Stardust Power (SDST) Q3 2025 earnings summary

Executive summary

• Advanced commercial discussions, de-risked engineering, and secured feedstock position the Muskogee lithium refinery project for a final investment decision, with FEL-3 engineering confirming Phase 1 capacity of 25,000 mtpa (expandable to 50,000 mtpa) and a $500 million capex estimate.

• Site purchase completed, and multiple supply and offtake agreements signed, including with Prairie Lithium, Mandrake Resources, and Sumitomo, supporting a resilient U.S.-anchored supply chain.

• Regained full Nasdaq listing compliance after a 1-for-10 reverse stock split and completed business combination with GPAC II.

• Engaged in active discussions with government and industry partners, reinforcing alignment with U.S. policy objectives for domestic critical mineral supply.

• Independent third-party engineering review underway to validate design assumptions and identify project execution risks.

Financial highlights

• No revenue generated to date; company remains pre-revenue with all expenses related to development, administration, and financing.

• Net loss of $4.5 million for Q3 2025, improved from $10.1 million in Q3 2024; loss per share improved to $0.53 from $2.23.

• Cash and cash equivalents totaled $1.6 million as of September 30, 2025, with total assets of $10.04 million and stockholders' deficit of $5.12 million.

• Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, from $8.5 million in the prior year.

• Net cash provided by financing activities was $10.2 million for the nine months, mainly from public offerings, warrant inducements, and stock issuances.

Outlook and guidance

• No forward-looking guidance provided; operational costs expected to remain similar over the next four quarters, with limited non-project capital costs anticipated.

• Management expects continued operating losses and negative cash flows until commercial production commences, with substantial doubt about the ability to continue as a going concern without additional capital raises.

• Ongoing efforts to secure further equity and debt financing, with plans to fund the $500 million Phase 1 refinery through a mix of debt, equity, and potential government grants.

• Anticipates a tightening lithium supply-demand balance and steady pricing recovery through 2026, favoring domestic refineries.