SQM Q1 Profit More Than Doubles as Lithium Prices Surge

Chilean lithium miner SQM reported a sharp rise in first-quarter profit as stronger lithium prices and higher sales volumes boosted earnings. The company posted net income of $365 million for the quarter, more than double the $138 million recorded during the same period last year. Despite the strong growth, the result came in below Reuters/LSEG analyst expectations of $426 million.

SQM, the world’s second-largest lithium producer, generated quarterly revenue of $1.76 billion, representing a 70% increase year-over-year and surpassing market estimates of $1.62 billion. The company benefited from a major rebound in global lithium prices, which climbed approximately 95% compared to the previous year.

The company also reported a significant increase in lithium sales volumes. Total sales reached 69,000 metric tons of lithium carbonate equivalent during the quarter, marking a 25% rise from the same period in 2025. Strong demand from the electric vehicle sector and energy storage systems continued to support the global lithium market.

Revenue from SQM’s lithium and derivatives division surged more than 100% to $1.19 billion in the first quarter. The company said higher realized lithium prices combined with stronger sales volumes were the primary drivers behind the growth.

SQM also raised its full-year lithium sales forecast, now expecting a 15% increase in sales volumes for 2026. The previous guidance projected a 10% rise. The updated outlook reflects improving market conditions and continued expansion in battery-related demand worldwide.

The latest earnings report highlights the ongoing recovery in the lithium industry as electric vehicle adoption and renewable energy storage investments continue to strengthen demand for battery metals globally.