The company continues to operate without revenue, with SG&A expenses reaching a peak of $22.0M in 2024Q4, highlighting the substantial overhead required to sustain pre-commercial operations.
Standard Lithium Ltd. (SLI) annual income statement — 26-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 121.95K | 121.95K | 493.54K | 1.04M | 550.19K | 580.46K | 580.46K | 613.8K | 603.49K | 312.25K | 312.25K | 12.7K | 12.7K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 0% | -75.29% | -52.46% | 88.7% | -5.22% | 0% | -5.43% | 1.71% | 93.27% | 0% | 2358.05% | - | - |
| Cost of Goods Sold | 0 | 1.15M | 16.04M | 11.78M | 5.1M | 5.1M | 149.26K | 57.06K | 57.06K | 0 | 0 | 0 | 0 | 25.23K | 25.23K | 413.24K | 255.44K | 255.44K | 64.1K | 65.49K | 44.59K | 43.87K | 33.09K | 33.09K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 20.69% | 20.69% | 83.73% | 24.6% | 46.43% | 11.04% | 11.28% | 7.27% | 7.27% | 10.6% | 10.6% | - | - |
| Gross Profit | 0 | -1.15M | -16.04M | -11.78M | -5.1M | -5.1M | -149.26K | -57.06K | -57.06K | 0 | 0 | 0 | 0 | 96.72K | 96.72K | 80.3K | 782.76K | 782.76K | 486.09K | 514.98K | 569.21K | 559.62K | 279.15K | 279.15K | 12.7K | 12.7K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | 79.31% | 79.31% | 16.27% | 75.4% | 142.27% | 83.74% | 88.72% | 92.73% | 92.73% | 89.4% | 89.4% | 100% | 100% |
| Gross Profit Growth % | 100% | 92.84% | -36.17% | -131.16% | 0% | -3313.65% | -161.58% | 0% | - | - | - | - | -100% | 0% | 20.45% | -89.74% | 0% | 61.03% | -5.61% | -9.53% | 1.71% | 100.47% | 0% | 2097.53% | - | - |
| Operating Expenses | -27.39M | 21.09M | 29.25M | 26.64M | 20.17M | 20.17M | 8.36M | 11.99M | 11.99M | 73.71K | 260.5K | 260.5K | 181.75K | 386.11K | 726.26K | 268.22K | 366.55K | 366.55K | 380.05K | 260.46K | 207.01K | 242.2K | 133.6K | 133.6K | 156.25K | 156.25K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 316.61% | 595.53% | 54.35% | 35.31% | 66.62% | 65.47% | 44.87% | 33.73% | 40.13% | 42.79% | 42.79% | 1230.04% | 1230.04% |
| Selling, General & Admin | 22.84M | 21.09M | 31.03M | 8.34M | 6.09M | 9.1M | 5.03M | 7.92M | 11.17M | 64.44K | 248.45K | 248.45K | 193.84K | 276.38K | 628.24K | 229.31K | 268.22K | 366.55K | 333.38K | 147.54K | 135.81K | 119.67K | 69.39K | 132.61K | 156.25K | 156.25K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 226.63% | 515.15% | 46.46% | 25.84% | 66.62% | 57.43% | 25.42% | 22.13% | 19.83% | 22.22% | 42.47% | 1230.04% | 1230.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 2.81K | 4.25K | 250.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -50.23M | 0 | -1.78M | 18.3M | 14.08M | 11.07M | 3.33M | 4.06M | 573K | 9.27K | 12.05K | 12.05K | 0 | 109.74K | 98.02K | 38.92K | 98.33K | 0 | 46.67K | 112.92K | 71.2K | 122.53K | 64.2K | 988 | 0 | 0 |
| Operating Income | 27.39M | -22.24M | -45.29M | -38.42M | -25.26M | -25.26M | -8.51M | -12.05M | -12.05M | -73.71K | -260.5K | -260.5K | -193.84K | -629.53K | -629.53K | -279.32K | 364.03K | 106.04K | 254.52K | 254.52K | 194.9K | -103.44K | 145.56K | -143.55K | -143.55K | -143.55K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -516.22% | -516.22% | -56.6% | 35.06% | 19.27% | 43.85% | 43.85% | 31.75% | -17.14% | 46.62% | -45.97% | -1130.04% | -1130.04% |
| Operating Income Growth % | 223.14% | 50.89% | -17.89% | -52.08% | 0% | -196.75% | 29.36% | 0% | -16248.84% | 71.71% | 0% | -34.39% | 69.21% | 0% | -125.38% | -176.73% | 243.3% | -58.34% | 0% | 30.59% | 288.42% | -171.07% | 201.4% | 0% | - | - |
| EBITDA | 28.31M | -21.09M | -43.78M | -37.81M | -11.76M | -13.35M | -4.84M | -3.64M | -3.61M | 254.31K | -12.05K | -12.05K | -193.16K | -628.85K | -620.42K | -44.76K | 425.83K | 152.71K | 301.19K | 367.43K | 266.1K | 19.09K | 384.88K | -142.56K | -143.55K | -143.55K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -515.66% | -508.74% | -9.07% | 41.02% | 27.76% | 51.89% | 63.3% | 43.35% | 3.16% | 123.26% | -45.66% | -1130.04% | -1130.04% |
| EBITDA Growth % | 234.21% | 51.81% | -15.78% | -221.51% | 11.9% | -175.57% | -32.98% | -0.92% | -1519.32% | 2209.93% | 0% | 93.76% | 69.28% | -1.36% | -1286.04% | -110.51% | 178.86% | -49.3% | -18.03% | 38.08% | 1294.2% | -95.04% | 369.97% | 0.69% | - | - |
| D&A (Non-Cash Add-back) | 922K | 1.15M | 1.51M | 606.16K | 13.5M | 11.91M | 3.67M | 8.41M | 8.44M | 328.02K | 248.45K | 248.45K | 681 | 681 | 9.12K | 234.56K | 61.8K | 46.67K | 46.67K | 112.92K | 71.2K | 122.53K | 239.32K | 988 | 0 | 0 |
| EBIT | -51.45M | -56.66M | -48.74M | -39.32M | -25.96M | -25.96M | -8.41M | -20.54M | -11.73M | -64.44K | -248.45K | -248.45K | -193.84K | -334.53K | -623.51K | -515.96K | 364.03K | 106.04K | 106.04K | 254.52K | 317.42K | 135.88K | 135.88K | 145.56K | -143.55K | -143.55K |
| Net Interest Income | 1.82M | 390.31K | 3.3M | 3.3M | 316.72K | -173.66K | -45.86K | -1.31K | -20.38K | -62.15K | -86.94K | -42.56K | 0 | 0 | -81.31K | -81.31K | -91.18K | 17.93K | 37.82K | 37.82K | 26.48K | 1.58K | 1.58K | 0 | 0 | 0 |
| Interest Income | 1.86M | 441.72K | 3.35M | 3.35M | 335.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.93K | 37.82K | 37.82K | 26.48K | 1.58K | 1.58K | 0 | 0 | 0 |
| Interest Expense | 33K | 51.41K | 45.97K | 46K | 18.83K | 173.66K | 45.86K | 1.31K | 20.38K | 62.15K | 86.94K | 42.56K | 44.83K | 107.41K | 81.31K | 81.31K | 91.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -78.88M | -35.81M | 3.3M | 317K | -173.66K | -173.66K | -66.33K | -8.44M | -8.44M | -62.31K | -87.97K | -87.97K | -32.74K | 7.19K | 7.19K | -328.29K | 158.31K | -58.68K | 47.57K | 47.57K | 36.39K | 0 | -145.56K | 0 | 143.55K | 143.55K |
| Pretax Income | -51.49M | -58.06M | -41.99M | -38.1M | -25.43M | -25.43M | -8.58M | -20.49M | -20.49M | -136.02K | -348.48K | -348.48K | -226.58K | -622.35K | -622.35K | -607.62K | 522.34K | 47.36K | 302.09K | 302.09K | 231.28K | 34.85K | 0 | 0 | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -510.32% | -510.32% | -123.11% | 50.31% | 8.61% | 52.04% | 52.04% | 37.68% | 5.77% | - | - | - | - |
| Income Tax | -3.09M | -1.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108.02K | 2.42K | 2.42K | -163.55K | 163.38K | 29.33K | 106.96K | 93.72K | 87.1K | -64.3K | -64.3K | 0 | 143.55K | 143.55K |
| Effective Tax Rate % | 6% | 3.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -47.67% | -0.39% | -0.39% | 26.92% | 31.28% | 61.93% | 35.41% | 31.02% | 37.66% | -184.5% | - | - | - | - |
| Net Income | -48.4M | -56.19M | -41.99M | -38.1M | -25.43M | -25.43M | -8.58M | -8.61M | -20.2M | -374.87K | -348.48K | -348.48K | -118.57K | -300.53K | -624.76K | 328.03K | -443.72K | 18.03K | 194.92K | 208.37K | 272.66K | 144.18K | 99.15K | 149.59K | -143.55K | -143.55K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -246.43% | -512.3% | 66.46% | -42.74% | 3.28% | 33.58% | 35.9% | 44.42% | 23.89% | 31.75% | 47.91% | -1130.04% | -1130.04% |
| Net Income Growth % | 13.86% | -33.82% | -10.21% | -49.8% | 0% | -196.48% | 0.38% | 57.37% | -5289.29% | -7.57% | 0% | -193.91% | 60.55% | 51.9% | -290.46% | 173.93% | -2561.16% | -90.75% | -6.45% | -23.58% | 89.11% | 45.42% | -33.72% | 204.21% | - | - |
| Net Income (Continuing) | -48.4M | -56.19M | -41.99M | -38.1M | -25.43M | -25.43M | -8.58M | -20.49M | -20.49M | -374.87K | -348.48K | -348.48K | 0 | -624.76K | -624.76K | 328.03K | 358.96K | 18.03K | 194.92K | 208.37K | 272.66K | 144.18K | 99.15K | 149.59K | -143.55K | -143.55K |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -0.23 | -0.30 | -0.25 | -0.24 | -0.14 | -0.21 | -0.11 | -0.11 | -0.38 | -0.05 | -0.06 | -0.16 | -0.05 | -0.16 | -0.44 | -0.30 | -0.32 | 0.30 | 0.01 | 0.15 | 0.20 | 0.10 | 0.10 | 0.15 | -0.22 | -0.22 |
| EPS Growth % | 23.33% | -20% | -4.17% | -71.43% | 33.33% | -90.91% | 0% | 71.05% | -627.97% | 13.29% | 62.38% | -251.65% | 71.56% | 63.64% | -46.67% | 6.25% | -206.67% | 2207.69% | -91.33% | -25% | 100% | 0% | -33.33% | 168.18% | - | - |
| EPS (Basic) | -0.23 | -0.30 | -0.25 | -0.24 | -0.14 | -0.21 | -0.11 | -0.11 | -0.38 | -0.05 | -0.06 | -0.16 | -0.05 | -0.16 | -0.44 | -0.30 | -0.32 | 0.30 | 0.01 | 0.15 | 0.20 | 0.10 | 0.10 | 0.15 | -0.22 | -0.22 |
| Diluted Shares Outstanding | 206.37M | 185.6M | 179.42M | 168.58M | 155.45M | 121.47M | 88.78M | 77.94M | 53.39M | 7.18M | 2.26M | 2.11M | 2.01M | 1.88M | 1.41M | 1.38M | 1.38M | 1.38M | 1.38M | 1.38M | 1.38M | 1.37M | 1.31M | 1.07M | 642.29K | 642.29K |
| Basic Shares Outstanding | 206.37M | 185.6M | 179.42M | 168.58M | 155.45M | 121.47M | 88.78M | 77.94M | 53.39M | 7.18M | 2.26M | 2.11M | 2.01M | 1.88M | 1.41M | 1.38M | 1.38M | 1.38M | 1.38M | 1.38M | 1.38M | 1.37M | 1.3M | 1.05M | 642.29K | 642.29K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SLI stock.
For fiscal year 2026, Standard Lithium Ltd. (SLI) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2001.
Standard Lithium Ltd. (SLI) reported a net loss of $48.4M for the fiscal year ending 2026.
Key Metrics
Top Statement Risk
Pre-revenue commercialization execution risk
Operating Expenses Outpacing Development Milestones
As indicated by the company's recent financial disclosures, SG&A expenses have fluctuated significantly, reaching a peak of $22.0M in 2024Q4, which highlights the substantial overhead required to sustain pre-commercial operations while the firm navigates the complex transition toward a final investment decision for its lithium projects.
The volatility in SG&A spending suggests that administrative and development costs are not yet optimized for a lean pre-revenue structure. Investors should monitor whether these expenditures are effectively accelerating project de-risking or if they represent structural bloat that could necessitate further dilutive capital raises.
Stock-Based Compensation Distorts Expense Profile
Based on the provided income statement data, stock-based compensation reached a notable $12.0M in 2024Q4, representing a significant non-cash expense that complicates the assessment of the company's true operational burn rate and management's alignment with long-term shareholder value creation during this critical development phase.
The reliance on equity-based incentives appears to be a primary mechanism for preserving cash, yet it creates a persistent drag on EPS that investors must adjust for when modeling future dilution. This practice warrants further investigation into the vesting schedules and performance hurdles associated with these grants to ensure they are tied to tangible project milestones.
Operating Leverage Remains Entirely Theoretical
According to the reported financial statements, the company has yet to generate operational revenue, resulting in a persistent negative operating margin that underscores the speculative nature of its current business model as it attempts to scale proprietary direct lithium extraction technology toward commercial viability.
Without a revenue stream, traditional operating leverage metrics are currently inapplicable, leaving the firm entirely dependent on external financing to cover its fixed cost base. The absence of a clear path to positive operating income suggests that the company remains in a high-risk phase where operational efficiency is secondary to technical validation.
Scaling Risks Threaten Future Viability
As evidenced by the historical income statement, the company's inability to transition from pilot-scale testing to commercial production leaves it vulnerable to competitive pressure from better-capitalized energy majors, potentially rendering its current cost structure and development timeline unsustainable in a volatile lithium price environment.
Short-sellers may focus on the widening gap between pilot-scale success and the massive capital expenditure required for full-scale commercialization. The reliance on third-party infrastructure, while a potential moat, also introduces a dependency risk that could lead to margin compression if operational costs at the Smackover site exceed initial feasibility projections.