Stardust Power Announces Q2 2025 Financial Results

Rhea-AI Summary

Stardust Power (NASDAQ:SDST), a U.S. battery-grade lithium products developer, reported Q2 2025 financial results with a net loss of $3.7 million ($0.06 per share), compared to $2.7 million loss in Q2 2024. The company successfully raised $4.52 million through a public offering in June 2025.

Key operational highlights include progress on the FEL-3 engineering study, formation of a strategic partnership with Ohio University for lithium extraction research, and advancement in engineering and permitting. The company ended Q2 with $2.6 million in cash, no long-term debt, and increased net cash used in operating activities to $4.5 million for H1 2025.

[ "Successfully raised $4.52 million through public offering", "No long-term debt on balance sheet", "Strategic partnership with Ohio University for lithium extraction research", "Improved loss per share to $(0.06) from $(0.07) year-over-year" ]

Positive

• None.

Negative

• Net loss increased to $3.7 million from $2.7 million year-over-year
• Operating cash burn increased to $4.5 million from $2.1 million
• Investing cash outflow increased to $2.2 million from $0.5 million
• Low cash position of $2.6 million despite recent fundraising

Insights

Financial Analyst

Stardust Power's Q2 showed widening losses despite cash raises, with concerning cash burn rate relative to remaining reserves.

Stardust Power's Q2 2025 results reveal some concerning financial trends despite management's optimistic tone. The company reported a $3.7 million net loss, representing a 37% increase from the $2.7 million loss in Q2 2024. While loss per share improved slightly to $(0.06) from $(0.07), this likely reflects dilution from recent capital raises rather than operational improvements.

The cash burn rate is particularly worrisome. With $4.5 million used in operations during the first half of 2025 (more than double the $2.1 million from H1 2024) and another $2.2 million in investing activities, the company's $2.6 million cash position appears precarious. Even with the recent $4.52 million offering in June, Stardust's cash reserves would only last approximately two quarters at current burn rates.

While the company has successfully avoided long-term debt, it did repay $3.8 million in short-term loans, suggesting earlier cash flow constraints. The $12 million raised through public offerings and warrant inducements has temporarily bolstered the balance sheet, but the company will likely need additional financing before reaching Final Investment Decision on its refinery project.

The third-party validation of their FEL-3 definitive engineering study represents a critical milestone, as it will determine project viability and potentially unlock partnerships or financing. However, with increased spending on operations, talent acquisition, and initial capital investments for the refinery, Stardust faces a race against time to convert its technological progress into sustainable revenue before depleting its limited cash reserves.

GREENWICH, Conn., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the second quarter ended June 30, 2025.

Second Quarter 2025 Business Updates and Subsequent Events

Operational highlights for the second quarter of 2025 include:

• Successfully closed an underwritten public offering on June 18, 2025, resulting in gross proceeds of approximately $4.52 million which included the closing of the underwriters’ partial exercise of their over-allotment option on June 25.
• Made significant progress on the FEL-3 definitive engineering study which is currently undergoing third-party validation and internal review.
• Formed a strategic partnership with Ohio University to advance lithium extraction and refining technologies, to accelerate research on producing lithium and refined lithium products from brine sources.
  

Roshan Pujari, Founder and CEO of Stardust Power commented, “This quarter marks steady progress across engineering, permitting, and infrastructure aspects of our project as well as commencement of third-party validation of our FEL-3 study, which we believe will further reduce the project's risk. With policy tailwinds strengthening and lithium markets showing early signs of recovery, the need for U.S.-based refining capacity has never been more urgent. Stardust Power is well positioned to meet that need with a scalable platform, near-term readiness, and a clear path to Final Investment Decision. We remain focused on execution and delivering long-term value for our investors.”

Second Quarter Financial Highlights

As of June 30, 2025, we had cash and cash equivalents of approximately $2.6 million. As of June 30, 2025, we had no long term debt. Other financial highlights include:

• Net Loss of $3.7 million for the second quarter of 2025, compared to $2.7 million for the prior year quarter ended June 30, 2024.
• Loss per share improved to $(0.06) for the second quarter of 2025, compared to $(0.07) for the prior year quarter.
• Net cash used in operating activities increased to $4.5 million for the six months ended June 30, 2025, compared to $2.1 million for the prior year period. The increase primarily reflects our continued investment in operations, hiring of key talent and increase in legal and administrative expenses.
• Net cash used in investing activities was $2.2 million for the six months ended June 30, 2025, compared to $0.5 million for the prior year period, driven by our initial capital investments made in the anticipated building of the refinery.
• Net cash provided by financing activities was $8.4 million for the six months ended June 30, 2025, compared to $2.0 million for the prior year period. The increase was driven primarily by $12.0 million in cash received from public offerings and warrant inducements, net of offering costs, offset partially by the repayment of $3.8 million of short-term loans.
  

Conference Call Details

Stardust Power will host a conference call to discuss the results today, August 13, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions:
https://register-conf.media-server.com/register/BId8e0a263a25347d5971d2d6c7241258d

Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in:
https://edge.media-server.com/mmc/p/ghfwoavh

The earnings call will be available on the Company website following the event.

About Stardust Power 

Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

For more information, visit www.stardust-power.com 

Cautionary Statement Regarding Forward-Looking Statements 

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power’s securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power’s need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company’s ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company’s ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company’s operations; the Company’s continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. 

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. 

Stardust Power Contacts 

For Investors: 

Johanna Gonzalez 
investor.relations@stardust-power.com 

For Media: 

Michael Thompson 
media@stardust-power.com 

FAQ

What were Stardust Power's (SDST) Q2 2025 earnings results?

Stardust Power reported a net loss of $3.7 million ($0.06 per share) in Q2 2025, compared to a $2.7 million loss ($0.07 per share) in Q2 2024.

How much cash does Stardust Power (SDST) have as of Q2 2025?

As of June 30, 2025, Stardust Power had cash and cash equivalents of $2.6 million with no long-term debt.

How much did Stardust Power (SDST) raise in their June 2025 public offering?

Stardust Power raised gross proceeds of approximately $4.52 million through an underwritten public offering closed on June 18, 2025, including the partial exercise of the underwriters' over-allotment option.

What strategic partnerships did Stardust Power (SDST) announce in Q2 2025?

Stardust Power formed a strategic partnership with Ohio University to advance lithium extraction and refining technologies from brine sources.

What was Stardust Power's (SDST) cash burn rate in H1 2025?

Net cash used in operating activities was $4.5 million for H1 2025, up from $2.1 million in the prior year period, while investing activities used $2.2 million.