Syrah Resources (3S7) Q2 2026 Earnings Report
DE:3S7 Q2 2026 EPS Results
- Actual EPS
- -EUR 0.06
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -EUR 0.05
DE:3S7 Q2 2026 Revenue Results
- Actual Revenue
- EUR 15.89M
- Expected Revenue
- EUR 13.87M
- Beat/Miss
- Beat by +EUR 2.03M
- YoY Revenue Growth
- +713.09%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/08/2026
- Time
- After Close
- Conference Call
- Tuesday, September 8, 2026
Syrah Resources's next earnings date is estimated for March 31, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call presented meaningful operational and strategic progress at Vidalia, including stronger qualification results, excellent product performance, expected commercial sales in the second half of 2026, improved cash balances, policy support, and a strong safety record. These positives were offset by materially softer Balama production and demand, Chinese-controlled competition, lengthy customer qualification processes, uncertain timing for ex-China market recovery, and continued reliance on strategic funding. Overall, the positive Vidalia and strategic developments were substantial but did not clearly outweigh the current operating and market challenges.
Syrah expects commencement of commercial anode material sales in the second half of 2026, with Vidalia expected to take six months or so to reach 80% capacity utilization and to achieve positive operating cash flow from mid-2027 onwards, if that occurs, also described as operationally cash flow positive operations in the second half of 2027; Balama production is ready to increase subject to market demand, with ex-China feedstock demand expected to see recovery this year, even if it's slower than initially expected, while non-FEOC input requirements are 60% this year, ratchet up roughly 5% a year, and reach 85% required by 2030, and Vidalia cash burn per month is about $2 million, with another $15 million disbursement due from the DFC to help fund Balama.
- Strong Vidalia Qualification ProgressVidalia advanced through several key qualification milestones in Q2, demonstrating very strong product quality and production consistency. The company said qualification progress was faster and more positive, providing a foundation to transition to continuous production and ramp-up, subject to final approval from major customers.
- Vidalia Product Performance and Customer Default ResolutionSyrah stated that Vidalia's anode product quality and performance are excellent and that the product meets or surpasses customer battery requirements. The company also noted the resolution of an alleged customer default during the quarter.
- Expected Vidalia Commercial Sales and Ramp-UpSyrah expects commercial anode material sales from Vidalia to commence in the second half of 2026. The company expects the facility to take approximately six months to reach 80% capacity utilization and expects positive operating cash flow from Vidalia from mid-2027 onwards, if the targeted ramp-up profile is achieved.
- Natural Graphite Pricing ImprovementNatural graphite sales totaled 7,000 tons in Q2, and the weighted average sales price was $736 per ton CIF, up 17% from the first quarter of 2026, weighted toward a higher proportion of core sales in the sales mix.
- Reliability Upgrades at BalamaDuring the period when Balama was not operating, Syrah delivered ongoing reliability upgrades across critical processing equipment to reduce unplanned downtime risk and improve future plant availability.
- Improving Electric Vehicle DemandGlobal electric vehicle sales grew 4% year-over-year in the second quarter, and Syrah said EV sales were recovering in key markets, supporting expectations for improved upstream materials demand in the months ahead.
- Record Safety PerformanceSyrah's total reportable injury frequency rate reached a record low of zero incidents per million hours worked in Q2.
- Sustainability and Governance DifferentiationSyrah reported IRMA 50-level sustainability performance and continued commitment to external audits and ISO standards. The company said integrated production has a global warming potential significantly below Chinese alternatives and described its products as the most sustainable source of integrated natural graphite and anode material available at scale today.
- Improved Cash Position and Operating Cash OutflowSyrah ended Q2 with $98 million of total cash, including $31 million of unrestricted cash and $67 million of restricted cash, compared with $62 million at the start of the quarter. Net cash outflow from operations was -$19 million, an improvement from -$27 million in the March 2026 quarter, and included $12 million of customer receipts.
- Additional U.S. Tax Credit Cash RefundAfter quarter-end, Syrah Technologies received an $8 million advanced manufacturing production tax credit refund under Section 45X of the U.S. Inflation Reduction Act related to the 2025 tax year.
- Supportive U.S. Critical Minerals Policy LandscapeSyrah said existing Section 301 tariffs on Chinese graphite remain in place and are considered relatively durable. Graphite has been identified as a strategic material, bipartisan support continues for strengthening domestic critical mineral supply chains, and a Section 232 investigation into processed critical minerals and derivative products is progressing, with updates expected during the third quarter of 2026.
- Multiple U.S. Policy and Customer Demand OpportunitiesSyrah cited remaining tariffs on Chinese anode imports, Section 45X production tax credits, the Defense Logistics Agency natural graphite tender, Project Vault, Department of War supplier financing, non-FEOC military sourcing requirements, and discussions in the critical nuclear industry as potential sources of demand or support.
- Significant Existing Vidalia Expansion CreditSyrah retains a $165 million Section 48C tax credit awarded to Vidalia for potential further expansion.
- Strategic Funding and Liquidity InitiativesSyrah said its equity raising and strategic funding proposals reset the balance sheet and provide significant runway and liquidity options. The proposals include a balance sheet reset involving existing and new convertibles, conversion of DFC debt into equity and convertible notes, conversion of part of DOE debt into convertible notes, and additional liquidity from DFC and convertible notes to AustralianSuper and DFC.
- Integrated First-Mover Position Outside ChinaSyrah stated that it is the only company with both an operating graphite mine and a fully operational commercial-scale anode material facility positioned to supply the U.S. domestic battery manufacturing market.
- Large, High-Grade Balama ResourceBalama was described as the largest and highest-grade natural graphite resource in operation outside China, providing optionality for natural graphite feedstock and integrated anode material production as ex-China demand grows.
- Fixed Pricing in Tesla and Lucid Offtake ContractsSyrah confirmed that pricing for both its Tesla and Lucid offtake contracts was fixed from the time the contracts were signed.
- Long-Term Strategic Importance of Ex-China SupplySyrah said graphite and anode demand is still expected to grow significantly in the medium term and that customers continue to seek secure and sustainable supply. The company cited IEA analysis estimating that more than $300 billion per year of downstream production outside China would be at risk if battery-grade graphite trade with China were meaningfully disrupted.
DE:3S7 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 31, 2027 | 2026 (Q4) | ―- | -0.02 | ― | ― |
| Sep 08, 2026 | 2026 (Q2) | ―-0.06 | -0.05 | -20.75% (-0.01) | |
| Mar 26, 2026 | 2025 (Q4) | ―-0.02 | -0.04 | 42.86% (+0.02) | |
| Sep 09, 2025 | 2025 (Q2) | ―-0.05 | -0.06 | 19.70% (+0.01) | |
| Mar 23, 2025 | 2024 (Q4) | ―-0.04 | -0.05 | 19.54% (+0.01) | |
| Sep 08, 2024 | 2024 (Q2) | ―-0.06 | -0.04 | -50.00% (-0.02) | |
| Mar 25, 2024 | 2023 (Q4) | ―-0.05 | -0.02 | -200.00% (-0.04) | |
| Sep 10, 2023 | 2023 (Q2) | ―-0.04 | -0.02 | -131.58% (-0.02) | |
| Mar 29, 2023 | 2022 (Q4) | ―-0.02 | -0.04 | 56.06% (+0.02) | |
| Sep 05, 2022 | 2022 (Q2) | ―-0.02 | -0.03 | 51.28% (+0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
