Company Performance - Sigma Lithium Corporation's stock closed at $4.50, down 2.6% from the previous trading session, underperforming the S&P 500 which gained 0.52% [1] - Over the past month, the company's shares have decreased by 1.49%, while the Computer and Technology sector increased by 7.56% and the S&P 500 rose by 4.27% [1] Earnings Expectations - The upcoming earnings report is expected to show an EPS of -$0.03, which is a 70% improvement from the same quarter last year [2] - Revenue is anticipated to be $45.4 million, reflecting a 1.18% decline compared to the same quarter last year [2] Full Year Projections - For the full year, earnings are projected at -$0.04 per share and revenue at $193.9 million, indicating increases of 91.3% and 27.49% respectively from the previous year [3] - Recent changes to analyst estimates suggest evolving short-term business trends, with positive revisions indicating optimism about the business outlook [3] Zacks Rank and Industry Performance - Sigma Lithium Corporation currently holds a Zacks Rank of 4 (Sell), with a recent consensus EPS projection decreasing by 166.67% over the past 30 days [5] - The Electronics - Miscellaneous Products industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 146, placing it in the bottom 41% of over 250 industries [6]

[Management's Responsibility for Financial Reporting](index=3&type=section&id=MANAGEMENT%27S%20RESPONSIBILITY%20FOR%20FINANCIAL%20REPORTING) Management is responsible for preparing unaudited interim financial statements under IAS 34, with oversight from the Board's Audit Committee to ensure fair presentation - Management is responsible for preparing the unaudited condensed interim consolidated financial statements in accordance with International Accounting Standard 34 (IAS 34) [6](index=6&type=chunk)[7](index=7&type=chunk) - The Board of Directors, primarily through its Audit Committee composed of independent directors, oversees this process to ensure fair presentation [8](index=8&type=chunk) [Unaudited Condensed Interim Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Statements of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to **$348.3 million** by Q1 2025, driven by receivables and PP&E, with liabilities and equity also rising Consolidated Statement of Financial Position Highlights (in thousands of USD) | Account | 3/31/2025 | 12/31/2024 | | :--- | :--- | :--- | | **Total Current Assets** | 97,865 | 92,771 | | **Total Non-Current Assets** | 250,448 | 234,347 | | **Total Assets** | **348,313** | **327,118** | | **Total Current Liabilities** | 114,603 | 108,771 | | **Total Non-Current Liabilities** | 127,617 | 126,007 | | **Total Liabilities** | **242,220** | **234,778** | | **Total Shareholders' Equity** | **106,093** | **92,340** | [Statements of Income (Loss)](index=6&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Income%20(Loss)) Q1 2025 saw a **net income of $4.7 million**, a turnaround from a **$6.9 million loss** in Q1 2024, driven by a **28% revenue increase** Income Statement Summary (in thousands of USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Sales Revenue | 47,673 | 37,202 | | Gross Profit | 13,455 | 8,560 | | Operating Income (Loss) | 6,790 | (329) | | Financial Income (Expenses), Net | 2,938 | (7,051) | | **Net Income (Loss) for the period** | **4,728** | **(6,909)** | | Basic and Diluted EPS | $0.04 | ($0.06) | [Statements of Comprehensive Income (Loss)](index=7&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total comprehensive income reached **$12.0 million** in Q1 2025, a significant improvement from a **$11.8 million loss** in Q1 2024, aided by foreign currency gains Comprehensive Income (Loss) Summary (in thousands of USD) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) for the period | 4,728 | (6,909) | | Foreign currency translation adjustment | 7,264 | (4,858) | | **Net comprehensive income (loss)** | **11,992** | **(11,767)** | [Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by **$14.8 million** in Q1 2025, ending at **$31.1 million**, primarily due to financing and investing outflows Cash Flow Summary (in thousands of USD) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (2,186) | (11,472) | | Net cash used in investing activities | (4,793) | (5,764) | | Net cash (used in) provided by financing activities | (10,772) | 78,610 | | **Increase (decrease) in cash** | **(14,807)** | **59,607** | | Cash, beginning of period | 45,918 | 48,584 | | **Cash, end of period** | **31,111** | **108,191** | [Statements of Changes in Shareholders' Equity](index=10&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to **$106.1 million** by Q1 2025, driven by **$4.7 million** net income and **$7.3 million** from foreign currency translation - The main drivers for the increase in total shareholders' equity during Q1 2025 were the net income of **$4.7 million** and other comprehensive income of **$7.3 million** [17](index=17&type=chunk) [Notes to the Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Note 1: Corporate Information](index=11&type=section&id=Note%201%20Corporate%20information) Sigma Lithium Corporation is a commercial producer of lithium oxide concentrate, with primary operating assets located in Minas Gerais, Brazil - The company is a commercial producer of lithium oxide concentrate with its operating assets located in the Jequitinhonha Valley region of Minas Gerais, Brazil [18](index=18&type=chunk)[20](index=20&type=chunk) - The company's common shares trade on the TSX Venture Exchange (TSXV) and Nasdaq under the symbol "SGML", and it also has unsponsored Brazilian Depositary Receipts (BDRs) on the B3 exchange [21](index=21&type=chunk) [Note 2: Basis of Preparation](index=11&type=section&id=Note%202%20Basis%20of%20preparation) Financial statements are prepared under IAS 34, with a retrospective change to USD as the presentation currency from CAD effective January 1, 2025 - Effective January 1, 2025, the company changed its presentation currency from Canadian Dollars (CAD) to United States Dollars (USD) [28](index=28&type=chunk) - Comparative financial information has been restated accordingly [28](index=28&type=chunk) - The company's functional currency remains the Brazilian Real (R$), as its primary operations, inflows, and outflows are based in Brazil [27](index=27&type=chunk) [Note 9: Property, Plant and Equipment](index=15&type=section&id=Note%209%20Property%2C%20plant%20and%20equipment) PP&E net book value increased to **$152.5 million** by Q1 2025, driven by **$3.7 million** in additions and **$11.1 million** from foreign currency translation PP&E Movement in Q1 2025 (in thousands of USD) | Description | Amount | | :--- | :--- | | Balance as of Dec 31, 2024 | 141,025 | | Additions | 3,668 | | Depreciation and depletion | (3,232) | | Foreign currency translation adjustment | 11,072 | | **Balance as of Mar 31, 2025** | **152,533** | - Investments related to the Phase 2 capacity expansion are ongoing, with expenditures classified as 'Assets under construction' [42](index=42&type=chunk) [Note 11: Related Parties' Transactions](index=17&type=section&id=Note%2011%20Related%20parties%27%20transactions) The company conducts various transactions with related parties, including cost-sharing, land leases, royalty payments, and a **$15.9 million** loan to Tatooine for property acquisition - Sigma Brazil has a facility agreement to loan up to **$15.0 million** to Tatooine Investimentos S.A. to fund property acquisitions in areas of interest [50](index=50&type=chunk) - As of March 31, 2025, the outstanding loan amount was **$15.9 million** [50](index=50&type=chunk) - The company pays royalties to Miazga, a related party, for mineral exploration on its land [49](index=49&type=chunk) - In Q1 2025, **$0.52 million** in royalties were recognized as an expense [52](index=52&type=chunk) Key Management Compensation (in thousands of USD) | Compensation Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Stock-based compensation | 306 | 913 | | Salaries, benefits and director's fees | 209 | 248 | | **Total** | **515** | **1,161** | [Note 13: Loans and Export Prepayment](index=19&type=section&id=Note%2013%20Loans%20and%20export%20prepayment) Total loans and export prepayments reached **$168.7 million** by Q1 2025, with **$20.8 million** in new proceeds and **$31.0 million** in repayments Loan and Export Prepayment Balances (in thousands of USD) | Type | Current (3/31/2025) | Non-Current (3/31/2025) | | :--- | :--- | :--- | | Export prepayment trade finance | 51,111 | - | | Export prepayment agreements - Synergy | 3,384 | 100,000 | | Finame - BDMG (Reais denominated) | 1,291 | 14,210 | | **Total (before transaction costs)** | **55,786** | **114,210** | - In Q1 2025, the company entered into new export prepayment agreements totaling **$20.8 million** with interest rates between **9.0% and 9.6% p.a.** [60](index=60&type=chunk) - The company repaid **$31.0 million** of existing agreements [60](index=60&type=chunk) - The company has a signed agreement for a **R$486.8 million** development loan from BNDES to fund the Phase 2 plant [72](index=72&type=chunk) - No drawdowns had occurred as of March 31, 2025 [72](index=72&type=chunk) [Note 19: Financial Instruments](index=27&type=section&id=Note%2019%20Financial%20instruments) The company manages foreign exchange, interest rate, market price, credit, and liquidity risks, utilizing provisional pricing and interest rate swaps - The company has significant exposure to the U.S. dollar, with net liabilities of **$99.0 million** denominated in USD as of March 31, 2025 [92](index=92&type=chunk) - A **10% adverse change** in the USD/BRL exchange rate could result in a loss of approximately **$8.6 million** [95](index=95&type=chunk) - Market price risk exists due to provisional pricing on lithium sales [100](index=100&type=chunk) - A **20% decrease** from the probable price on **73,230 kt** of lithium oxide concentrate would negatively impact sales revenue by **$11.6 million** [101](index=101&type=chunk) - The company manages credit risk by receiving advance payments for a substantial portion of its sales or by using letters of credit [102](index=102&type=chunk) [Note 20: Share Capital](index=33&type=section&id=Note%2020%20Share%20capital) As of Q1 2025, **111.3 million** common shares were outstanding, with A10 Investimentos Ltda. holding **42.85%**, and a tax incentive reserve increased by **$187 thousand** Major Shareholders as of March 31, 2025 | Shareholder | % of Voting Capital | | :--- | :--- | | A10 Investimentos Ltda. | 42.85% | | Fitpart Fund Administration Services Limited | 7.40% | | Appian Way Asset Management LP | 4.23% | | Others | 45.52% | - The company benefits from a **75% reduction** in income tax for ten years, starting in 2024 [115](index=115&type=chunk) - The saved amount is recorded in a tax incentive reserve and cannot be distributed to shareholders [115](index=115&type=chunk) - In Q1 2025, **$187 thousand** was added to this reserve [115](index=115&type=chunk) [Note 22: Sales Revenue](index=34&type=section&id=Note%2022%20Sales%20revenue) Net sales revenue for Q1 2025 increased to **$47.7 million** from **$37.2 million** in Q1 2024, despite a **$1.6 million** negative provisional price adjustment Sales Revenue Breakdown (in thousands of USD) | Component | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Lithium oxide concentrate | 49,227 | 43,246 | | Provisional price adjustment | (1,554) | (6,044) | | **Total Net Revenue** | **47,673** | **37,202** | [Note 23: Costs and Expenses by Nature](index=35&type=section&id=Note%2023%20Costs%20and%20expenses%20by%20nature) COGS increased to **$34.2 million** in Q1 2025, up from **$28.6 million** in Q1 2024, primarily due to higher logistics, royalties, and blasting/fuels costs Cost of Goods Sold Breakdown (in thousands of USD) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Mining costs | (15,842) | (16,185) | | Processing costs | (9,626) | (8,853) | | Logistics costs | (6,879) | (2,498) | | Royalties | (1,871) | (1,106) | | **Total COGS** | **(34,218)** | **(28,642)** | - Starting in 2025, stock-based compensation for certain operational personnel (**$611 thousand** in Q1 2025) is now allocated directly to cost of goods sold [118](index=118&type=chunk)[120](index=120&type=chunk) [Note 26: Stock-Based Compensation](index=38&type=section&id=Note%2026%20Stock-based%20compensation) Total stock-based compensation expense was **$1.6 million** in Q1 2025, allocated across operating expenses, COGS, and capitalized assets, with **349,102 RSUs** outstanding Stock-Based Compensation Expense Allocation (in thousands of USD) | Allocation | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Stock-based compensation expense (G&A) | 805 | 2,266 | | Cost of goods sold | 611 | - | | Property, plant and equipment | 14 | (408) | | Deferred exploration and evaluation expenditure | 144 | 46 | | **Total** | **1,574** | **1,904** | [Note 27: Legal Claim Contingency](index=39&type=section&id=Note%2027%20Legal%20claim%20contingency) The company has provisioned **$1.9 million** for probable legal losses and faces **$6.2 million** in possible losses, with a new arbitration initiated by LG Energy Solution - On March 18, 2024, LG Energy Solution initiated arbitration against the company, alleging a breach of an offtake term sheet [138](index=138&type=chunk) - The company's legal counsel has assessed the probability of loss as 'possible', and the amount involved is currently undetermined [138](index=138&type=chunk) Legal Contingencies as of March 31, 2025 (in thousands of USD) | Classification | Contingency Amount | Net Amount | | :--- | :--- | :--- | | Probable Loss | 3,772 | 1,934 | | Possible Loss | 12,240 | 6,168 | [Note 29: Subsequent Events](index=41&type=section&id=Note%2029%20Subsequent%20Events) Subsequent to Q1 2025, the company entered into additional export prepayment trade finance agreements totaling **$18.3 million** in May 2025 - In May 2025, the company secured an additional **$18.3 million** through export prepayment trade finance agreements [140](index=140&type=chunk)

Core Insights - Sigma Lithium Corporation reported its first net income of $4.7 million for Q1 2025, marking a significant milestone in its operational performance [5][17] - The company achieved production volumes of 68,308 tonnes, a 26% increase year-over-year, and sales volumes of 61,584 tonnes, a 17% increase year-over-year [6][9] - The company is strategically positioned to enhance cash generation while advancing the construction of Plant 2, which is expected to significantly increase production capacity [5][22] Financial Performance - Revenues for Q1 2025 reached $47.7 million, a 28% increase compared to Q1 2024, despite a slight decline in sales volumes from the previous quarter [9][11] - The cost of sales was reported at $34.2 million, reflecting a 19% increase year-over-year, with a cost of sales per tonne averaging $556 [11][12] - Cash gross margin for Q1 2025 was 35%, down from 42% in Q4 2024, primarily due to higher costs of sales [15] Operational Metrics - The company maintained a cash operating cost of $458 per tonne, which is 9% below the 2025 target of $500 per tonne [12][13] - All-in sustaining cash costs (AISC) averaged $622 per tonne, remaining below the full-year target of $660 per tonne [13] - The average revenue per tonne increased by 10% year-over-year to $774 [8] Production and Expansion Plans - Sigma Lithium expects to reach a total production of 270,000 tonnes for FY25, with ongoing construction of Plant 2 aimed at doubling production capacity to 520,000 tonnes [10][29] - The company is actively pursuing long-term prepayment and offtake agreements to secure financing and support the construction of Plant 2 [19][5] - Civil works at the Plant 2 site are ongoing, with initial equipment deliveries expected in Q3 2025 [22] Balance Sheet and Liquidity - As of March 31, 2025, cash and cash equivalents totaled $31.1 million, a 32% decrease from the previous quarter [18] - The total amount of short and long-term debts was reported at $165.3 million, with net interest paid in Q1 2025 totaling $1.1 million [18]

Core Viewpoint - Sigma Lithium Corporation has demonstrated strong operational performance in Q1 2025, exceeding production and cost targets despite a challenging lithium pricing environment [2][4]. Financial Performance - Production volumes reached 68,308 tonnes, exceeding the target of 67,500 tonnes and representing a 26% increase compared to Q1 2024 [3][4]. - Sales volumes were 61,584 tonnes, marking a 17% increase over Q1 2024 [3]. - Operating cash cost at the plant gate was US$349 per tonne, which is 12% lower than Q1 2024 and 8% better than the FY 2025 target [3][4]. - CIF China cash costs were US$458 per tonne, 17% lower than Q1 2024 and 6% better than the FY 2025 target [3]. - All-in sustaining cost (AISC) was US$622 per tonne, 20% lower than Q1 2024 and flat compared to Q4 2024 [3][4]. - Revenues reached US$47.7 million, a 28% increase over Q1 2024, despite lower lithium pricing [3][4]. - EBITDA was US$10 million, representing a 224% increase over Q1 2024 [3][4]. Community and Government Support - The company received overwhelming support from local communities, with over 2,000 supporters and 91% positive testimonials during public hearings on lithium production [4][6]. - Sigma Lithium has created over 1,700 direct jobs and 20,000 indirect jobs, benefiting more than 21,000 people through social inclusion programs [4][6]. Strategic Positioning - Sigma Lithium operates one of the world's largest lithium production sites, with plans to double production capacity to 520,000 tonnes of lithium oxide concentrate [9]. - The company's strategic location in Brazil, a diplomatically neutral and investor-friendly country, has helped it navigate global trade disruptions [4].

Core Viewpoint - Sigma Lithium Corporation (SGML) is anticipated to report a year-over-year increase in earnings driven by higher revenues for the quarter ended March 2025, with the consensus outlook suggesting a significant impact on the stock price based on actual results compared to estimates [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for May 14, 2025, with expectations that better-than-expected results could lead to a stock price increase, while disappointing results may cause a decline [2]. - The consensus estimate for quarterly earnings is projected at $0.01 per share, reflecting a year-over-year increase of +116.7%, with revenues expected to reach $50.75 million, up 35.7% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 126.67%, indicating a reassessment by analysts of their initial estimates [4]. - The Most Accurate Estimate for Sigma Lithium aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a positive ESP being a strong predictor of an earnings beat, especially when combined with a strong Zacks Rank [6][8]. - Sigma Lithium currently holds a Zacks Rank of 5, which complicates the prediction of an earnings beat [11]. Historical Performance - In the last reported quarter, Sigma Lithium was expected to post earnings of $0.06 per share but instead reported a loss of $0.08, resulting in a surprise of -233.33% [12]. - The company has not achieved an earnings beat in any of the last four quarters [13]. Conclusion - While Sigma Lithium is not positioned as a compelling earnings-beat candidate, investors are advised to consider other factors when making decisions regarding the stock ahead of the earnings release [16].

Sigma Lithium Corporation (SGML) ended the recent trading session at $8.15, demonstrating a +1.37% swing from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.63% for the day. Elsewhere, the Dow gained 0.21%, while the tech-heavy Nasdaq added 1.52%.Heading into today, shares of the company had lost 18.95% over the past month, lagging the Computer and Technology sector's gain of 1.66% and the S&P 500's loss of 0.7% in that time.The investment community will be c ...

Core Viewpoint - Sigma Lithium Corporation is set to release its financial results for Q1 2025 on May 14, 2025, after market close, highlighting its operational capabilities as a major lithium producer [1][2]. Group 1: Financial Results and Conference Call - The company will host a conference call on May 15, 2025, at 8:00 AM ET to discuss its financial results [2]. - Sigma Lithium achieved a production volume of over 68,000 tonnes in Q1 2025, maintaining its production cadence [2]. Group 2: Production Capacity and Sustainability - Sigma Lithium operates one of the largest lithium production sites globally, specifically the fifth-largest industrial-mineral complex for lithium oxide at its Grota do Cirilo Operation in Brazil [5]. - The company currently produces 270,000 tonnes of lithium oxide concentrate annually, with plans to double its production capacity to 520,000 tonnes through the construction of a second plant [6]. - Sigma Lithium emphasizes environmental and social sustainability, producing "Quintuple Zero Green Lithium," which is net-zero carbon lithium made without dirty power, potable water, toxic chemicals, or tailings dams [5].

Core Viewpoint - Sigma Lithium Corporation's stock has underperformed in recent trading sessions, with a notable decline over the past month, while upcoming earnings are expected to show significant year-over-year growth in both earnings per share and revenue [1][2][3]. Financial Performance - Sigma Lithium Corporation is projected to report earnings of $0.01 per share, reflecting a year-over-year growth of 116.67% [2]. - The revenue estimate for the upcoming earnings disclosure is $50.75 million, indicating a 35.73% increase from the same quarter last year [2]. - For the entire fiscal year, earnings are expected to be $0.01 per share, with a revenue forecast of $194.88 million, representing increases of 102.17% and 28.13% respectively from the previous year [3]. Analyst Estimates and Market Sentiment - Recent adjustments to analyst estimates for Sigma Lithium Corporation indicate a shift in short-term business trends, with positive revisions suggesting increased confidence in the company's performance [4]. - The Zacks Rank system currently rates Sigma Lithium Corporation as 5 (Strong Sell), reflecting a significant decrease of 98.73% in the consensus EPS estimate over the last 30 days [6]. Valuation Metrics - Sigma Lithium Corporation has a Forward P/E ratio of 826, which is substantially higher than the industry average Forward P/E of 17.39 [7]. - The Electronics - Miscellaneous Products industry, which includes Sigma Lithium Corporation, is ranked 161 in the Zacks Industry Rank, placing it in the bottom 36% of over 250 industries [7][8].

Financial Data and Key Metrics Changes - The company reported a 28% increase in production of Quintuple Zero Green Lithium, reaching over 77,000 tons, which is the highest quarterly production to date and exceeded previous guidance [11] - Sales rose sharply, increasing 29% quarter-on-quarter to 73,900 tons [11] - The all-in sustaining costs were reported at $592 per ton, demonstrating a significant quarterly cost decrease [14][26] - The company achieved a cash and operating margin of 42% and an adjusted EBITDA margin of 26% in the fourth quarter [15][28] Business Line Data and Key Metrics Changes - The Greentech plant reached a lithium recovery efficiency of 70% at the DMS plant level, positioning the company as an innovator in lithium processing [7] - The company increased its mineral resources to 107 million tons with a lithium oxide content of 1.4%, ensuring a long operating life for the Greentech plant [6] Market Data and Key Metrics Changes - The average CIF China realized price was $900 per ton in the fourth quarter, well above the spot price [12] - The company noted that demand for lithium remains robust despite high inventory levels, which are being absorbed in the market [70][71] Company Strategy and Development Direction - The company is focused on operational excellence and has plans to ramp up production to 270,000 tons by 2025, with an additional 30,000 tons expected from the early commissioning of Plant 2 [19][21] - The construction of Plant 2 is on schedule for commissioning in the fourth quarter of 2025, leveraging existing infrastructure to reduce costs and time [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate cash flows even in the current price environment, highlighting a healthy liquidity position with $46 million in cash [15][38] - The company anticipates a sharp reduction in financial costs per ton once Plant 2 is operating at full capacity [41] Other Important Information - The company achieved over 600 days without a lost time injury, emphasizing its commitment to safety [12][17] - The company has successfully reduced short-term debt levels and maintained low financial costs [39] Q&A Session Summary Question: What happens to per ton costs if production is lower than 270,000 tons in 2025? - Management indicated that costs would revert to levels similar to the second quarter, primarily due to reduced short-term debt [60][62] Question: How does the interplay of carbon prices and spodumene pricing affect expectations? - Management noted that current pricing levels are influenced by inventory levels rather than demand, with robust demand expected to drive prices once inventories are depleted [70][71] Question: When is the first loan disbursement from BNDES expected? - Management expects the first disbursement around midyear, as it operates on a reimbursement basis [74] Question: Clarification on financial expenses per ton in the fourth quarter? - Management acknowledged a potential mismatch in numbers and offered to provide exact figures later, highlighting that interest payments in the third quarter affected the financial expenses [76][80] Question: Are there any trends in ocean freight costs? - Management noted opportunities for cost efficiencies in ocean freight by utilizing larger vessels, which reduce costs per ton compared to smaller vessels [84]

Company Performance - Sigma Lithium Corporation reported a quarterly loss of $0.08 per share, which was worse than the Zacks Consensus Estimate of $0.06, and compared to a loss of $0.09 per share a year ago, indicating an earnings surprise of -233.33% [1] - The company posted revenues of $48.04 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 20.58%, and this represents an increase from year-ago revenues of $37.69 million [2] - Over the last four quarters, Sigma Lithium has not surpassed consensus EPS estimates and has consistently missed revenue estimates [2] Stock Outlook - The immediate price movement of Sigma Lithium's stock will depend on management's commentary during the earnings call and the sustainability of the stock's performance [3][4] - Despite underperforming in earnings, Sigma Lithium shares have increased by about 2.5% since the beginning of the year, contrasting with the S&P 500's decline of -5.1% [3] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $73.85 million, and for the current fiscal year, it is $0.79 on revenues of $336.49 million [7] - The trend for earnings estimate revisions for Sigma Lithium is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [6] Industry Context - Sigma Lithium operates within the Zacks Electronics - Miscellaneous Products industry, which is currently ranked in the bottom 40% of over 250 Zacks industries, suggesting potential challenges ahead [8]