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SDST

Stardust Power Inc.

SDST

Stardust Power Inc. • NASDAQ
$3.54 ▲ 3.06% (+0.10)
Market Cap $29.93 M
52w High $70.25
52w Low $1.43
Dividend Yield 0%
P/E -0.91
Volume 55.86K
Outstanding Shares 8.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $3.825M ▲ $-4.46M ▼ 0% $-0.53 ▲ $-4.393M ▼
Q2-2025 $0 $3.036M ▼ $-3.704M ▲ 0% $-0.59 ▲ $-3.646M ▼
Q1-2025 $0 $5.748M ▼ $-3.81M ▲ 0% $-0.719 ▲ $-3.503M ▼
Q4-2024 $0 $6.489M ▼ $-9.568M ▲ 0% $-2.1 ▲ $-1.947M ▲
Q3-2024 $0 $8.981M $-10.092M 0% $-2.2 $-10.083M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.585M ▼ $10.039M ▼ $15.159M ▼ $-5.12M ▼
Q2-2025 $3.183M ▲ $11.303M ▼ $15.191M ▼ $-3.887M ▲
Q1-2025 $1.588M ▲ $11.447M ▲ $24.282M ▼ $-12.835M ▲
Q4-2024 $912.574K ▼ $9.023M ▲ $28.409M ▲ $-19.386M ▼
Q3-2024 $1.587M $5.377M $18.682M $-13.305M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.46M ▼ $-2.058M ▼ $-784.564K ▲ $1.821M ▼ $-1.022M ▼ $-3.335M ▼
Q2-2025 $-3.704M ▲ $-1.615M ▲ $-1.257M ▼ $3.891M ▼ $1.019M ▲ $-2.95M ▲
Q1-2025 $-3.81M ▲ $-2.875M ▼ $-960.332K ▲ $4.511M ▲ $675.561K ▲ $-3.836M ▼
Q4-2024 $-9.568M ▼ $-1.206M ▲ $-3.512M ▲ $4.043M ▼ $-674.512K ▼ $-3.118M ▲
Q3-2024 $-9.552M $-7.846M $-43.94M $52.124M $1.587M $-7.857M

Five-Year Company Overview

Income Statement

Income Statement Stardust Power is still a pre‑revenue company. Over the past several years, it has not generated meaningful sales and recent results mainly reflect early operating and corporate costs rather than a mature business. The small net loss in the latest period signals that the company has begun spending more to advance its refinery project, but its income statement does not yet provide a real picture of long‑term profitability or margins. Any earnings or loss per share figures are driven more by early-stage accounting and financing effects than by ongoing business performance.

Balance Sheet

Balance Sheet The balance sheet is very light and looks like that of a start‑up rather than an operating industrial company. Reported assets are small, there is some debt, and shareholders’ equity has recently turned negative, which indicates accumulated losses and/or financing structures that weigh on book value. There is no meaningful cash position shown yet, which underscores that the company will need substantial external funding to build and ramp its refinery. Overall, the current balance sheet underlines how dependent the business is on future capital raises and project financing.

Cash Flow

Cash Flow Cash flows show a typical early‑stage pattern: money is going out to cover operating and development costs, while no cash is coming in from customers. Operating cash flow is negative, and there is not yet a visible wave of capital spending in the reported period, suggesting the main construction outlays are just beginning or are not fully reflected. This means the company is still in the cash burn phase and will rely on new financing arrangements rather than internal cash generation for the foreseeable future.

Competitive Edge

Competitive Edge Stardust Power is trying to position itself in a strategically important gap: domestic lithium refining for the U.S. electric vehicle battery supply chain. Its plan to be a large, centralized refiner with flexible feedstock sourcing, a central U.S. location, and strong ties to the emerging “battery belt” could provide a real edge if executed well. Government interest in onshoring critical minerals, plus state-level support, also works in its favor. However, it will compete against well‑capitalized global incumbents, must secure both reliable feedstock and long‑term customer contracts, and faces the usual risks around construction, permitting, and commodity price swings.

Innovation and R&D

Innovation and R&D The company’s innovation is focused on process design and sustainability rather than inventing an entirely new refining chemistry. It aims to use proven technologies combined with flexible brine handling, high water recycling, low emissions, and the potential sale of benign byproducts. Partnerships and exploratory agreements with universities and technology firms around advanced extraction and concentration methods add optionality for future efficiency gains. That said, these collaborations are still in development, and the real test will be whether the plant can deliver the promised environmental performance and cost profile at industrial scale.

Summary

Stardust Power is an early‑stage, pre‑revenue infrastructure play centered on building a large lithium refinery in Oklahoma to support the U.S. EV battery ecosystem. The financial statements show a company that has just begun to absorb operating costs, has a thin and currently weak balance sheet, and is using cash without generating it. On the strategic side, the story is more compelling: a first‑mover attempt in a critical midstream niche, with a sustainability angle, a flexible feedstock model, and potential policy tailwinds. The key uncertainties lie in execution—raising enough capital, building on time and on budget, locking in supply and offtake agreements, and operating reliably in a competitive, cyclical commodity environment. Until the plant is constructed and producing, the profile remains high‑potential but also high‑risk and heavily dependent on future milestones.

NEWS

November 13, 2025 · 5:00 PM UTC

Stardust Power Announces Q3 2025 Financial Results

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November 4, 2025 · 7:30 AM UTC

Stardust Power Announces Third Quarter 2025 Earnings Release Date, Conference Call

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November 3, 2025 · 6:56 AM UTC

Stardust Power Strengthens U.S. Lithium Supply Chain with Mandrake Lithium

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October 31, 2025 · 7:30 AM UTC

Stardust Power Fully Compliant with Nasdaq Listing Requirements

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October 21, 2025 · 7:30 AM UTC

Stardust Power Secures Strategic North American Lithium Supply with Prairie Lithium

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