Stardust Power Announces Q3 2024 Financial Results
Stardust Power (NASDAQ: SDST) reported Q3 2024 financial results, highlighting operational achievements including Nasdaq listing completion and key management appointments. The company reported a net loss of $10.0 million ($0.22 per share) compared to $0.8 million ($0.02 per share) in Q3 2023. Cash and equivalents stood at $1.6 million with zero long-term debt. The company secured a $50 million common stock purchase agreement with B. Riley and selected Primero USA for engineering design of its Oklahoma lithium refinery. Operating cash outflow increased to $8.5 million for the nine months, while financing activities provided $10.1 million.
Stardust Power (NASDAQ: SDST) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando i risultati operativi tra cui il completamento della quotazione al Nasdaq e le nomination chiave nella gestione. L'azienda ha registrato una perdita netta di 10,0 milioni di dollari (0,22 dollari per azione) rispetto a 0,8 milioni di dollari (0,02 dollari per azione) nel terzo trimestre 2023. La liquidità e gli equivalenti si sono attestati a 1,6 milioni di dollari senza debito a lungo termine. L'azienda ha assicurato un accordo di acquisto di azioni ordinarie di 50 milioni di dollari con B. Riley e ha scelto Primero USA per la progettazione ingegneristica della sua raffineria di litio in Oklahoma. L'uscita di cassa operativa è aumentata a 8,5 milioni di dollari nei nove mesi, mentre le attività di finanziamento hanno fornito 10,1 milioni di dollari.
Stardust Power (NASDAQ: SDST) informó los resultados financieros del tercer trimestre de 2024, destacando logros operativos como la finalización de la cotización en Nasdaq y los nombramientos clave en la gestión. La empresa reportó una pérdida neta de 10,0 millones de dólares (0,22 dólares por acción) en comparación con 0,8 millones de dólares (0,02 dólares por acción) en el tercer trimestre de 2023. El efectivo y equivalentes se situaron en 1,6 millones de dólares sin deuda a largo plazo. La empresa aseguró un acuerdo de compra de acciones comunes de 50 millones de dólares con B. Riley y seleccionó a Primero USA para el diseño de ingeniería de su refinería de litio en Oklahoma. La salida de efectivo operativo aumentó a 8,5 millones de dólares en los nueve meses, mientras que las actividades de financiamiento proporcionaron 10,1 millones de dólares.
Stardust Power (NASDAQ: SDST)는 2024년 3분기 재무 결과를 발표하며 Nasdaq 상장 완료와 주요 경영진 임명 등 운영 성과를 강조했습니다. 이 회사는 1천만 달러의 순손실을 기록했으며(주당 0.22달러) 이는 2023년 3분기의 80만 달러(주당 0.02달러) 대비 감소한 것입니다. 현금 및 현금성 자산은 160만 달러로 장기 부채는 없습니다. 이 회사는 B. Riley와 함께 5천만 달러의 보통주 매입 계약을 체결하였고, Oklahoma에서의 리튬 정제소 엔지니어링 설계는 Primero USA를 선정했습니다. 운영 현금 유출은 9개월 동안 850만 달러로 증가했으며, 금융 활동은 1천만 1000달러를 제공했습니다.
Stardust Power (NASDAQ: SDST) a publié les résultats financiers du troisième trimestre 2024, mettant en avant des réalisations opérationnelles telles que l'achèvement de la cotation au Nasdaq et des nominations clés en gestion. L'entreprise a enregistré une perte nette de 10,0 millions de dollars (0,22 dollars par action) par rapport à 0,8 million de dollars (0,02 dollars par action) au troisième trimestre 2023. La trésorerie et équivalents se sont établis à 1,6 million de dollars sans dette à long terme. L'entreprise a sécurisé un accord d'achat d'actions ordinaires de 50 millions de dollars avec B. Riley et a sélectionné Primero USA pour la conception d'ingénierie de sa raffinerie de lithium en Oklahoma. Les sorties de trésorerie d'exploitation ont augmenté à 8,5 millions de dollars pour les neuf mois, tandis que les activités de financement ont fourni 10,1 millions de dollars.
Stardust Power (NASDAQ: SDST) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei betriebliche Erfolge hervorgehoben, darunter den Abschluss der Nasdaq-Notierung und wichtige Managementbestellungen. Das Unternehmen meldete einen Nettoverlust von 10,0 Millionen Dollar (0,22 Dollar pro Aktie) im Vergleich zu 0,8 Millionen Dollar (0,02 Dollar pro Aktie) im dritten Quartal 2023. Die liquiden Mittel und Äquivalente beliefen sich auf 1,6 Millionen Dollar ohne langfristige Schulden. Das Unternehmen sicherte sich einen Aktienkaufvertrag über 50 Millionen Dollar mit B. Riley und wählte Primero USA für das Ingenieurdesign seiner Lithium-Raffinerie in Oklahoma. Der operative Mittelabfluss erhöhte sich auf 8,5 Millionen Dollar für die neun Monate, während die Finanzierungstätigkeiten 10,1 Millionen Dollar bereitstellten.
- Secured $50 million common stock purchase agreement with B. Riley
- Zero long-term debt on balance sheet
- Net cash from financing activities increased to $10.1 million from $2.5 million YoY
- Net loss widened to $10.0 million from $0.8 million YoY
- Loss per share increased to $0.22 from $0.02 YoY
- Operating cash outflow increased to $8.5 million from $1.6 million YoY
- Low cash position of $1.6 million
Insights
Stardust Power's Q3 results reveal concerning financial metrics. The company's cash position of
The cash burn rate is accelerating rapidly, with operating cash outflow of
The strategic developments paint a mixed picture. The exclusive negotiation with KMX for lithium brine concentration technology could provide a competitive edge in the growing lithium processing market. However, the company is still in early stages with only a FEL-3 engineering study underway for the Oklahoma refinery - far from actual production.
The recent Nasdaq listing and management additions strengthen corporate infrastructure, but the core challenge remains executing a capital-intensive refinery project with resources. The lack of established revenue streams or proven technology implementation creates significant execution risk. The lithium market opportunity is substantial, but Stardust faces intense competition from better-capitalized players.
GREENWICH, Conn., Nov. 13, 2024 (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 third quarter ended September 30, 2024.
Third Quarter Business Updates and Subsequent Events
Operational highlights for the third quarter of 2024 include:
- Completion of the business combination with Global Partner Acquisition Corp II and subsequent listing on the Nasdaq Global Market (“Nasdaq”).
- Strengthened senior management team with the appointment of Paramita Das as Chief Strategy Officer and Senior Advisor to the Chief Executive Officer and Adam Johnson as Chief Commercial Officer.
- Selection of Primero USA to complete a Front-End Loading-3 (FEL-3) engineering design and cost study for the centrally located lithium refinery in Muskogee, Oklahoma.
- Entered into a 90-day exclusivity period with KMX Technologies, Inc. (“KMX”) to negotiate the exclusive use of lithium brine concentration technology from KMX for use in the Stardust Power refining process in the United States and Canada, as well as certain other jurisdictions around the world.
- The Company entered into a common stock purchase agreement (the “Purchase Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley”), with the Company having the right to sell up to
$50,000,000 of newly issued shares to B. Riley, subject to certain conditions and limitations contained in the Purchase Agreement, from time to time during the term of the Purchase Agreement.
“We are thrilled to report our third quarter results and the strides we have made in advancing our strategic objectives since becoming a public company. Our team has executed on many critical milestones, as we move forward to reaching a final investment decision and starting construction on one of the largest lithium refineries in the world. We’re excited for the upcoming quarters and the milestones we are working towards to create value for shareholders and stakeholders,” stated Roshan Pujari, Founder and Chief Executive Officer, Stardust Power.
Third Quarter Financial Highlights
As of September 30, 2024, we had cash and cash equivalents of approximately
- Net Loss of
$10.0 million for the three months ended September 30, 2024, compared to$0.8 million for the three months ended September 30, 2023, driven by higher administrative expenses in connection with being a public company, as well as to complement increased scope of operations. - Loss per share was
$(0.22) for the three months ended September 30, 2024, compared to$(0.02) for the three months ended September 30, 2023, driven by higher net loss - Net cash used in operating activities totaled
$8.5 million for the nine months ended September 30, 2024, compared to$1.6 million for the nine months ended September 30, 2023, driven by continued investment in operations and key talent and certain expenses related to the close of the business combination. - Net cash used in investing activities was
$1.3 million for the nine months ended September 30, 2024, compared to $Nil for the nine months ended September 30, 2023 driven by our initial capital investments made in the anticipated building of the refinery and promissory notes given to our partners. - Net cash provided by financing activities was
$10.1 million for the nine months ended September 30, 2024, compared to$2.5 million for the nine months ended September 30, 2023, driven by cash received from closing of the business combination including the private investment in public equity subscription agreement and convertible notes, net of transaction costs paid during the nine months ended September 30, 2024.
“We are pleased to announce our third-quarter 2024 results as we execute our strategy. We are excited about the opportunities ahead as we continue to scale our operations, while keeping an eye on being efficient with our resources,” said Uday Devasper, Chief Financial Officer.
Conference Call Details
Stardust Power will host a conference call to discuss the results today, November 13, 2024, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions: https://register.vevent.com/register/BI636e5a7167ac45fe86b733d151aba0af. 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/vd7zimt8. 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 supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery 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 sales of equity pursuant to the Purchase Agreement, 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; 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 negotiation and execution of definitive documentation regarding the licensing arrangement with KMX and the ability of Stardust Power to realize the anticipated benefits of KMX’s technology; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; and those factors described or referenced in filings with the Securities and Exchange Commission. 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
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