Sociedad Química y Minera de Chile reported a sharp rise in first-quarter profit and raised its annual lithium sales guidance on Tuesday.

The results signal a recovery in lithium prices and robust demand for battery-storage systems, which are critical for the global transition to electric vehicles and renewable energy.

SQM, led by CEO Ricardo Ramos, announced an adjusted EBITDA of $837 million [1] for the first quarter of 2026. This figure represents a doubling of the metric compared to previous periods. The company also reported net income of $365 million [3] for the three months ended March 31.

Revenue for the quarter reached $1.76 billion [1], marking an approximate 70% year-over-year increase. This growth is further evidenced by the jump from $1,036.6 million in the same period last year to $1,760.1 million [7].

"We reported strong results for the first quarter of the year, reflecting a strong performance across our key business lines," Ramos said [4].

Following these results, SQM raised its lithium sales guidance for 2026, targeting growth of approximately 15% [4]. To support future production, the company announced a $3 billion budget [1] in partnership with Codelco for the Salar Futuro project located in the Atacama Desert.

The market responded positively to the news, with the company's share price increasing by 1.4% on Wednesday [1].

“SQM doubled adjusted EBITDA to $837 million”

The financial rebound of SQM suggests that the lithium market is stabilizing after a period of volatility. By committing $3 billion to the Salar Futuro project with Codelco, SQM is securing its long-term operational capacity in Chile, which remains a global hub for lithium extraction. This aggressive expansion indicates confidence that the demand for energy storage will continue to outpace supply constraints.