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SDSTW

Stardust Power Inc.

SDSTW

Stardust Power Inc. • NASDAQ
$0.16 ▼ -3.75% (-0.01)
Market Cap $67.01 M
52w High $0.19
52w Low $0.15
Dividend Yield 0%
P/E 0
Volume 7.28K
Outstanding Shares 414.38M

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% $-0.059 ▲ $-3.646M ▲
Q1-2025 $0 $5.749M ▼ $-3.81M ▲ 0% $-0.089 ▲ $-3.701M ▼
Q4-2024 $0 $6.489M ▼ $-9.568M ▲ 0% $-0.2 ▲ $-1.947M ▲
Q3-2024 $0 $8.981M $-10.092M 0% $-0.35 $-10.084M

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, development‑stage company. It has not yet generated sales, so recent results mainly reflect startup and corporate costs rather than an operating business. Losses have started to appear as spending ramps ahead of any income, which is typical for a company planning a large industrial project. Profitability is completely untested at this point and will depend on how efficiently the future refinery can be built, financed, and run once it becomes operational.

Balance Sheet

Balance Sheet The balance sheet is very small and early‑stage, with limited assets, no meaningful cash reported, and equity that has recently turned negative. That signals accumulated losses and a capital structure that is not yet built for a large industrial build‑out. There is already a bit of debt and almost no buffer if costs rise or timelines slip. To move from concept to full‑scale operations, the company will need substantial external financing, and its current financial base provides little safety margin.

Cash Flow

Cash Flow Cash flows show modest but negative operating and free cash flow, which simply reflects a company spending on setup without incoming revenue. There is effectively no recorded investment in long‑lived assets yet, which means the heavy cash outflows for the planned refinery are still ahead, not behind. Future cash dynamics will be driven almost entirely by the timing and terms of project financing and construction, as well as any cost overruns or delays. At this stage, the business is dependent on fresh capital rather than self‑funding.

Competitive Edge

Competitive Edge Stardust Power is trying to carve out a niche in the midstream of the lithium supply chain, focusing on refining rather than mining. Its hub‑and‑spoke model, centered on a planned refinery in Oklahoma that can accept feedstock from many sources, is designed to offer flexibility, scale, and a domestic alternative to foreign refiners. The focus on U.S. supply, logistics advantages near battery plants, and sustainability credentials could appeal to automakers and battery makers. However, the company has no operating track record yet and will be competing against established global players and other emerging U.S. projects. Its competitive position will ultimately depend on whether it can secure reliable feedstock, long‑term customer contracts, and cost advantages once the plant is running.

Innovation and R&D

Innovation and R&D The company’s story leans heavily on technology and innovation. It has an exclusive license to an advanced brine concentration technology intended to cut costs, save water, and lower environmental impact, and it is partnering with a university on direct lithium extraction methods that could further improve efficiency. The hub‑and‑spoke model and the idea of offering processing as a service to feedstock owners add a business‑model twist, not just a technology angle. These are promising concepts, but they are still in development or early deployment, and scaling them in a commercial refinery brings technical, execution, and partnership risks. Success here could be a real differentiator; failure would undermine much of the intended moat.

Summary

Stardust Power is essentially a pre‑revenue, concept‑to‑construction lithium refining story. The financials today are thin, with small losses, a fragile balance sheet, and negative cash flow that all reflect planning rather than production. The core appeal lies in its plan to become a key domestic refiner for the electric‑vehicle supply chain, using a flexible hub‑and‑spoke model, licensed separation technology, and university‑backed research to lower costs and environmental impact. The opportunity is tied to strong expected demand for battery‑grade lithium and a clear bottleneck in U.S. refining capacity. At the same time, there is significant uncertainty: the company must secure large amounts of funding, build and ramp a complex refinery, prove out its technology at scale, lock in feedstock and customers, and manage project risks with a very small current financial base. This is an early, high‑execution‑risk stage in the company’s life cycle.