Free cash flow remains consistently negative, with quarterly outflows reaching $23.7M in 2024Q4, reflecting the intense capital requirements of the Smackover project.
Standard Lithium Ltd. (SLI) cash flow statement — 26-year operating, investing & financing cash flows
| Metric | Dec'25 | Dec'24 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'01 |
|---|
| Cash from Operations | -12.65M | -7.93M | -33.82M | -21.47M | -6.97M | -6.97M | -3.25M | -3.5M | -178.24K | -239.57K | -82.15K | -142.71K | -312.59K | -786.82K | 15.17K | -443.12K | 135.26K | 500.53K | 182.66K | 469.11K | 150.88K | 225.86K | 16.16K | -89.57K | -142.59K | -142.59K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -645.19% | 12.44% | -89.78% | 13.03% | 90.97% | 31.47% | 80.82% | 24.58% | 37.43% | 5.18% | -28.68% | -1122.49% | -1122.49% |
| Operating CF Growth % | -59.38% | 76.54% | -57.54% | -208.15% | 0% | -114.28% | 7.13% | -1863.91% | 25.6% | -191.62% | 42.43% | 54.35% | 60.27% | -5285.99% | 103.42% | -427.61% | -72.98% | 174.02% | -61.06% | 210.92% | -33.2% | 1297.32% | 118.05% | 37.19% | - | - |
| Net Income | -48.4M | -39.05M | 197.89M | -38.07M | -20.51M | -20.51M | -6.53M | -15.83M | -278.9K | -98.02K | -300.19K | -86K | -302.09K | -611.91K | 327.98K | -423.76K | 337.23K | 18.2K | 178.76K | 234.77K | 119.94K | 76.46K | 95.02K | -90.17K | -143.55K | -143.55K |
| Depreciation & Amortization | 922K | 1.15M | 1.51M | 606.16K | 13.5M | 11.91M | 3.67M | 8.41M | 8.44M | 328.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.13K | 96.87K | 61.3K | 101.92K | 184.55K | 628 | 0 | 0 | 0 |
| Stock-Based Compensation | 6.59M | 6.01K | 14.85M | 4.27M | 3.89M | 3.89M | 2.53M | 6.04M | 27.8K | 0 | 0 | 7.25K | 32.96K | 52.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -3.09M | -648.97K | 48.39M | 0 | 0 | 0 | 0 | 0 | -12.59K | 0 | 0 | 0 | 0 | 0 | 0 | -70.87K | 13.8K | -15.66K | -39.28K | 82.57K | 72.45K | -49.58K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 29.49M | 32.78M | -308.29M | 12.95M | -4.86M | -3.27M | -3.62M | -1.69M | -8.44M | -539.54K | 52.32K | -21.49K | 54.67K | 14.83K | -925.86K | 537.29K | -75.93K | 119.02K | 319 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | 1.84M | -2.17M | 11.84M | -1.22M | 1.01M | 1.01M | 699.46K | -422.74K | 81.11K | 69.96K | 165.71K | -42.47K | -98.13K | -242.12K | 613.05K | -485.78K | -139.85K | 331.83K | -54.02K | 90.47K | -143.44K | 14.44K | -79.48K | 602 | 959 | 959 |
| Change in Receivables | 0 | -281.81K | -1.51M | -995.26K | -76.2K | -76.2K | 11.44K | -39.05K | -1.53K | 396 | 90.73K | 9.6K | 52.58K | -16.11K | 263.04K | -180.63K | 31.41K | 262.1K | -176.69K | 56.85K | -141.79K | 12.3K | -85.03K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.32M | 0 | 9.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209.72K | 179.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -29.76M | -1.59M | -5.14M | -9.36M | -8.55M | -8.55M | -10.17M | -2.7M | -527.68K | -709.25K | 0 | 0 | 0 | 15.1K | 956.23K | -25.31K | -1.24M | -3.18K | -106.7K | -118.73K | 0 | 0 | -494.46K | 0 | 0 | 0 |
| Capital Expenditures | -22K | -1.47M | -60.6M | -6.25M | -8.55M | -8.55M | -9.71M | -2.63M | -125.9K | -170.47K | 0 | 0 | 0 | 0 | 0 | -39.74K | -1.19M | 0 | 0 | 0 | 0 | 0 | -494.46K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.05% | 114.97% | - | - | - | - | - | 158.36% | - | - | - |
| Acquisitions | -29.07M | 0 | 56.11M | -3.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -673K | 0 | -8.23K | 0 | 0 | 0 | -463.36K | -62.68K | -401.78K | 5.23K | 0 | 0 | 0 | 15.1K | 956.23K | 0 | 0 | -3.18K | -106.7K | -118.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 163.58M | 4.37M | 27.5M | 131.83M | 34.74M | 34.74M | 8.35M | 9.21M | 916.3K | 916.3K | 0 | 234.79K | 157.98K | 237.73K | -1.42M | 0 | 0 | 0 | 0 | 0 | 26.87K | 58.99K | 511.97K | 12.81K | 20.4K | 20.4K |
| Debt Issued (Net) | -317K | -643 | -879.09K | -108.92K | -146.21K | -146.21K | 4.62M | 0 | 372K | 372K | 0 | 234.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 173.9M | 4.54M | 30.67M | 132.15M | 34.89M | 34.89M | 8.26M | 9M | 544.3K | 544.3K | 0 | 0 | 157.98K | 237.73K | 0 | 0 | 0 | 0 | 0 | 0 | 26.87K | 58.99K | 511.97K | 12.81K | 20.4K | 20.4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.01M | -169.35K | -2.29M | -216.84K | -168.41K | 0 | -4.54M | 204.57K | 0 | 0 | 0 | 0 | 0 | 0 | -1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 121.14M | -9.24M | -11.8M | 101M | 19.23M | 19.23M | -5.08M | 3.01M | 210.38K | 282.77K | -79.58K | 90.84K | -158.2K | -533.98K | 624.36K | -487.34K | -1M | 342.12K | 75.96K | 350.39K | 177.75K | 284.86K | 33.67K | -76.75K | -122.19K | -122.19K |
| Free Cash Flow | -12.71M | -7.94M | -94.42M | -27.72M | -15.51M | -15.51M | -13.42M | -6.14M | -304.14K | -3.97K | -82.15K | -142.71K | -312.59K | -786.82K | 15.17K | -482.86K | -1.06M | 500.53K | 182.66K | 469.11K | 150.88K | 225.86K | -478.3K | -89.57K | -142.59K | -142.59K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -645.19% | 12.44% | -97.84% | -101.94% | 90.97% | 31.47% | 80.82% | 24.58% | 37.43% | -153.18% | -28.68% | -1122.49% | -1122.49% |
| FCF Growth % | -60.05% | 91.59% | -240.66% | -78.68% | 0% | -15.55% | -118.78% | -1917.29% | -7562.96% | 95.17% | 42.43% | 54.35% | 60.27% | -5285.99% | 103.14% | 54.37% | -311.44% | 174.02% | -61.06% | 210.92% | -33.2% | 147.22% | -434.01% | 37.19% | - | - |
| FCF per Share | -0.06 | -0.04 | -0.53 | -0.16 | -0.10 | -0.13 | -0.15 | -0.08 | -0.01 | -0.00 | -0.04 | -0.07 | -0.16 | -0.42 | 0.01 | -0.35 | -0.77 | 0.36 | 0.13 | 0.34 | 0.11 | 0.17 | -0.37 | -0.08 | -0.22 | -0.22 |
| FCF Conversion (FCF/Net Income) | 0.26x | 0.14x | 0.81x | 0.56x | 0.27x | 0.27x | 0.38x | 0.41x | 0.01x | 0.64x | 0.24x | 0.41x | 2.64x | 2.62x | -0.02x | -1.35x | -0.30x | 27.76x | 0.94x | 2.25x | 0.55x | 1.57x | 0.16x | -0.60x | 0.99x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 146.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.87K | 0 | 0 | 0 | 0 | 0 | 1.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SLI stock.
Standard Lithium Ltd. (SLI) generated $-12.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Standard Lithium Ltd. (SLI) reported negative free cash flow of $12.7M in 2026, indicating capital requirements exceeded cash from operations.
Standard Lithium Ltd. (SLI) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Pre-revenue commercialization execution risk
Persistent Disconnect Between Earnings and Cash
As reported in financial statements, the company exhibits a highly volatile OCF/NI ratio, peaking at 5.97 in 2025Q3, which suggests that net income figures are largely decoupled from the actual cash requirements of the firm's ongoing pre-commercial development and pilot-scale testing activities.
The significant variance between net losses and operating cash outflows indicates that non-cash items and working capital fluctuations are the primary drivers of the reported figures. Investors should monitor this divergence, as it implies that traditional earnings metrics provide little insight into the actual liquidity consumption required to sustain the company's current operational trajectory.
Negative Free Cash Flow Trajectory
Based on the company's reported figures, free cash flow remains consistently negative, with quarterly outflows reaching as high as $23.7M in 2024Q4, underscoring the substantial capital intensity required to advance the Smackover project toward a final investment decision without any offsetting operational revenue streams.
The persistent negative free cash flow highlights the company's reliance on external financing to fund its development-stage activities. This trend suggests that the firm's cash position will remain under pressure until it can successfully transition to a commercial production model, assuming market conditions remain favorable for lithium extraction.
Working Capital Volatility Masks Burn
According to recent SEC filings, working capital changes have fluctuated wildly, ranging from a $4.9M outflow in 2025Q3 to a $3.4M inflow in 2024Q4, which complicates the assessment of the company's underlying operational efficiency and its ability to manage short-term liquidity needs.
These erratic swings in working capital suggest that the company's cash management is highly sensitive to the timing of project-related payments and potential inventory build-ups. Such volatility warrants further investigation, as it may obscure the true underlying burn rate of the business during this critical pre-revenue phase.
SBC and Capitalization Obscure Reality
As evidenced by historical data, stock-based compensation reached $12.0M in 2024Q4, a significant non-cash adjustment that, when combined with capitalized development costs, may mask the true economic cost of the company's pilot-scale operations and the dilution risk inherent in its current capital structure.
The reliance on non-cash compensation and the capitalization of exploration assets suggests that the reported cash flow statement may not fully capture the total cost of talent retention and project development. Investors should be cautious, as these accounting treatments may artificially improve the appearance of the company's cash position while failing to reflect the long-term dilution of shareholder equity.