GREENWICH, Conn., November 13, 2024 – 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 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 $1.6 million. As of September 30, 2024, we had zero long term debt. Other financial highlights include:
- 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 Inc.
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