Tearsheet

Standard Lithium (SLI)

Market Price (12/17/2025): $4.8 | Market Cap: $979.3 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Standard Lithium (SLI)

Market Price (12/17/2025): $4.8
Market Cap: $979.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.	Weak multi-year price returns 3Y Excs Rtn is -42%	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1			Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -20 Mil
2			Stock price has recently run up significantly 6M Rtn6 month market price return is 146%, 12M Rtn12 month market price return is 223%
3			Short seller report
4			Key risks SLI key risks include [1] project execution delays and substantial funding requirements as a pre-revenue company, Show more.

0	Megatrend and thematic drivers Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.
1	Weak multi-year price returns 3Y Excs Rtn is -42%
2	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -20 Mil
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 146%, 12M Rtn12 month market price return is 223%
5	Short seller report
6	Key risks SLI key risks include [1] project execution delays and substantial funding requirements as a pre-revenue company, Show more.

Valuation, Metrics & Events

	12/17/25	2024	2023	2022
Share Price CYE	$4.80	$1.46	$2.02	$2.95
Market Cap CYE ($ Mil)	979.3	268.9	349.7	491.3
Total Debt ($ Mil)	0.4	0.5	0.7	0.9
Total Cash ($ Mil)	32.1	31.2	38.7	45.0
Enterprise Value ($ Mil)	947.7	269.4	350.4	492.2
Valuation Ratios
P/S TTM	0.0	0.0	0.0	0.0
P/EBIT TTM
P/E TTM	-40.3	-9.2	3.4	-15.7
Sector Ratios
P/S TTM (Sector)	1.7	1.3	1.4	1.2
P/EBIT TTM (Sector)	9.0	8.4	7.9	6.1
P/E TTM (Sector)	-0.2	6.1	7.1	4.8

	12/17/25	2024
Share Price CYE	$4.80	$1.46
Market Cap CYE ($ Mil)	979.3	268.9
Total Debt ($ Mil)	0.4	0.5
Total Cash ($ Mil)	32.1	31.2
Enterprise Value ($ Mil)	947.7	269.4
Valuation Ratios
P/S TTM	0.0	0.0
P/EBIT TTM
P/E TTM	-40.3	-9.2
Sector Ratios
P/S TTM (Sector)	1.7	1.3
P/EBIT TTM (Sector)	9.0	8.4
P/E TTM (Sector)	-0.2	6.1

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AI Generated Analysis | Feedback

Metric	Value	Date	Source
Lithium Recovery Efficiency	95.4%	11122024	Link
Operational Cycles Completed (Li-pro LSS technology)	Nearly 10,000	11122024	Link
Total Granted U.S. Patents	9	11082025	Link
Total Brine Processed at Demonstration Plant	over 15 million gallons	11232023	Link
Projected Annual Production Capacity (South West Arkansas Project)	22,500 tonnes of battery-quality lithium carbonate	10272025	Link
Total Measured and Indicated Resource (South West Arkansas Project)	1,177,000 tonnes lithium carbonate equivalent	11082025	Link
Proven Reserves (South West Arkansas Project)	447,000 tonnes lithium carbonate equivalent	11082025	Link
Average Lithium Concentration (South West Arkansas Project)	481 mg/L	10272025	Link
Total Inferred Lithium Resource (Franklin Project, East Texas)	2.16 million tonnes of lithium carbonate equivalent	11062025	Link
Average Lithium Concentration (Franklin Project, East Texas)	668 mg/L	11062025	Link
Number of Employees	32	11082025	Link

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SLI Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. Over $1 Billion in Financing Interest for South West Arkansas Project: Standard Lithium's joint venture with Equinor, Smackover Lithium, attracted significant financing interest exceeding $1 billion from three export credit agencies, including the Export-Import Bank of the U.S. and Export Finance Norway, for its South West Arkansas project. This development, announced in December 2025, indicated strong market confidence and provided crucial funding for the project's first phase, leading to an immediate stock increase.

2. Completion of Definitive Feasibility Study and Maiden Resource Report: In September 2025, Standard Lithium completed a Definitive Feasibility Study (DFS) for its South West Arkansas project and released a maiden inferred resource report for its Franklin project in East Texas. These studies provided critical technical and economic validation of the company's lithium assets, reinforcing their potential value and contributing to investor optimism.

3. Speculation of U.S. Government Investment in Critical Minerals: In October 2025, Standard Lithium's stock saw a significant rise following news of the U.S. government taking equity stakes in other critical mineral companies. This led to hopes among investors that Standard Lithium could be a recipient of similar government investment to bolster the domestic supply of critical minerals.

4. Successful $130 Million Public Offering: In October 2025, Standard Lithium successfully completed a public offering, raising $130 million in gross proceeds by issuing 29,885,057 common shares. This capital infusion was earmarked for funding capital expenditures at its South West Arkansas and Franklin projects, demonstrating the company's ability to secure financing for its ongoing development.

5. Positive Market Reaction to Q2 and Q3 2025 Earnings Reports: Despite reporting net losses in both its Q2 2025 (reported August 2025) and Q3 2025 (reported November 2025) earnings, Standard Lithium's stock experienced positive reactions. The market reacted favorably to the company's strategic focus on lithium carbonate production, receipt of a $225 million Department of Energy grant, and overall progress in advancing its projects, reflecting investor confidence in its long-term prospects.

Show less

Stock Movement Drivers

Fundamental Drivers

The 59.2% change in SLI stock from 9/16/2025 to 12/16/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	9162025	12162025	Change
Stock Price ($)	2.94	4.68	59.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	196.60	204.02	-3.77%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

9/16/2025 to 12/16/2025

	Return	Correlation
SLI	59.2%
Market (SPY)	2.9%	13.1%
Sector (XLB)	-0.3%	-3.3%

Fundamental Drivers

The 146.3% change in SLI stock from 6/17/2025 to 12/16/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	6172025	12162025	Change
Stock Price ($)	1.90	4.68	146.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	192.57	204.02	-5.95%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

6/17/2025 to 12/16/2025

	Return	Correlation
SLI	146.3%
Market (SPY)	13.9%	16.1%
Sector (XLB)	4.2%	11.3%

Fundamental Drivers

The 222.8% change in SLI stock from 12/16/2024 to 12/16/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	12162024	12162025	Change
Stock Price ($)	1.45	4.68	222.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	184.21	204.02	-10.76%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/16/2024 to 12/16/2025

	Return	Correlation
SLI	222.8%
Market (SPY)	12.9%	26.5%
Sector (XLB)	3.8%	25.3%

Fundamental Drivers

The 34.1% change in SLI stock from 12/17/2022 to 12/16/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	12172022	12162025	Change
Stock Price ($)	3.49	4.68	34.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
P/S Multiple	∞	∞	�
Shares Outstanding (Mil)	166.47	204.02	-22.55%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2023 to 12/16/2025

	Return	Correlation
SLI	136.4%
Market (SPY)	47.4%	24.1%
Sector (XLB)	9.9%	27.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SLI Return	-18%	1715%	-70%	-32%	-28%	228%	631%
Peers Return	136%	59%	-20%	-45%	-49%	61%	34%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
SLI Win Rate	17%	25%	25%	33%	42%	83%
Peers Win Rate	75%	56%	47%	31%	44%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
SLI Max Drawdown	-52%	0%	-70%	-40%	-48%	-24%
Peers Max Drawdown	-34%	-9%	-33%	-53%	-62%	-27%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ALB, LAC, CMP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/16/2025 (YTD)

How Low Can It Go

Unique Key	Event	SLI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-85.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	598.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-56.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	127.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	482 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-71.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	246.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	606 days	120 days

Compare to WRN, XPL, CRML, NEXM, TECK

In The Past

Standard Lithium's stock fell -85.7% during the 2022 Inflation Shock from a high on 10/27/2021. A -85.7% loss requires a 598.9% gain to breakeven.

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About Standard Lithium (SLI)

N/A

AI Generated Analysis | Feedback

The Tesla of lithium extraction, aiming to produce the critical battery metal more efficiently and sustainably.

A developing Albemarle, but specializing in direct lithium extraction (DLE) technology to unlock lithium from brines.

AI Generated Analysis | Feedback

Battery-grade Lithium Carbonate: A refined lithium compound used as a critical raw material in the production of lithium-ion batteries for electric vehicles and energy storage.
Battery-grade Lithium Hydroxide: A high-purity lithium compound essential for manufacturing advanced lithium-ion battery cathodes, particularly for high-performance electric vehicles.

AI Generated Analysis | Feedback

Standard Lithium (SLI) is a lithium development company focused on extracting lithium from brine resources. As such, it is not yet in large-scale commercial production and therefore does not have traditional "major customers" actively purchasing significant volumes of lithium product at this time. However, once in commercial production, Standard Lithium will primarily sell to other companies (B2B). Its major prospective customers and strategic partners would typically be: 1. **LANXESS AG** * **Description:** LANXESS is a specialty chemicals company and Standard Lithium's joint venture partner in the flagship South Arkansas Project. As a partner in developing the project, LANXESS is strategically positioned as a key potential offtaker or facilitator of sales for the lithium carbonate produced from this project. * **Symbol:** LXS.DE (Frankfurt Stock Exchange), LNXSY (OTC Markets - U.S.) 2. **Koch Industries (via Koch Strategic Platforms - KSP)** * **Description:** Koch Strategic Platforms (KSP), a subsidiary of the diverse industrial conglomerate Koch Industries, made a significant strategic investment in Standard Lithium. Koch Industries has a wide array of businesses, some of which could become direct or indirect customers for lithium products, or facilitate distribution, once Standard Lithium reaches commercial production. * **Symbol:** Koch Industries is a privately held company and does not have a public stock symbol.

AI Generated Analysis | Feedback

Lanxess AG (Symbol: LXS)
Koch Technology Solutions (subsidiary of private Koch Industries)
Veolia Water Technologies & Solutions (subsidiary of Veolia Environnement S.A., Symbol: VEO)
Fluor Corporation (Symbol: FLR)

AI Generated Analysis | Feedback

David Park, Chief Executive Officer

David Park was appointed CEO and Director of Standard Lithium in September 2024. He brings over 28 years of experience in the energy and industrial sectors. Prior to joining Standard Lithium, Mr. Park served as President of Koch Strategic Platforms, an investment arm of Koch Industries, which invested $100 million in Standard Lithium's South Arkansas project. He also held roles as Senior Vice President of Strategy and Business Development at Georgia-Pacific, LLC (a Koch Industries subsidiary) where he was responsible for new platform acquisitions, and as President of TrueNorth Energy and CFO of Koch's Canadian exploration and production, pipeline, and energy trading business. Early in his career, he worked as an International Business Development Specialist at Atomic Energy of Canada Ltd. Mr. Park played a significant role in securing the investment from Equinor for Standard Lithium's projects.

Salah Gamoudi, Chief Financial Officer

Salah Gamoudi was appointed Chief Financial Officer of Standard Lithium in October 2023. He most recently served as Executive Vice President and CFO of SandRidge Energy, Inc. from 2020 to 2023, during which time the company experienced a significant increase in value. Prior to SandRidge, Mr. Gamoudi held several senior executive roles at public natural resource exploration and production companies, assisting with turnarounds, restructurings, and an IPO. His experience also includes serving as Chief Accounting Officer for Jones Energy, Inc. and Remora Petroleum, LP, and as Controller for Glacier Oil & Gas Corp. and Miller Energy Resources. He began his career in various audit, accounting, risk management, and financial roles with LRR Energy, LP, Deloitte, and Ernst & Young.

Dr. Andy Robinson, President, COO & Director

Dr. Andy Robinson co-founded Standard Lithium in 2017 and has served as its President and Chief Operating Officer since April 2017. He is an experienced geoscientist with over 20 years of experience in the resource, power, and energy sectors across Europe, Africa, and North and South America. Dr. Robinson holds a Ph.D. in Geochemistry from the University of Bristol, UK. Before joining Standard Lithium, he was the Chief Operating Officer and a board member for Pure Energy Minerals, where he led the first Inferred Resource assessment for a North American lithium brine deposit and was instrumental in developing innovative exploration and processing techniques for lithium brine resources. He is recognized as a pioneer in lithium extraction and purification technology.

Michael Barman, Chief Development Officer

Michael Barman was appointed Chief Development Officer effective October 8, 2023. He brings nearly 20 years of experience advising senior executives and their boards, with a focus on the energy transition sector. Most recently, he was a Managing Director in Investment Banking at Stifel Nicolaus Canada Inc. (formerly GMP Securities L.P.). At Stifel, Mr. Barman advised on over 30 mergers, acquisitions, and other corporate transactions totaling more than $22 billion and led or co-led over 80 public and private financings, raising over $10 billion in equity and debt capital. He holds a Master of Financial Economics from the Rotman School of Management and the Department of Economics at the University of Toronto.

Daniel Rosen, Vice President of Strategy & Investor Relations

Daniel Rosen joined Standard Lithium in June 2025 as Vice President of Strategy and Investor Relations. He has over 13 years of experience in corporate strategy, finance, and capital markets. His previous roles include positions in Corporate Strategy, Mergers & Acquisitions, and Investor Relations for Rio Tinto, Arcadium Lithium, and Livent. Earlier in his career, he spent more than six years in the Investment Banking division at Barclays.

AI Generated Analysis | Feedback

Key Risks to Standard Lithium (SLI)

Project Execution, Production Delays, and Funding Requirements: As a pre-revenue development-stage company, Standard Lithium faces significant risks related to the successful execution and timely completion of its large-scale lithium extraction projects. Delays and cost overruns in construction could necessitate substantial additional capital raises, leading to further dilution of existing shareholders.
Lithium Price Volatility: The company is exposed to the inherent volatility of lithium commodity prices. A sustained period of low lithium prices could negatively impact the economic viability of its projects, making it more challenging to secure financing and potentially delaying or hindering commercialization.
Technology Scale-Up and Operational Risks: Standard Lithium's business model relies on its proprietary Direct Lithium Extraction (DLE) technology. While a demonstration plant has been operational, scaling this technology to full commercial production introduces inherent operational and technical challenges and uncertainties.

AI Generated Analysis | Feedback

The clear emerging threat to Standard Lithium is the entry of major, well-capitalized energy companies, such as ExxonMobil, into the Direct Lithium Extraction (DLE) market, particularly in Standard Lithium's key operating regions.

ExxonMobil, for instance, has publicly announced its intention to become a leading lithium producer by 2030, leveraging DLE technology in the Smackover formation in Arkansas. This is the same geological formation where Standard Lithium has its flagship projects (Lanxess collaboration and the South West Arkansas project). ExxonMobil brings immense financial resources, extensive experience in large-scale industrial project development, chemical processing, and established global supply chain expertise. Their aggressive entry into the DLE space in a key region for Standard Lithium represents a direct and formidable competitive threat, potentially leading to increased competition for resources, talent, and market share, and possibly accelerating the drive down of production costs by a larger, more integrated player.

AI Generated Analysis | Feedback

Standard Lithium (SLI) primarily focuses on the production of battery-grade lithium carbonate and lithium hydroxide, utilizing Direct Lithium Extraction (DLE) technology for its projects. The company is also involved in the development of lithium sulfide for next-generation solid-state batteries.

Addressable Market Sizes:

Global Lithium Market (for lithium carbonate and lithium hydroxide): The global lithium market was estimated at USD 28.08 billion in 2024 and is projected to reach USD 74.81 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 18.2% from 2025 to 2030. Another estimate valued the global lithium market at USD 37.43 billion in 2024, with a projection to reach USD 164.77 billion by 2033, demonstrating a CAGR of 17.9% during the forecast period (2025-2033).
North America Lithium Market (for lithium carbonate and lithium hydroxide): The North America lithium market generated a revenue of USD 4,134.1 million in 2023 and is expected to grow at a CAGR of 9.4% from 2024 to 2030, reaching an estimated US$ 7,729.8 million by 2030. North America accounted for 13.0% of the global lithium market in 2023.
North America Lithium-ion Battery Market (as an end-market for Standard Lithium's products): The North America lithium-ion battery market was estimated at USD 14.8 billion in 2023 and is projected to grow at a CAGR of 20.9% from 2024 to 2030, reaching USD 51.43 billion by 2030. Another report valued the North America Lithium-ion Battery Market at 385.19 USD billion in 2024, with a projection to reach 1,493.15 USD billion by 2032 at a CAGR of 24.50% from 2025 to 2032.
Global Direct Lithium Extraction (DLE) Technology Services Market: The global Direct Lithium Extraction (DLE) technology services market was valued at approximately $500 million in 2022 and is projected to reach $2 billion by 2028, exhibiting a CAGR of more than 30%. Assuming a consistent CAGR of approximately 40%, the market size could reach approximately $15 billion by 2033. DLE supply is expected to increase to 526 kilometric tons (kt) of Lithium Carbonate Equivalent (LCE) by 2030 from 140 kt LCE in 2024.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Standard Lithium (SLI) over the next 2-3 years:

Commencement of Commercial Production from the Southwest Arkansas (SWA) Project: Standard Lithium's flagship Southwest Arkansas (SWA) Project is anticipated to be a primary driver of future revenue. The company has completed a Definitive Feasibility Study (DFS) for the project, indicating its readiness for a Final Investment Decision (FID) by the end of 2025. Construction is expected to begin in 2026, with commercial production of 22,500 tonnes per annum of battery-quality lithium carbonate targeted for 2028. This project has also secured a significant $225 million grant from the U.S. Department of Energy, underscoring its strategic importance and providing substantial financial support for its development.
Initiation of Commercial Production from the Phase 1A Project with LANXESS: The Phase 1A project, a brownfield development in southern Arkansas in partnership with LANXESS Corporation, is expected to contribute to early revenue generation. This project is slated for early production in 2026 and is forecast to have an average annual production capacity of 5,400 tonnes of lithium carbonate.
Advancement and Future Commercialization of the Franklin Project in East Texas: The Franklin Project in East Texas represents a significant long-term growth opportunity. A maiden inferred resource report has been released for this project, highlighting substantial lithium and potash reserves. The project is noted for boasting some of the highest lithium-in-brine grades in North America, which could translate to favorable production economics and contribute to revenue growth in the future as it moves toward commercialization.
Increasing Global Demand and Favorable Pricing for Lithium Products: The broader market dynamics of increasing global demand for lithium are expected to significantly bolster Standard Lithium's revenue prospects. The company is strategically positioned to capitalize on the surging demand for lithium, which is primarily driven by the rapid growth of the electric vehicle (EV) industry and the expanding need for battery storage solutions. The lithium industry is projected to expand by 12.8% per annum until 2030, and optimistic analyst forecasts for lithium prices suggest a strong pricing environment for battery-grade lithium products, which would directly enhance revenues from Standard Lithium's production.

AI Generated Analysis | Feedback

Share Issuance

Standard Lithium's issuance of common stock averaged $42.97 million for fiscal years ending June 2020 to 2024.
The company's issuance of common stock peaked in June 2022 at $132.3 million.
In October 2025, Standard Lithium priced a $130 million public offering of 29.89 million common shares at $4.35 per share, with an over-allotment option for up to an additional 4.48 million shares.

Inbound Investments

Standard Lithium has secured investments from strategic partners Equinor and Koch Industries, providing technical, operational, strategic, and financial capabilities.
The company received a $225 million grant from the U.S. Department of Energy (DOE) to support the construction of Phase 1 of its South West Arkansas (SWA) Project.
Standard Lithium is in discussions to secure approximately $1 billion in project debt financing for its projects.

Capital Expenditures

Capital expenditures for Standard Lithium were $1.67 million in the last 12 months.
The Definitive Feasibility Study (DFS) for the South West Arkansas (SWA) Project, completed in Q3 2025, estimates an all-in Class III capital expenditure of $1.45 billion, which includes a 12.3% contingency.
Proceeds from the $130 million public offering in October 2025 are designated to fund capital expenditures for the South West Arkansas Project and the Franklin Project in East Texas.

Better Bets than Standard Lithium (SLI)

	SLI	Better Performance than SLI
Metric	Value	INDUSTRY: Diversified Metals & Mining
Total Yield	-2.5%	TECK (7.0%), MTRN (1.0%), TII (0.8%), MP (-1.0%), VZLA (-1.0%)

	SLI	Better Performance than SLI
Metric	Value	SECTOR: Materials
Total Yield	-2.5%	NEM (9.0%), SCCO (6.1%), AEM (4.9%), CRH (4.6%), LIN (4.2%)

	SLI	Better Performance than SLI
Metric	Value	ALL OTHER SECTORS
Total Yield	-2.5%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.2%)

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Latest Trefis Analyses

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Trade Ideas

Select past ideas related to SLI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.5%	5.5%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	42.2%	42.2%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	15.0%	15.0%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.5%	5.5%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	42.2%	42.2%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	15.0%	15.0%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	-2.5%

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RZLT	Rezolute	0.2	23.9%	-58.8%
GLUE	Monte Rosa Therapeutics	1.5	13.4%	168.9%
FRMI	Fermi	6.8	13.4%
ZBIO	Zenas BioPharma	1.5	13.2%	350.4%
WW	WW International	2.2	12.1%
AFRM	Affirm	25.6	11.8%	20.5%
SEZL	Sezzle	2.5	10.4%	71.3%
OLPX	Olaplex	1.0	10.0%	-17.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LWLG	Lightwave Logic	0.4	-20.4%	42.9%
ULCC	Frontier	1.2	-11.2%	-28.1%
PBF	PBF Energy	3.0	-11.0%	4.9%
EVMN	Evommune	0.5	-10.0%
VSTS	Vestis	0.9	-8.7%	-54.6%
AMKR	Amkor Technology	10.0	-8.3%	59.0%
XPRO	Expro	1.5	-8.2%	1.4%
NKTR	Nektar Therapeutics	0.7	-7.8%	252.4%
GSAT	Globalstar	8.1	-7.7%	105.2%
METCB	Ramaco Resources	0.6	-7.5%	33.4%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	14.8	72.3%	4.8%
PL	Planet Labs PBC	5.4	39.3%	342.6%
EVCM	EverCommerce	2.4	34.4%	21.7%
PLAB	Photronics	2.0	33.7%	45.8%
EEX	Emerald	1.0	33.4%	4.1%
OLMA	Olema Pharmaceuticals	2.9	29.0%	488.0%
IMNM	Immunome	2.1	23.2%	121.1%
NX	Quanex Building Products	0.7	19.1%	-31.8%
CRON	Cronos	1.2	17.5%	56.4%
IMVT	Immunovant	4.5	16.9%	7.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-79.5%	-58.8%
FRMI	Fermi	6.8	-39.7%
LENZ	LENZ Therapeutics	0.5	-36.9%	-42.2%
FBYD	Falcons Beyond Global	0.5	-35.8%	50.1%
LWLG	Lightwave Logic	0.4	-27.2%	42.9%
APLD	Applied Digital	6.2	-26.0%	217.3%
OMER	Omeros	0.5	-23.6%	-11.3%
CIFR	Cipher Mining	5.6	-23.4%	223.1%
CRWV	CoreWeave	33.8	-23.3%
WVE	WAVE Life Sciences	2.7	-23.0%	32.7%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.9	308.1%	488.0%
WVE	WAVE Life Sciences	2.7	131.8%	32.7%
ALMS	Alumis	0.9	106.5%	45.0%
TERN	Terns Pharmaceuticals	3.9	90.2%	674.7%
NUVB	Nuvation Bio	3.0	78.2%	225.6%
ANNX	Annexon	0.7	77.1%	-6.4%
CBLL	CeriBell	0.8	70.5%	-15.0%
VERA	Vera Therapeutics	3.1	70.4%	14.2%
SGML	Sigma Lithium	1.1	68.8%	-8.8%
SEMR	SEMrush	1.8	68.0%	-0.2%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-79.5%	-58.8%
JANX	Janux Therapeutics	0.9	-50.0%	-72.6%
FRMI	Fermi	6.8	-46.7%
AGIO	Agios Pharmaceuticals	1.5	-40.2%	-20.6%
LWLG	Lightwave Logic	0.4	-38.0%	42.9%
UP	Wheels Up Experience	0.5	-36.2%	-58.2%
LENZ	LENZ Therapeutics	0.5	-34.8%	-42.2%
GOGO	Gogo	0.6	-34.2%	-41.9%
IMSR	Terrestrial Energy	0.7	-32.8%
UAMY	United States Antimony	0.6	-32.5%	181.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
EEX	Emerald	1.0	39.8%	4.1%
TLRY	Tilray Brands	14.8	27.5%	4.8%
RZLT	Rezolute	0.2	23.9%	-58.8%
GLUE	Monte Rosa Therapeutics	1.5	13.4%	168.9%
FRMI	Fermi	6.8	13.4%
ZBIO	Zenas BioPharma	1.5	13.2%	350.4%
WW	WW International	2.2	12.1%
AFRM	Affirm	25.6	11.8%	20.5%
SEZL	Sezzle	2.5	10.4%	71.3%
OLPX	Olaplex	1.0	10.0%	-17.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LWLG	Lightwave Logic	0.4	-20.4%	42.9%
ULCC	Frontier	1.2	-11.2%	-28.1%
PBF	PBF Energy	3.0	-11.0%	4.9%
EVMN	Evommune	0.5	-10.0%
VSTS	Vestis	0.9	-8.7%	-54.6%
AMKR	Amkor Technology	10.0	-8.3%	59.0%
XPRO	Expro	1.5	-8.2%	1.4%
NKTR	Nektar Therapeutics	0.7	-7.8%	252.4%
GSAT	Globalstar	8.1	-7.7%	105.2%
METCB	Ramaco Resources	0.6	-7.5%	33.4%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	14.8	72.3%	4.8%
PL	Planet Labs PBC	5.4	39.3%	342.6%
EVCM	EverCommerce	2.4	34.4%	21.7%
PLAB	Photronics	2.0	33.7%	45.8%
EEX	Emerald	1.0	33.4%	4.1%
OLMA	Olema Pharmaceuticals	2.9	29.0%	488.0%
IMNM	Immunome	2.1	23.2%	121.1%
NX	Quanex Building Products	0.7	19.1%	-31.8%
CRON	Cronos	1.2	17.5%	56.4%
IMVT	Immunovant	4.5	16.9%	7.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-79.5%	-58.8%
FRMI	Fermi	6.8	-39.7%
LENZ	LENZ Therapeutics	0.5	-36.9%	-42.2%
FBYD	Falcons Beyond Global	0.5	-35.8%	50.1%
LWLG	Lightwave Logic	0.4	-27.2%	42.9%
APLD	Applied Digital	6.2	-26.0%	217.3%
OMER	Omeros	0.5	-23.6%	-11.3%
CIFR	Cipher Mining	5.6	-23.4%	223.1%
CRWV	CoreWeave	33.8	-23.3%
WVE	WAVE Life Sciences	2.7	-23.0%	32.7%

Peer Comparisons for Standard Lithium

Peers to compare with:

Financials

	SLI	ALB	LAC	CMP	Median
Name	Standard.	Albemarle	Lithium .	Compass .
Mkt Price	4.68	131.07	4.78	18.98	11.88
Mkt Cap	0.7	15.4	1.1	0.8	1.0
Rev LTM	0	4,946	0	1,244	622
Op Inc LTM	-20	19	-34	79	-0
FCF LTM	-20	121	-647	128	51
FCF 3Y Avg	-43	-281	-335	-7	-162
CFO LTM	-18	904	-55	198	90
CFO 3Y Avg	-18	1,291	-38	106	44

Growth & Margins

	SLI	ALB	LAC	CMP	Median
Name	Standard.	Albemarle	Lithium .	Compass .
Rev Chg LTM	-	-23.9%	-	11.3%	-6.3%
Rev Chg 3Y Avg	-	6.2%	-	0.3%	3.2%
Rev Chg Q	-	-3.5%	-	9.0%	2.7%
QoQ Delta Rev Chg LTM	-	-0.9%	-	1.5%	0.3%
Op Mgn LTM	-	0.4%	-	6.4%	3.4%
Op Mgn 3Y Avg	-	-1.3%	-	6.5%	2.6%
QoQ Delta Op Mgn LTM	-	5.0%	-	1.9%	3.4%
CFO/Rev LTM	-	18.3%	-	15.9%	17.1%
CFO/Rev 3Y Avg	-	17.1%	-	8.7%	12.9%
FCF/Rev LTM	-	2.4%	-	10.3%	6.4%
FCF/Rev 3Y Avg	-	-4.9%	-	-0.9%	-2.9%

Valuation

	SLI	ALB	LAC	CMP	Median
Name	Standard.	Albemarle	Lithium .	Compass .
Mkt Cap	0.7	15.4	1.1	0.8	1.0
P/S	-	1.9	-	0.6	1.3
P/EBIT	-	2,260.0	-5.6	-	1,127.2
P/E	-39.3	-451.0	-4.7	-10.1	-24.7
P/CFO	-39.2	10.6	-20.6	4.1	-8.3
Total Yield	-2.5%	1.8%	-21.2%	-9.9%	-6.2%
Dividend Yield	0.0%	2.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-3.1%	-28.9%	-	-16.0%
D/E	-	0.4	0.3	-	0.3
Net D/E	-	0.2	0.0	-	0.1

Returns

	SLI	ALB	LAC	CMP	Median
Name	Standard.	Albemarle	Lithium .	Compass .
1M Rtn	43.6%	14.2%	7.2%	6.7%	10.7%
3M Rtn	59.2%	62.4%	48.4%	4.3%	53.8%
6M Rtn	146.3%	121.4%	82.4%	-4.1%	101.9%
12M Rtn	222.8%	34.4%	47.5%	50.5%	49.0%
3Y Rtn	34.1%	-43.6%	-79.1%	-53.9%	-48.8%
1M Excs Rtn	42.6%	13.2%	6.2%	5.8%	9.7%
3M Excs Rtn	57.8%	61.0%	43.6%	2.8%	50.7%
6M Excs Rtn	132.7%	107.8%	68.8%	-17.8%	88.3%
12M Excs Rtn	187.6%	17.6%	31.6%	30.5%	31.1%
3Y Excs Rtn	-42.5%	-118.6%	-152.3%	-127.4%	-123.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	9/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020
Filing Date	11/10/2025	9/24/2024	9/22/2023	9/23/2022	10/22/2021	10/27/2020
Key Financials
Total Revenue	0	0	0	0	0	0
EBITDA	-18	-30	-31	-19	-11	-4
Operating Income	-20	-10	-37	-31	-21	-6
Net Income	-17	-30	-32	-30	-21	-7
EPS	-0.10	-0.16	-0.19	-0.19	-0.17	-0.08
Growth Rates
Total Revenue Growth	-	-	-	-	-	-
EBITDA Growth	-113.3%	-122.5%	-64.5%	-71.5%	-168.4%	36.6%
Operating Income Growth	44.9%	69.6%	-20.0%	-47.3%	-227.6%	0.9%
Net Income Growth	-116.6%	-127.9%	-7.2%	-44.1%	-194.1%	-6.7%
Margins
EBITDA Margin	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-
Cash & Debt
Total Cash	32	31	45	100	23	3
Total Debt	0	0	1	0	0	4
Net Debt / (Cash)	-32	-31	-44	-100	-23	1
Cash Flows
Net Cash from Operations	-18	-12	-19	-17	-7	-2
Free Cash from Operations	-20	-14	-59	-22	-16	-14
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

null

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021
Single Segment	131	143	60	42
Total	131	143	60	42

Price Behavior

Price Behavior

Market Price	$4.68
Market Cap ($ Bil)	0.9
First Trading Date	03/16/2018
Distance from 52W High	-13.2%
	50 Days	200 Days
DMA Price	$4.14	$2.62
DMA Trend	up	up
Distance from DMA	12.9%	78.3%
	3M	1YR
Volatility	99.9%	75.7%
Downside Capture	-142.22	18.92
Upside Capture	114.66	133.68
Correlation (SPY)	13.3%	26.5%

SLI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.35	1.31	1.02	1.15	0.99	1.35
Up Beta	3.31	3.93	4.32	3.03	1.15	0.94
Down Beta	7.16	1.60	2.06	1.75	1.21	1.32
Up Capture	225%	124%	70%	170%	117%	342%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	23	34	68	121	338
Down Capture	103%	-23%	-151%	-155%	40%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	18	27	54	120	383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SLI With Other Asset Classes (Last 1Y)
	SLI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	187.1%	1.3%	12.8%	57.8%	0.6%	-2.7%	-14.9%
Annualized Volatility	75.7%	20.2%	19.7%	19.3%	15.9%	17.7%	35.3%
Sharpe Ratio	1.71	-0.05	0.49	2.24	-0.15	-0.31	-0.22
Correlation With Other Assets		25.8%	26.5%	23.2%	17.8%	12.1%	25.9%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of SLI With Other Asset Classes (Last 5Y)
	SLI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	63.0%	6.7%	14.4%	17.7%	11.1%	4.6%	36.3%
Annualized Volatility	457.8%	18.9%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.53	0.26	0.68	0.92	0.48	0.16	0.63
Correlation With Other Assets		4.3%	5.4%	3.2%	5.0%	1.6%	3.0%

Based On 10-Year Data

		Comparison of SLI With Other Asset Classes (Last 10Y)
	SLI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.1%	9.6%	14.5%	14.4%	6.0%	5.3%	70.5%
Annualized Volatility	421.1%	20.8%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.46	0.42	0.69	0.81	0.27	0.22	0.91
Correlation With Other Assets		5.1%	5.8%	3.8%	5.5%	2.9%	3.4%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	4,580,790
Short Interest: % Change Since 11152025	-3.2%
Average Daily Volume	3,812,466
Days-to-Cover Short Interest	1.20
Basic Shares Quantity	204,019,502
Short % of Basic Shares	2.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11102025	6-K 9/30/2025
6302025	8082025	6-K 6/30/2025
3312025	5092025	6-K 3/31/2025
12312024	3242025	40-F 12/31/2024
9302024	11122024	6-K 9/30/2024
6302024	9242024	40-F 6/30/2024
3312024	5092024	6-K 3/31/2024
12312023	2082024	6-K 12/31/2023
9302023	11132023	6-K 9/30/2023
6302023	9222023	40-F 6/30/2023
3312023	5112023	6-K 3/31/2023
12312022	2092023	6-K 12/31/2022
9302022	11102022	6-K 9/30/2022
6302022	9232022	40-F 6/30/2022
3312022	5132022	6-K 3/31/2022
12312021	2142022	6-K 12/31/2021

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Standard Lithium (SLI)

Market Price (12/17/2025): $4.8 | Market Cap: $979.3 MilSector: Materials | Industry: Diversified Metals & Mining

Standard Lithium (SLI)

Market Price (12/17/2025): $4.8Market Cap: $979.3 MilSector: MaterialsIndustry: Diversified Metals & Mining

Valuation, Metrics & Events

SLI Stock

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Market Price (12/17/2025): $4.8 | Market Cap: $979.3 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Market Price (12/17/2025): $4.8
Market Cap: $979.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining