The Elevra Lithium Ltd (ASX: ELV) share price is in focus after the company reported a big 39% increase in revenue to US$202 million and returned to a net profit of US$44 million for FY26 following a transformational year.
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What did Elevra Lithium report?
- Revenue rose 39% to US$202 million (FY25: US$145 million)
- Group profit after income tax of US$44 million, swinging from a US$247 million loss in FY25
- Underlying EBITDA improved to US$14 million, up from a US$43 million loss
- Closing cash balance surged to US$255 million (FY25: US$47 million)
- Spodumene concentrate production reached 197,967 dmt (down 3% on PCP), with 181,494 dmt sold (down 13%)
- Operating cost per tonne sold increased 2% to US$853/dmt
What else do investors need to know?
Several strategic milestones shaped Elevra Lithium's FY26. The merger between Sayona Mining and Piedmont Lithium was completed, creating North America's largest hard-rock lithium producer and unlocking US$15 million in cost synergies over ten months.
Elevra fully funded a staged brownfield expansion at its flagship North American Lithium (NAL) mine, expected to lift annual production capacity by 15–20% from mid-CY27. The company also advanced the Moblan Lithium Project, increased resources at both NAL and Moblan, and agreed to divest its stake in the Ewoyaa Lithium Project for approximately US$71 million.
A major US$202 million equity raise bolstered the balance sheet, supporting expansion plans while keeping cash reserves healthy. The group also saw Board and management changes, including the appointment of a new CFO, Christian Cortes.
What did Elevra Lithium management say?
Lucas Dow, Managing Director and Chief Executive Officer, said:
FY26 marked a transformational year for Elevra. We completed the merger of Sayona Mining and Piedmont Lithium, creating a leading North American lithium producer, fully funded the staged expansion of NAL, advanced our broader development pipeline, and continued to sharpen our portfolio through the agreed divestment of our interests in the Ewoyaa Lithium Project.
On the operational front, FY26 was a year defined by resilience, disciplined execution and strategic progress. We demonstrated improved safety performance. While temporary mining conditions at NAL in the first half of the year impacted production and led us to revise our operating guidance, our team responded quickly and efficiently through disciplined mine planning to improve plant performance and deliver production within our original guidance with minimal impact to unit operating costs compared to FY25.
The June 2026 quarter represented our strongest operational performance of the year, with recoveries improving to 71%, a new monthly production record in May, and quarterly production exceeding 54,000 dmt. As we enter FY27, we do so with confidence in our strategy, confidence in our assets, and confidence in the opportunities ahead.
What's next for Elevra Lithium?
Looking forward, Elevra's top priorities are to deliver steady operating performance at NAL, execute the brownfield expansion on time and on budget, restructure customer offtake deals, and advance development at Moblan. FY27 guidance includes spodumene production of 198,000–210,000 dmt, sales of up to 230,000 dmt, and sustaining capital expenditure focused on expansion and project studies.
Management remains focused on disciplined capital allocation and maintaining balance sheet flexibility. Successful completion of the Ewoyaa sale and ongoing exploration in Québec and Western Australia will help sharpen Elevra's focus on core growth assets.
Elevra Lithium share price snapshot
The Elevra Lithium share price has smashed the S&P/ASX 200 index (ASX: XJO) over the past 12 months with a gain of more than 100%.
