Standard Lithium (SLI) Q3 2026 earnings summary

Executive summary

• Q3 milestones included completing South West Arkansas (SWA) customer offtake, advancing project financing, and filing a positive Franklin PEA; SWA FID is targeted by the end of Q1 2027, followed by construction.

• Franklin’s PEA outlines up to 70,000 tonnes/year of battery-quality lithium carbonate and supports a Texas portfolio target exceeding 100,000 tonnes/year.

Financial highlights

• Q3 2026 net loss was $36.7 million versus $6.1 million in Q3 2025; the quarter included a $41.0 million fair-value loss on FID milestone assets.

• 9M 2026 net loss was $42.5 million versus $12.7 million in 9M 2025; the 9M FID-asset fair-value loss was $41.7 million.

• Q3 operating loss was $6.2 million versus $6.0 million; 9M operating loss was $13.1 million versus $17.8 million. Revenue remained zero.

• Cash was $118.1 million and working capital was $114.4 million at September 30, 2026; no term or revolving debt obligations.

• 9M cash used in operating activities was $46.5 million and in investing activities was $46.6 million; financing activities provided $23.0 million.

Outlook and guidance

• SWA FID is targeted by the end of Q1 2027, with construction expected to begin shortly afterward and take two to three years.

• Management no longer expects SWA FID before the January 1, 2027 deadline for Equinor’s $40.0 million contingent payment; Texas Lithium’s FID timing assessment also weakened against its January 1, 2029 milestone.

• SWA targets over $1.2 billion in senior secured project debt, above the initial expectation of up to $1.1 billion; reserve-facility requirements and financing approvals remain in process.

• Franklin’s PEA recommends a Preliminary Feasibility Study; cash on hand and alternative financing are expected to support at least 12 months of budgeted operations, with further capital needed for development.