Sigma Lithium Corporation (NASDAQ: SGML) reported record financial performance for the first quarter of 2026, achieving a 61% gross margin, 39% EBITDA margin and 26% net margin, according to the company's earnings statement.

The lithium producer generated $42 million in revenue from sales of 23,000 tonnes of lithium oxide concentrate equivalent during the quarter, with a realized price of $1,790 per tonne for high-grade concentrate. This represents a 150% increase from the fourth quarter of 2025.

The company continued debt reduction efforts, decreasing total debt to $134 million at the end of the first quarter. Total debt declined 21% over the past year and 33% over two years, primarily through paying down higher-cost short-term export financing lines.

Sigma Lithium's cash position reached $28 million as of May 15, 2026, which the company states is the highest level since year-end 2024. The company ended the first quarter with $4 million in cash but recorded $22 million in accounts receivable that has since been collected.

The company completed a ramp-up of mining operations following a restructuring that began in October 2025. Sigma Lithium maintains guidance for annualized production of 240,000 tonnes of high-grade lithium oxide concentrate.

The company expects to complete Phase 2 and Phase 3 expansions by year-end 2027, which would increase annual capacity from the current 270,000 tonnes to 520,000 tonnes and then to 770,000 tonnes respectively.

Sigma Lithium adjusted its cost guidance to reflect higher diesel prices and Brazilian Real appreciation against the U.S. dollar. The company estimates all-in sustaining costs of $710 per tonne for Phase 1 operations.