Sigma Lithium (SGML): Monetizing waste dust & the $151M liquidity cliff [Q4 2025]

Sigma Lithium’s Q4 2025 results present a wild paradox: management is marketing a "cash machine," while the filings reveal a brutal going concern risk. In ~10 minutes:• How selling low-grade waste dust saved Q4 gross margins.• The aggressive math behind management's $31M "pro-forma" cash flow.• Grant Thornton’s adverse opinion on internal financial controls. 📉• Firing the external mining contractor triggered a $25M legal dispute.Despite top-line revenue dropping 41% sequentially to $16.9M, the stock ripped double-digits on aggressive production guidance and cost narratives. But beneath the surface, a looming $100M debt maturity has collapsed working capital, forcing the company into a high-stakes scramble for customer prepayments to fund Phase 2 development. Sigma Lithium (SGML) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.