SQM reported a net loss of $524.5 million for the nine months ended September 30, 2024, compared to a net income of $1.81 billion in the same period last year. The loss was primarily due to a significant decline in lithium prices and a $1.1 billion tax expense related to Chile's specific mining tax on lithium extraction.Revenues fell 43.9% to $3.46 billion, with lithium revenues dropping 61.1% to $1.71 billion despite an 18% increase in sales volume. The average lithium price in Q3 2024 was $9,700 per metric ton, down 67.1% year-over-year. SQM expects further price declines in Q4 but maintains its 2024 sales volume guidance of 190,000-195,000 metric tons.Despite current market challenges, CEO Ricardo Ramos expressed confidence in the long-term lithium market fundamentals, citing strong EV sales growth in China. The company reported positive volume growth across most business lines, with specialty plant nutrition volumes up over 20% and iodine demand remaining strong.

SQM reported a net loss of $524.5 million for the nine months ended September 30, 2024, compared to a net income of $1.81 billion in the same period last year. The loss was primarily due to a significant decline in lithium prices and a $1.1 billion tax expense related to Chile's specific mining tax on lithium extraction.Revenues fell 43.9% to $3.46 billion, with lithium revenues dropping 61.1% to $1.71 billion despite an 18% increase in sales volume. The average lithium price in Q3 2024 was $9,700 per metric ton, down 67.1% year-over-year. SQM expects further price declines in Q4 but maintains its 2024 sales volume guidance of 190,000-195,000 metric tons.Despite current market challenges, CEO Ricardo Ramos expressed confidence in the long-term lithium market fundamentals, citing strong EV sales growth in China. The company reported positive volume growth across most business lines, with specialty plant nutrition volumes up over 20% and iodine demand remaining strong.