Standard Lithium (SLI) Q2 2025 earnings summary

Executive summary

• Achieved key milestones in lithium project development, including completion of all fieldwork for SWA Phase I and unanimous approval of the Reynolds Unit by the Arkansas Oil and Gas Commission.

• SWA project selected as the only direct lithium extraction project under Executive Order 14241, receiving a $225 million DOE grant and streamlined permitting.

• Advanced offtake and project financing discussions, targeting a final investment decision (FID) by year-end 2025, with DFS and maiden inferred resource report for East Texas expected in Q3.

• Strengthened management team with new VP hires in strategy, investor relations, and health, safety, social, and environment to support growth and execution.

Financial highlights

• Reported a net loss of $4 million for Q2 2025, compared to a net gain of $128.3 million in Q2 2024, which included a $164 million one-time gain from the sale of a 45% interest in SWA and East Texas projects.

• Ended the quarter with $33.8 million in cash and $30.6 million in working capital as of June 30, 2025.

• No term or revolving debt obligations as of June 30, 2025.

• G&A expenses declined by $4.5 million due to cost sharing and reduced advisory/legal fees.

• Share-based compensation expense increased by $1.3 million, reflecting enhanced incentive alignment.

Outlook and guidance

• Targeting FID for SWA by year-end 2025, with first production expected in 2028.

• Expecting to release a definitive feasibility study (DFS) for SWA and a maiden inferred resource report for East Texas before the end of the current quarter.

• Confident in being fully funded for commitments prior to FID at SWA, leveraging cash, Equinor's 45% capex funding, and prudent ATM use.

• Project finance and offtake discussions advancing in parallel, with both expected to conclude by Q4.