Sigma Lithium (SGML) Q3 2026

Q3 net sales revenue fell 52.6% to $13.5M as sales volumes fell 68.5%.

Sigma Lithium · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Sigma Lithium (SGML) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Sigma Lithium Q3 2026 earnings review

Q3 net sales revenue fell 52.6% to $13.5M as sales volumes fell 68.5%

  1. 1.Net loss widened to $25.9M from $11.6M
  2. 2.Adjusted EBITDA was a loss of $6.7M
  3. 3.Operating cash flow rose to $24.2M from $1.6M
  4. 4.Sigma Lithium reaffirmed 2027 production guidance of 330 thousand tonnes
  5. 5.Shares were down 2.0% pre-market at $4.91 as of 8:51 AM ET, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The share price change is a DeepCell calculation from CNBC prices. Adjusted EBITDA is a non-GAAP measure defined by Sigma Lithium. The pre-market price is not a close.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 8:51 AM ET

2

2 · Executive summary

Q3 operating loss widened to $16.8M, and the shares traded at $4.91 pre-market

Q3 2026 reported results vs. Q3 2025

MetricQ3 2025Q3 2026Change
Gross sales revenue, lithium products$30.4M$22.3M-26.8%
Basic and diluted EPS ($)-$0.10-$0.23n.m.
Operating loss$9.1M$16.8MWider

Share price, Nov 12 regular close to Nov 13

Sigma Lithium (Nasdaq)Nov 12 closePre-market, 8:51 AM ETChange ($)Change (%)
SGML$5.01$4.91-$0.10-2.0%

Note: No consensus is shown: we did not open a dated third-party consensus for this quarter, so there is no Beat or Miss. Gross revenue growth and the price change are DeepCell calculations. Prices are CNBC third-party data. The pre-market price is not a close.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; CNBC (third-party market data), Nov 13, 2026 8:51 AM ET

3

3 · Q3 results and share price

Sigma Lithium reaffirmed 2027 guidance of 330 thousand tonnes, but its two releases describe 2026 AISC guidance differently

Company guidance and balance sheet actions, as stated in the Nov 13 release and Nov 2 preview

TopicGuidance or actionStatus
2027 production, Cleantech Industrial Plant 1330 thousand tonnes of concentrateReaffirmed
2026 AISC per tonne$668Maintained (Nov 13); reduced from $710 (Nov 2 preview)
2027 AISC per tonne$620Maintained
Five-year convertible bonds$125M priced Nov 2Closing expected Nov 16
Synergy export prepayment$108.5M to be repaidFrom the bond proceeds

Note: AISC is all-in sustaining cost. The company’s two statements differ: the Nov 2 earnings preview says FY26 AISC guidance was reduced by 6% to $668/t from $710/t, while the Nov 13 release says the company maintained its 2026 AISC guidance of $668/t. Both put FY27 AISC guidance at $620/t.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; Sigma Lithium Q3 2026 earnings preview (Form 6-K, Ex. 99.1, accession 0001292814-26-005112), Nov 2, 2026

4

4 · 2027 production guidance

Net sales revenue fell 52.6%, and the net loss widened to $25.9M

  1. Fewer tonnes soldConcentrate sold fell to 15.3 thousand tonnes from 48.6 thousand tonnes.
  2. Gross profit turned positiveGross margin was 31.5%, a DeepCell calculation.
  3. Price adjustments grewFinal and provisional price adjustments cut revenue by $8.7M.

Key figures (IFRS and non-GAAP)

$M unless notedQ3 2025Q3 2026YoY
Net sales revenue$28.5M$13.5M-52.6%
Gross profit (loss)-$1.5M$4.3Mn.m.
Adjusted EBITDA-$6.2M-$6.7Mn.m.
Net loss-$11.6M-$25.9MWider

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; IFRS is International Financial Reporting Standards. The YoY column is a DeepCell calculation; n.m. means not meaningful. Sigma Lithium states the net sales revenue decline as 52.6%. Adjusted EBITDA is a non-GAAP measure.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

5

5 · Q3 key financials

Net sales revenue fell to $13.5M from $28.5M

Net sales revenue

$M, Q3 2025 vs. Q3 2026

v · Q3 2025: $28.5Mv · Q3 2026: $13.5MQ3 2025Q3 2026$0M$10M$20M$30M$35M$28.5M$13.5M
The average realized price was $1,485 per tonne.“In 3Q 26, Sigma Lithium maintained a robust net revenue margin of 32% and generated operating cash flow of US$24.2 million.” Q3 2026 press release

Note: Nine-month net sales revenue rose 18.7% to $110.6M, as stated. Net revenue margin is the company’s own measure.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

6

6 · Net sales revenue trend

Concentrate sold fell 68.5% to 15.3 thousand tonnes during the partial suspension

Lithium oxide concentrate sold

Thousand tonnes, Q3 2025 vs. Q3 2026

v · Q3 2025: 48.6v · Q3 2026: 15.3Q3 2025Q3 2026020406048.615.3
Production fell to 7.3 thousand tonnes from 44.0 thousand tonnes. The company produced 11 thousand tonnes in Q4 through Nov 10.

Note: The volume decline is a DeepCell calculation from the MD&A operating table. Sigma Lithium states the sales volume decline as 68.5%.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

7

7 · Concentrate sales volume

Idle plant costs of $13.4M drove other operating expenses up 576%

  1. Idle capacityThe Cleantech Industrial Plant ran below capacity during the mining restructuring, as stated.
  2. Lease costsAccretion of lease liabilities rose to $4.9M from $0.1M.
  3. Overhead fellGeneral and administrative expenses fell 18.7%.

Operating and financial expenses

$MQ3 2025Q3 2026
Cost of goods sold$30.1M$9.3M
Other operating expenses, net$2.4M$16.0M
Stock-based compensation$0.5M$1.1M
Financial expenses, net$2.6M$9.6M

Note: Expenses are shown without signs. Growth rates are DeepCell calculations from the statement of income (loss).Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

8

8 · Operating loss drivers

Operating cash flow rose to $24.2M, and AISC fell to $642 per tonne

  1. Cash flowInvesting cash flow was an outflow of $5.1M.
  2. FinancingFinancing cash flow was an outflow of $25.5M.
  3. Unit costAISC fell from $668 per tonne in Q2 2026, as stated.

Cash flow

$MQ3 2025Q3 2026
Operating cash flow, quarter$1.6M$24.2M
Operating cash flow, nine months-$6.6M$51.3M
Adjusted EBITDA, nine months-$10.5M$35.7M

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; AISC is all-in sustaining cost; CIF is cost, insurance and freight. AISC is presented on a pro forma basis by the company. CIF cash cost was $518 per tonne in Q3 2026, as stated.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

9

9 · Cash flow and AISC

Lease liabilities rose to $138.3M as the mining fleet upgrade added equipment leases

  1. CashCash and cash equivalents rose to $10.4M from $6.2M.
  2. Net debtNet debt was $105M at Sep 30, as stated, and $145M pro forma for the bonds.
  3. Short-term debtPro forma short-term debt fell to $19M, as stated.

Statement of financial position

$MDec 31, 2025Sep 30, 2026
Loans and export prepayment$140.5M$140.1M
Lease liabilities$2.8M$138.3M
Suppliers$49.5M$70.9M
Total shareholders equity$56.6M$57.7M

Note: Lease liabilities combine the current and non-current balances. Net debt and the pro forma figures are the company’s own measures.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

10

10 · Balance sheet and debt

Volumes, price adjustments and short-term funding are the main watch items

Indicator
What to watch
Implication
Latest reading
Volumes
Restart after the partial suspension
Fixed costs return to cost of goods sold
Production down 83% YoY
Price adjustments
Provisional pricing moves with lithium prices
Adjustments reduce net revenue
39% of gross revenue
Funding
Current loans and leases are large
Bond closing matters for liquidity
Current liabilities $274M

Note: The production change and the price adjustment share are DeepCell calculations.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

11

11 · Key risks to outlook

Appendix: adjusted EBITDA bridge

ClaimEvidenceCalculation
Net loss for the period-$25.9MStatement of income (loss)
Add: depreciation and depletion$9.1MMD&A reconciliation
Add: financial expenses, net$9.6MStatement of income (loss)
Less: income tax benefit$0.6MStatement of income (loss)
EBITDA-$7.7MNon-GAAP measure
Add: stock-based compensation$1.1MMD&A reconciliation
Adjusted EBITDA-$6.7MLoss, non-GAAP measure

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

12

12 · Appendix: EBITDA bridge

Appendix: income statement detail

Revenue

$M unless notedQ3 2025Q3 2026YoY
Gross sales revenue, lithium products$30.4M$22.3M(26.8%)
Shipping services$1.0M$0.0Mn.m.
Final and provisional price adjustments$2.9M$8.7Mn.m.
Net sales revenue$28.5M$13.5M(52.6%)

Costs and earnings

$M unless notedQ3 2025Q3 2026YoY
Cost of goods sold$30.1M$9.3M(69.2%)
General and administrative$4.5M$3.7M(18.7%)
Loss before income tax$11.7M$26.4Mn.m.
Net loss$11.6M$25.9MWider

Note: YoY rates in this appendix are DeepCell calculations. Expenses, price adjustments and losses are shown without signs.Source: Sigma Lithium official Q3 2026 results (Form 6-K, accession 0001292814-26-005298), Nov 13, 2026; analysis of company data

13

13 · Appendix: Income statement

Appendix: sources

  • Press release, Q3 2026 results (Form 6-K, Ex. 99.3, accession 0001292814-26-005298, Nov 13, 2026) — https://www.sec.gov/Archives/edgar/data/1848309/000129281426005298/ex99-3.htm
  • Management’s discussion and analysis (Form 6-K, Ex. 99.1, same accession) — https://www.sec.gov/Archives/edgar/data/1848309/000129281426005298/ex99-1.htm
  • Unaudited condensed interim consolidated financial statements (Form 6-K, Ex. 99.2, same accession) — https://www.sec.gov/Archives/edgar/data/1848309/000129281426005298/ex99-2.htm
  • Q3 2026 earnings preview (Form 6-K, Ex. 99.1, accession 0001292814-26-005112, Nov 2, 2026) — https://www.sec.gov/Archives/edgar/data/1848309/000129281426005112/ex99-1.htm
  • Share price (third-party market data): CNBC SGML quote, Nov 12, 2026 close $5.01 and pre-market last $4.91 at 8:51 AM ET on Nov 13, 2026 — https://www.cnbc.com/quotes/SGML
  • Sigma Lithium reports under IFRS in U.S. dollars, in thousands. The Nov 2, 2026 preliminary release is not used.

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14

14 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Sigma Lithium Corporation’s Q3 2026 Form 6-K filed on November 13, 2026 (MD&A, interim financial statements and press release). Share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled adjusted, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. EBITDA, adjusted EBITDA, AISC and net debt are measures defined by Sigma Lithium.

Forward-looking statements. Company outlook statements and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:51 AM ET on November 13, 2026. The pre-market price is not a close.

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15

15 · Disclosures

Sources

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