarks rather than purely organic volume growth. Investors should monitor whether the company can decouple its revenue performance from these volatile indices as it moves toward full-scale production.
Based on the provided financial data, gross margins have fluctuated significantly, ranging from a low of -39.9% in 2024Q3 to a high of 77.9% in 2025Q4, suggesting that the company's profitability is currently dictated by the spodumene-to-hydroxide price spread rather than structural cost advantages.
The extreme variance in gross margins implies that the company lacks the pricing power to insulate itself from commodity downturns. This volatility warrants investigation into whether the current cost structure can support sustainable profitability during periods of depressed lithium pricing.
According to the income statement, operating income has frequently turned negative, with a -11.05% operating margin indicating that the company has yet to achieve the necessary economies of scale to cover its fixed overhead and corporate expenses during the current production ramp-up phase.
The inability to consistently scale operating income alongside revenue suggests that the company's cost base remains disproportionately high relative to its current output. Future margin expansion appears contingent on successfully commissioning additional production phases to dilute these fixed costs.
With cash and equivalents reported at approximately $6.2M, the company's financial position appears increasingly precarious, raising concerns about its ability to fund planned Phase 2 and 3 expansions without resorting to dilutive equity financing or incurring additional debt in a high-rate environment.
The disconnect between the company's aggressive expansion plans and its limited cash reserves suggests a high-risk capital allocation strategy. Market participants should remain cautious regarding the potential for future capital raises that could significantly impact shareholder value.
Quick answers to the most common questions about buying SGML stock.
For fiscal year 2025, Sigma Lithium Corporation (SGML) reported total revenue of $110.0M.
Sigma Lithium Corporation (SGML) reported a net loss of $50.2M for the fiscal year ending 2025.
Sigma Lithium Corporation (SGML) reported an operating income of $-12.2M, resulting in an operating profit margin of -11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Sigma Lithium Corporation (SGML) generated $18.4M in gross profit for the year, representing a gross profit margin of 16.7%. This demonstrates the company's core pricing power and production efficiency.