GREENWICH, Conn., March 27, 2025 – Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the year ended December 31, 2024.
Full Year Business Highlights
Operational highlights for the full year 2024 include:
- Listing on the Nasdaq: Completion of the Business Combination and subsequent listing on the Nasdaq Global Market (the “Nasdaq”).
- Purchase of refinery site: On December 16, finalized the purchase of 66-acre site in Muskogee, Oklahoma, for a total consideration of approximately $1.7 million.
- Permitting and approvals: Secured the necessary stormwater discharge permit and received administrative approval for the Air Permit, with the technical approval pending. The Oklahoma Department of Environmental Quality has accepted our application as a minor source for emissions, and we believe we are on track for final stage approvals.
- DFS advancing: Primero USA is in the final stages of the Definitive Feasibility Study (DFS), or FEL 3 study, having advanced nearly to completion our detailed process design package, updated cost estimates, and refined project schedules, along with other key milestones and reviews.
- Pershire and director appointment: Chris Celano as Chief Operating Officer, bringing over 20 years of energy sector leadership and international drilling and mining experience and Martyn Buttenshaw to the Board of Directors, offering extensive metals and mining industry experience to support the Company’s U.S. lithium supply chain efforts.
- Capital raise: During the year a total of $6.4 million of capital raised consisting of $2.8 million equity and $3.5 million debt funding general operational, engineering and corporate uses.
Subsequent Events since Year End 2024
- Broke ground on centrally located site: On January 22, 2025, the Company held a groundbreaking ceremony in Muskogee, Oklahoma, marking a major business milestone. This event, attended by key local and state officials, also marked the beginning of groundwork and preparation for heavy construction commencing once Final Investment Decision is reached.
- Offtake agreement with Sumitomo Americas: Entered into a non-binding agreement (“The Agreement”) for a potential long-term supply deal for up to 25,000 metric tons of lithium carbonate annually with Sumitomo Americas. The 10-year agreement includes an option to extend to 15 years.
- KMX Technologies licensing agreement: Signed definitive agreement with KMX Technologies for advanced VMD concentration technology, granting access across the U.S., Canada, and select international markets for lithium production. The technology is expected to help the Company reduce energy consumption, water usage and logistics costs, while improving the economic and environmental performance of operations.
“As we move forward, we are focused on executing our business plan and achieving key milestones that are crucial for meeting the growing demand for secure U.S. supply chains and energy independence. The successful Nasdaq listing in 2024, alongside the recent acquisition and groundbreaking of our strategic site in Muskogee, Oklahoma, is a significant step in our journey. With strong support from new hires, key partnerships, like the Agreement with Sumitomo, and strategic investments in innovative technologies, we are positioning for growth and value creation in the lithium sector,” commented Roshan Pujari, CEO and Founder of Stardust Power.
Full Year 2024 Financial Highlights
- For the year ended December 31, 2024 i.e. the current year, the Company incurred a net loss of $23.8 million and for the period from March 16, 2023 (inception date) through December 31, 2023 i.e. the prior period, the Company incurred a net loss of $3.8 million, the increase being driven by higher administrative expenses in connection with being a public company and to complement an increased scope of operations.
- Loss per share was $0.55 for the current year, compared to $0.09 for the prior period, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.
- Net cash used in operating activities totaled $9.7 million for the current year, compared to $3.0 million for the prior period , the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination.
- Net cash used in investing activities was $4.8 million for the current year, compared to $0.3 million for the prior period, the increase driven by the purchase of land, engineering, initial capital investments made in the anticipated building of the refinery, strategic investments and promissory notes given to partners.
- Net cash provided by financing activities was $14.1 million during the current year, compared to $4.6 million for the prior period. The increase was driven primarily by $11.6 million in cash received from subscription agreements entered around the time of the closing of the Business Combination, short term loans and exercise of warrants. Funds were used to meet working capital needs, capital investments and to pay for some of the transaction costs related to the Business Combination.
Annual Report on Form 10-K
The Company’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) by 28 March, 2025.
Conference Call Details
Participants may access the call by clicking the participant call link to ask questions:
https://register-conf.media-server.com/register/BIa452f3fd54bf4f7486c84cbbebebf5e4
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/39cnop5g
Participants should log in at least 15 minutes early to receive instructions. 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