Elevra Lithium (SYA) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue and profit at NAL following the Sayona-Piedmont merger, with positive operating cash flow and focus on integration and growth projects.

• Reporting currency changed from AUD to USD, with all historical figures restated.

• Advanced permitting and development at Moblan, Ewoyaa, and Carolina Lithium, reaching key environmental milestones.

• Operational challenges at NAL led to a more conservative outlook for FY 2026.

Financial highlights

• Record quarterly revenue of US$66 million, a 223% increase quarter-over-quarter, driven by a 27% rise in realized price to US$998/ton FOB.

• Operating profit at NAL reached US$12 million, with US$13 million in operating cash flow.

• Cash balance at quarter-end was US$81.3 million, down from US$97.9 million, mainly due to US$14 million in merger costs and US$7 million in capex.

• Unit operating costs decreased 1% quarter-over-quarter to US$812/ton sold.

• Spodumene concentrate sold totaled 66,016 dmt, up 154% QoQ.

Outlook and guidance

• FY 2026 spodumene concentrate production guidance revised to 180,000–190,000 tons (from 195,000–210,000 tons).

• Sales guidance now 170,000–190,000 tons, with concentrate grade expected at 5% for H2 FY 2026.

• Unit operating cost guidance increased to US$860–US$880/ton due to short-term mining and grade control costs.

• Capex outlook unchanged at US$26 million.

• Management is optimistic about lithium market conditions and accelerating NAL expansion plans.