S
Stardust Power Inc.
SDSTCIK 0001831979NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPrimary Smelting & Refining Of Nonferrous MetalsDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-15.72M
Total Assets
$11.78M
Equity
$-5.81M
Shares Out
9.97M
Op. Cash Flow
$-8.28M
Business
Stardust Power Inc. is developing a large battery-grade lithium refinery designed to produce up to 50,000 metric tons per annum of battery-grade lithium carbonate (BGLC). The company’s primary products and services include the production and sale of solid BGLC, feedstock sourcing and aggregation, and licensing and deployment of concentration and refining technologies. Its business is organized around refinery development and operations, upstream feedstock acquisition and investments, and technology and engineering partnerships. Stardust Power targets the United States domestic market, supplying battery manufacturers, automotive OEMs and the defense industrial base via multimodal port, rail and truck distribution channels.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | |
| General and administrative expenses | 16 | 18 | 5 | 2 | 4 | |
| Operating loss | −16 | −18 | −2 | −2 | −4 | |
| Interest income | 12,014 | 10,838 | — | 5 | 75,000 | |
| Interest expense | −186,903 | −50,454 | — | — | — | |
| Finance charge | −333,055 | −8 | — | — | — | |
| Change in fair value of sponsor earnout shares | 528,000 | 4 | — | — | — | |
| Change in fair value of warrant liability | 1 | −511,342 | — | 12 | 9 | |
| Change in fair value of investment in equity securities | −708,988 | −322,134 | — | — | — | |
| Change in fair value of convertible notes | — | −471,400 | — | — | — | |
| Change in fair value of SAFE notes | — | −955,000 | — | — | — | |
| Loss on write off of promissory notes and deposit | −564,844 | — | — | — | — | |
| Loss on sale of investment in equity securities | −179,805 | — | — | — | — | |
| Gain on extinguishment of liability | 383,950 | — | — | — | — | |
| Other income | — | 21,970 | — | — | — | |
| Total other income (expenses) | 359,570 | −6 | — | — | — | |
| Net loss | −16 | −24 | 139,000 | 15 | 5 | |
| Basic (per share) | −2.13 | −5.55 | — | — | — | |
| Diluted (per share) | −2.13 | −5.55 | — | — | — | |
| Basic (shares) | 7 | 4 | — | — | — | |
| Diluted (shares) | 7 | 4 | — | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-11-30 | FY 2023 2023-02-28 |
|---|---|---|---|---|---|---|
| Cash | 3 | 912,574 | 1 | — | — | |
| Prepaid expenses and other current assets | 573,834 | 606,331 | 426,497 | — | — | |
| Deferred transaction costs | 25,000 | 116,121 | 1 | — | — | |
| Promissory notes | — | 502,838 | — | — | — | |
| Total current assets | 4 | 2 | 3 | — | — | |
| Property and equipment, net | 2 | 2 | 1,968 | — | — | |
| Capital project costs | 5 | 3 | 100,000 | — | — | |
| Investment in equity securities | 37,374 | 1 | 218,556 | — | — | |
| Other long-term assets | 547,169 | 312,501 | — | — | — | |
| Total assets | 12 | 9 | 3 | — | — | |
| Accounts payable | 8 | 10 | 1 | — | — | |
| Accrued liabilities and other current liabilities | 5 | 5 | 208,107 | — | — | |
| Current portion of early exercised shares option liability | 1,122 | 1,814 | 2,990 | — | — | |
| Current portion of convertible note | 933,022 | — | — | — | — | |
| Short-term loans | 205,403 | 10 | 72,967 | — | — | |
| Total current liabilities | 14 | 25 | 2 | — | — | |
| Warrant liability | 1 | 2 | — | — | — | |
| Advance from PIPE investor | — | 425,000 | — | — | — | |
| Earnout liability | 4,700 | 532,700 | — | — | — | |
| Convertible note | 2 | — | — | — | — | |
| Early exercised shares option liability | 613 | 2,814 | 5,660 | — | — | |
| Total liabilities | 18 | 28 | 7 | — | — | |
| Commitments and contingencies (Note 4) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 100,000,000 shares authorized, Nil shares issued and outstanding as at December 31, 2025, and December 31, 2024 | — | — | — | — | — | |
| Common stock, $0.0001 par value, 700,000,000 shares authorized, 9,869,558 and 4,773,628 shares issued and outstanding as at December 31, 2025, and December 31, 2024, respectively | 975 | 460 | 4,023 | — | — | |
| Additional paid-in capital | 63 | 33 | 54,800 | — | — | |
| Accumulated deficit | −68 | −53 | −4 | — | — | |
| Total stockholders deficit | −6 | −19 | −4 | −4 | — | |
| Total liabilities and stockholders deficit | 12 | 9 | 3 | — | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock based compensation | 8 | 10 | — | — | — | |
| Amortization of debt discount and debt issuance costs | 33,068 | — | — | — | — | |
| Finance charges | — | 7 | — | — | — | |
| Synthetic ATM commitment fee | — | 500,000 | — | — | — | |
| Loss from change in fair value of common stock make-whole obligation | 247,842 | 272,011 | — | — | — | |
| Loss on sale of investments | 179,805 | — | — | — | — | |
| Change in fair value of SAFE notes | — | 955,000 | — | — | — | |
| Change in fair value of warrant liability | −1 | 511,342 | — | — | — | |
| Change in fair value of sponsor earnout shares | −528,000 | −4 | — | — | — | |
| Non-cash marketing expense for proposed stock issuance to vendor | 75,562 | — | — | — | — | |
| Depreciation expense | 3,166 | 1,823 | — | — | — | |
| Loss on write off of deferred transaction cost | 30,000 | — | — | — | — | |
| Prepaid expenses and other assets | 69,277 | −47,999 | — | — | — | |
| Accounts payable | −106,998 | −3 | −11,000 | −60,000 | — | |
| Accrued liabilities and other current liabilities | 328,151 | 2 | — | — | — | |
| Net cash used in operating activities | −8 | −10 | −975,000 | −2 | −1 | |
| Capital project costs | −4 | −1 | — | — | — | |
| Land acquisition costs | −16,619 | −2 | — | — | — | |
| Investment in equity securities | — | −2 | — | — | — | |
| Proceeds from sale of investment in equity securities | 570,255 | — | — | — | — | |
| Investment in other long-term assets | — | −50,000 | — | — | — | |
| Purchase of property and equipment | −4,490 | −15,237 | — | — | — | |
| Promissory notes issued | — | −492,000 | — | — | — | |
| Net cash used in investing activities | −3 | −5 | 263 | — | — | |
| Proceeds from stock issuance, net of repurchases | 2 | 260,927 | — | — | 300 | |
| Payment of equity issuance costs | — | −32,601 | — | — | — | |
| Proceeds from issuance of notes payable to related parties | 250,000 | — | — | — | — | |
| Repayment of notes payable to related parties | −250,000 | — | — | — | — | |
| Proceeds from short-term loan from related parties (Note 16) | — | 2 | — | — | — | |
| Repayment of short-term loan from related parties (Note 16) | −2 | — | — | — | — | |
| Proceeds from short-term loan | 337,244 | 2 | — | — | — | |
| Repayment of short-term loan | −2 | −324,415 | — | — | — | |
| Proceeds from advance received from PIPE investor | 125,000 | 425,000 | — | — | — | |
| Proceeds from investor for issuance of SAFE notes | — | 200,000 | — | — | — | |
| Proceeds from public offerings | 10 | — | — | — | — | |
| Proceeds from warrant inducement exercises | 3 | — | — | — | — | |
| Transaction costs associated with public offerings and warrant inducement | −1 | — | — | — | — | |
| Proceeds from exercise of warrants | — | 2 | — | — | — | |
| Proceeds from issuance of convertible notes and warrants, net of transaction costs | 4 | 2 | — | — | — | |
| Deferred transaction costs paid | −25,000 | −4 | — | — | — | |
| Proceeds from business combination and issuance of PIPE shares | — | 12 | — | — | — | |
| Transaction costs associated with issuance of common stock upon warrant exchange | −75,000 | — | — | — | — | |
| Repayment of sponsor promissory notes | — | −2 | — | — | — | |
| Repurchase of unvested shares | −1,593 | −7,670 | — | — | — | |
| Payments for fractional share adjustment due to reverse stock split | −345 | — | — | — | — | |
| Net cash provided by financing activities | 14 | 14 | −262 | 785,000 | 302 | |
| Net increase/(decrease) in cash | 3 | −359,250 | −79,000 | −741,000 | — | |
| Interest paid | 152,321 | 16,055 | — | — | — | |
| Taxes paid | 5,150 | 3,173 | — | — | — | |
| Unpaid deferred transaction costs | — | 3 | — | — | — | |
| Conversion of legacy SAFE notes | — | 64 | — | — | — | |
| Conversion of legacy convertible notes | — | 26 | — | — | — | |
| Sponsor earnout share liability | — | 4 | — | — | — | |
| Issuance of common stock to Sponsor | — | 400 | — | — | — | |
| Net liabilities assumed upon closing of business combination | — | 15 | — | — | — | |
| Issuance of common stock to non-redeeming shareholders | — | 13 | — | — | — | |
| Unpaid capital project costs | 158,470 | 2 | — | — | — | |
| Unpaid land purchase costs | — | 16,619 | — | — | — | |
| Commitment and other fees for synthetic ATM | 157,315 | 500,000 | — | — | — | |
| Unpaid finance charge related to common stock issuance to lenders | — | 567,031 | — | — | — | |
| Finance charge related to Equity Kicker | — | 6 | — | — | — | |
| Reclass of advances to capital project costs | 236,235 | — | — | — | — | |
| Unpaid public offering issuance costs | 560,664 | — | — | — | — | |
| Incremental fair value of warrant inducement | 2 | — | — | — | — | |
| Issuance of common stock to short- term loan holders | 6 | — | — | — | — | |
| Issuance of common stock to PIPE investors | 550,000 | — | — | — | — | |
| Issuance of common stock to vendor | 80,612 | — | — | — | — | |
| Issuance of common stock under license arrangement | 343,000 | — | — | — | — | |
| Discount on convertible notes | 1 | — | — | — | — |
Filings
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