Sigma Lithium (TSXV: SGML) this morning reported its first quarter financial results, posting revenue of US$37.2 million for the period ended March 31, 2024. Revenue was flat on a quarter over quarter basis.

Sigma managed to produce 54,168 tonnes of concentrate during the quarter, down from 59,938 tonnes in the fourth quarter, which the company indicated was partially due to holiday seasonality and fewer work days. Concentrate sold was down more substantially, dropping from 64,670 tonnes to 52,857 tonnes. The company was able to make up for this shortfall with an increase in the average reported sales price, which climbed from $583 to $704 per tonne.

The company also reported a “revenue for business conducted 1Q” in connection with the news release, which came in at $49.1 million, and was down from $67.5 million in the fourth quarter. This figure however is believed to include product shipped post-quarter-end. The firms actual financial statements (which are reported in Canadian dollars as opposed to US dollars as reflected in its news release) utilize the reported revenue figure as official revenue for the quarter.

READ: Sigma Lithium To Proceed With 250,000 tpy Expansion, Delays Financial Results

Cash unit operating costs in the quarter amounted to US$397 per tonne, down substantially from $478 per tonne in Q4, but still above guidance of $370 per tonne.

Sigma posted a net loss for the period of $7.0 million, compared to a loss of $9.5 million in the prior quarter, along with adjusted EBITDA of $5.9 million, an improvement over the $1.3 million posted in Q4. The company finished the quarter with cash and cash equivalents of $108.2 million.

Sigma Lithium last traded at $23.21 on the TSX Venture.

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