The Pilbara Minerals Ltd (ASX: PLS) share price has hit a 52-week low this week, with shares dipping to $1.96 this session before a brief recovery to their current levels.

Pilbara now fetches $1.97 per share, a far cry from the company's yearly high of $4.58 achieved in March last year.

The lithium miner has faced several headwinds in recent months, compounded by falling lithium prices and mixed H1 FY25 results.

Let's dive in and see.

Why is the Pilbara share price struggling?

The Pilbara Minerals share price has been on a one-way slope these past six months. In that time, the stock has dropped nearly 35%.

But the company also reported a 44% drop in revenue in its first half numbers, tallying $426 million for the period.

As reported by my colleague James, the company saw pre-tax earnings sink by 83% to $74 million, while its statutory loss widened to $69 million.

The sharp fall in earnings was primarily due to a 58% reduction in the average realised lithium price, which offset sales volumes, which were up by a third.

Management has since implemented several cost-saving measures, including "placing the higher‐cost, lower‐ capacity Ngungaju plant into temporary care and maintenance" in December. This may or may not impact the Pilbara Minerals share price.

What's next for Pilbara Minerals?

Lithium prices remain in a slump compared to recent history, and there are still plenty of hurdles to overcome before a recovery can take place.

According to Trading Economics, the global lithium battery market, used mainly in electric vehicles (EVs), "remains oversupplied". It adds:

EV sales in China picked up at the turn of the year as Beijing rolled new fiscal benefits for Chinese households to buy new energy vehicles, but the outlook that battery inventories for manufacturers will remain elevated limited the urgency for EV manufacturers to start new supply contracts.

This is due to lithium miners refraining from closing operations to retain market share and business relationships with governments and battery producers. 

Despite the weak operating climate, Pilbara management is still "highly optimistic" on the "long‐term outlook" for lithium prices.

The company is also pressing ahead with the Mid-Stream Demonstration Plant Project, a venture with Calix Ltd (ASX: CXL), supported by a $15 million grant from the Western Australian Government.

As separately reported by Foolish colleague James, Bell Potter has maintained a buy rating on the Pilbara share price, setting a price target of $3 apiece.

The broker acknowledged Pilbara Minerals' significant cash burn in the first half, largely due to weak lithium prices and major capital expenditure.

According to CommSec, Bell Potter is joined by eleven other brokers who rate the Pilbara Minerals share price a buy.

This includes eight hold ratings and one broker saying to sell the stock.

Foolish takeout

The Pilbara Minerals share price has hit a fresh 52-week low this week, but some brokers see this as a potential opportunity.

Zooming out, Pilbara shares are down more than 49% in the past year of trade.