Standard Lithium (SLI) Q4 2025 earnings summary

Executive summary

• Achieved key milestones in Q4 2025, including a positive definitive feasibility study (DFS) for the SWA project and a maiden inferred resource for the Franklin Project in East Texas.

• SWA project DFS confirms cost competitiveness and initial production capacity of 22,500 tons/year of battery-quality lithium carbonate, with 447,000 tonnes proven reserves and average lithium concentration of 549 mg/L.

• Secured final regulatory approval for SWA from the Arkansas Oil and Gas Commission and advanced project financing, including strong interest from export credit agencies and commercial banks.

• Signed first binding commercial offtake agreement with Trafigura for 8,000 tons/year over 10 years, starting at commercial production.

• Engaged critical minerals and defense advisors to strengthen national security focus and federal stakeholder engagement.

Financial highlights

• Reported Q4 2025 net loss of $35.7 million, up from $24.7 million in Q4 2024, mainly due to one-time impairment and FX losses.

• Recognized a $26.5 million impairment expense related to the LANXESS Property project.

• G&A expenses rose to $2.9 million, and demonstration plant costs increased to $1.4 million, reflecting team expansion and process refinement.

• Ended Q4 with $152.3 million in cash and $147.6 million in working capital, boosted by a $130 million public offering.

• No term or revolving debt obligations as of December 31, 2025.

Outlook and guidance

• Targeting final investment decision (FID) and start of construction for SWA in 2026, with first commercial production expected in 2029.

• Expects to complete vendor contracting and environmental review for SWA Project in Q2 2026.

• Aims to contract over 80% of SWA's initial production under long-term offtake agreements before FID.

• Plans to release a preliminary feasibility study for the Franklin Project within 12 months and expand leasehold footprint.