Revenue and margins remain highly volatile, with gross margins swinging from -39.5% in 2025Q2 to 60.0% in 2026Q2, indicating the company is still navigating the operational inefficiencies of its production ramp-up.
Sigma Lithium Corporation (SGML) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 141.91M | 110.01M | 208.75M | 181.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 5.92% | -47.3% | 15.18% | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 74.3M | 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 | 67.6M | 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 % | 47.64% | 16.75% | 21.21% | 49.05% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -58.39% | -50.2% | - | -26.5% | -28.12% | 31.25% | -200.47% | -120.5% | - | - | - | - | - | - |
| Operating Expenses | 39.29M | 30.58M | 50.46M | 110.53M | 94.49M | 25.16M | 1.23M | 3.91M | 6.32M | 1.39M | 156.76K | 110.28K | 78.19K | 61.47K | 125.45K |
| OpEx % of Revenue | - | 27.8% | 24.17% | 60.99% | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.57M | 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 | 975.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 915.36K | 10.66M | 9.66M | 6.45M | 1.73M | -975.67K | 0 | 37.38K | 0 | 1.32M | 0 | 0 | 0 | 573 | 572 |
| Operating Income | 28.31M | -12.16M | -6.19M | -21.63M | -94.56M | -25.22M | -1.28M | -3.91M | -6.34M | -1.4M | -156.76K | -110.28K | -108.19K | -61.47K | -125.45K |
| Operating Margin % | 19.95% | -11.05% | -2.96% | -11.94% | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -96.56% | 71.4% | 77.12% | -275.02% | -1875.66% | 67.34% | 38.36% | -354.23% | -790.29% | -42.15% | -1.93% | -76% | 51% | - |
| EBITDA | 49.37M | -1.81M | 12.78M | -14.09M | -94.49M | -25.16M | -1.23M | -3.8M | -6.32M | -1.39M | -156.76K | -110.28K | -48.19K | -60.9K | -124.88K |
| EBITDA Margin % | 34.79% | -1.64% | 6.12% | -7.77% | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 440.29% | -114.13% | 190.74% | 85.09% | -275.61% | -1945.4% | 67.6% | 39.91% | -355.95% | -783.79% | -42.15% | -128.83% | 20.87% | 51.23% | - |
| D&A (Non-Cash Add-back) | 21.06M | 10.36M | 18.97M | 7.55M | 75.25K | 59.48K | 46.43K | 111.95K | 22.47K | 10.19K | 0 | 0 | 60K | 573 | 572 |
| EBIT | 10.62M | -11.71M | -6.19M | -13.15M | -93.53M | -26.52M | -892.72K | -4.08M | -6.34M | -1.41M | -156.54K | 0 | -108.19K | -61.47K | -125.45K |
| Net Interest Income | -19.73M | -20.45M | -17.81M | -15.71M | -253.46K | -389.8K | -322.5K | -598.97K | -572.19K | -181.44K | 327 | 0 | 0 | 0 | 0 |
| Interest Income | 616K | 2.23M | 3.89M | 2.66M | 0 | 0 | 0 | 0 | 0 | 0 | 327 | 1.2K | 104 | 650 | 0 |
| Interest Expense | 20.35M | 22.68M | 21.7M | 18.38M | 253.46K | 389.8K | 322.5K | 598.97K | 574.01K | 181.44K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -38.29M | -22.22M | -84.18M | -9.89M | 720K | -1.58M | 61.09K | -1.17M | -4.11M | -10.16M | 327 | 1.2K | 104 | 650 | 0 |
| Pretax Income | -9.98M | -34.38M | -90.36M | -31.53M | -93.84M | -26.8M | -1.22M | -5.07M | -10.45M | -11.55M | -156.44K | -109.08K | -108.09K | -60.82K | -125.45K |
| Pretax Margin % | -7.03% | -31.25% | -43.29% | -17.4% | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 17.74M | 15.8M | -20.38M | 6.72M | 0 | 0 | 0 | 0 | 0 | 0 | -327 | 0 | -104 | 0 | 0 |
| Effective Tax Rate % | -177.85% | -45.96% | 22.56% | -21.31% | 0% | 0% | 0% | 0% | 0% | 0% | 0.21% | 0% | 0.1% | 0% | 0% |
| Net Income | -27.72M | -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 % | -19.53% | -45.62% | -33.52% | -21.1% | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 41.39% | 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) | -27.72M | -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) | -0.25 | -0.45 | -0.63 | -0.35 | -1.26 | -0.40 | -0.02 | -0.07 | -0.23 | -13.02 | -0.49 | -0.34 | -0.48 | -0.30 | -0.79 |
| EPS Growth % | 51.74% | 28.57% | -80% | 72.22% | -215% | -1769.16% | 71.24% | 67.65% | 98.23% | -2557.14% | -44.12% | 29.17% | -60% | 62.03% | - |
| EPS (Basic) | - | -0.45 | -0.63 | -0.35 | -1.26 | -0.40 | -0.02 | -0.07 | -0.23 | -13.02 | -0.49 | -0.34 | -0.48 | -0.30 | -0.79 |
| Diluted Shares Outstanding | 111.8M | 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 | 111.8M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Liquidity crisis amid negative margins
Volatile Revenue Driven by Price, Not Volume
Sigma Lithium's revenue trajectory is highly erratic, swinging from a 74.8% decline in 2025Q4 to a 24.7% increase in 2026Q1, indicating that top-line performance is overwhelmingly dictated by volatile lithium pricing rather than consistent production volume growth.
The extreme quarter-over-quarter revenue volatility, such as the drop from $67.2M in 2024Q4 to $16.9M in 2025Q4, underscores a business model entirely exposed to commodity price swings. While the recent 3.4% year-over-year growth in 2026Q2 suggests stabilization, the underlying driver appears to be price realization on shipments rather than a sustainable ramp in output. This pattern implies that the company's growth narrative is currently secondary to its role as a price-taker in a cyclical market.
Margin Volatility Reflects Ramp-Up Pains
Gross margins have swung wildly from -39.9% in 2024Q3 to 77.9% in 2025Q4, a pattern that suggests the company is still navigating the operational inefficiencies and high fixed costs of its initial production ramp, making current profitability an unreliable indicator of steady-state potential.
The margin profile is characterized by extreme instability, with periods of negative gross margin (e.g., -39.5% in 2025Q2) followed by spikes to over 75%. This indicates that the cost of goods sold is not yet scaled to match revenue, likely due to underutilized plant capacity and the high fixed-cost base of the Greentech facility. The recent normalization to a 60.0% gross margin in 2026Q2 is a positive signal, but its sustainability is questionable without a more stable production cadence and favorable pricing.
Operating Leverage Remains Unproven
Despite a 60% gross margin in 2026Q2, operating income was only $7.6M, indicating that SG&A and other overhead are consuming a disproportionate share of gross profit and that the company has not yet demonstrated meaningful operating leverage.
The conversion of gross profit to operating income has been inconsistent, ranging from a high of 61.1% in 2025Q4 to negative levels in several quarters. In 2026Q2, SG&A of $4.6M consumed nearly 14% of revenue, a significant burden for a company at this scale. This suggests that corporate overhead is not yet being efficiently leveraged against the production base, and achieving positive operating income on a sustained basis will require either significant revenue growth or disciplined cost containment.
Net Losses Mask Operational Progress
The persistent gap between operating income and net income, such as the $7.6M operating profit versus a $2.6M net loss in 2026Q2, points to substantial non-operating charges, likely interest expense, that are obscuring the underlying operational performance.
The company's net margin has been deeply negative for most of the period, even when operating margins turned positive. This disconnect implies that significant non-operating costs, potentially related to project financing or foreign exchange, are weighing heavily on the bottom line. For investors, this means that focusing solely on operational metrics like gross margin may overstate the company's near-term profitability, as the capital structure appears to be imposing a heavy drag on earnings.
High Fixed Costs Dominate the Structure
The cost structure is dominated by a high fixed-cost base, as evidenced by the fact that COGS fell to just $3.7M in 2025Q4 on $16.9M revenue, suggesting that variable costs are low but the company must achieve significant scale to cover its substantial overhead.
The dramatic swing in COGS from $45.3M in 2024Q4 to $3.7M in 2025Q4, a period of low revenue, highlights the operational leverage inherent in the mining and processing model. This implies that the primary cost drivers are fixed in nature, such as plant depreciation and core staffing, and that profitability is highly sensitive to production volumes. Management's ability to control these fixed costs during periods of low output will be critical to preserving cash.
Liquidity Crisis Threatens Viability
The most significant risk to the income statement narrative is the company's precarious liquidity position, with cash and equivalents plummeting to $6.2M while net losses continue, suggesting an imminent need for dilutive financing or operational curtailment.
Despite recent operational improvements, the balance sheet appears unable to support the ongoing cash burn. The net loss of $2.6M in 2026Q2, combined with the minimal cash reserve, indicates that the company may not have the financial runway to fund its operations through another quarter without external capital. This liquidity constraint could force management to make unfavorable financing decisions or halt expansion plans, fundamentally altering the growth trajectory implied by the recent revenue and margin recovery.