Sigma Lithium (TSXV: SGML) reported its Q2 2025 results, with net sales revenue declining to $16.9 million from $45.9 million in Q2 2024, swinging gross margin to a $6.7 million loss from a $16.2 million profit a year ago.
Sales expense eased to $0.2 million from $0.4 million and G&A slipped to $4.3 million from $4.6 million, but ESG and other operating expenses rose to $8.5 million from $3.6 million. EBIT then turned to a $20.2 million loss from a $5.6 million profit.
The quarter closed with a $18.9 million net loss versus a $10.8 million loss in Q2 2024, or $0.17 loss per share versus $0.10.
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EBITDA fell to $16.9 million loss from $8.6 million earnings a year ago. Adjusted basis also saw a decline to a $17.1 million loss from $10.6 million earnings.
Operating cash flow improved on a six-month basis but remained negative at $8.2 million from $42.7 million outflow in the comparable period last year, aided by a $3.9 million working-capital inflow compared with a $22.7 million outflow last year. Financing cash flows swung to an outflow of $17.9 million from an inflow of $93.0 million a year earlier as last year’s debt inflows lapped. After a $3.3 million positive FX effect, cash fell by $30.8 million during H1.
The consolidated balance sheet shows cash and cash equivalents of $15.1 million at June 30, 2025, down from $45.9 million at 2024 year-end.
Unit economics show pricing as the core headwind. Average revenue per tonne fell to $524 from $1,071 in Q2 2024. COGS per tonne increased to $584 from $566 year over year. That yields a negative gross margin of $60 per tonne, down from a positive $505 per tonne a year ago.
On production, output was 68,368 tonnes, up 38% from 49,389 tonnes in Q2 2024, while sales volumes fell to 40,350 tonnes from 52,572 tonnes a year ago. The average grade of shipped product was 5.2% Li₂O, lower than 5.5% a year earlier.
Sigma Lithium last traded at $9.70 on the TSX Venture.
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