Standard Lithium (SLI) Q2 2025 earnings summary

Executive summary

• Transitioned fiscal year-end to December 31 to align with joint ventures and industry peers, reporting a six-month period ending December 31, 2024.

• Secured a $225 million DOE grant for the Southwest Arkansas project, finalized in January 2025, to support Phase 1 construction.

• Strategic focus shifted to high-grade, large-scale assets in Southwest Arkansas and East Texas, with expanded leasehold and the launch of the Smackover Lithium joint venture with Equinor.

• Advanced de-risking and development of DLE technology, achieving over 99% lithium recovery in field pilots and 95.4% recovery at commercial scale.

• Strengthened leadership with new CEO and board appointments.

Financial highlights

• Reported a net loss of $24.7 million for the quarter ended December 31, 2024, mainly due to a $19.7 million impairment of California assets.

• Cash and working capital of $31.2 million and $27.5 million, respectively, as of December 31, 2024.

• No term or revolving debt obligations as of December 31, 2024.

• Reduced G&A expenses to $2.7 million from $6.8 million quarter-over-quarter, resulting in a $6 million reduction in burn rate.

Outlook and guidance

• FEED and DFS studies for Southwest Arkansas targeted for completion by mid-2025, with royalty rate assumptions to be finalized with Arkansas regulators.

• East Texas maiden inferred resource report expected in Q3 2025; focus remains on advancing both Southwest Arkansas and East Texas projects.

• Preliminary offtake and financing discussions underway, targeting final investment decision.

• Anticipates beginning to make capital contributions to projects as Equinor's sole-funding commitments are expected to be exhausted in the next quarter.