Stardust Power Inc. Reports No Revenue and $15.72 Million Net Loss for Fiscal Year 2025

**Stardust Power Inc. Reports Fiscal Year 2025 Results**

Stardust Power Inc., a development-stage company focused on lithium refining, released its financial results for the fiscal year ended December 31, 2025. The company, which is in the process of developing a lithium refinery in Muskogee, Oklahoma, reported no revenue for the year, consistent with its development stage. General and administrative expenses totaled $16.08 million, a decrease of 11% compared to $17.97 million in the previous fiscal year. This decrease was primarily due to lower professional and consulting fees, as well as legal fees, partially offset by higher personnel costs and insurance expenses. The company's operating loss for the year was $16.08 million, compared to $17.97 million in the prior year.

The company's financial performance was also impacted by several non-operating items. Interest income increased slightly to $12,014, while interest expense rose to $186,903. Finance charges decreased significantly to $333,055, compared to $7.58 million in the previous year, which included costs associated with the Business Combination. Changes in the fair value of sponsor earnout shares resulted in income of $528,000, while changes in the fair value of warrant liabilities generated income of $1.41 million. The company also reported a loss on the write-off of promissory notes and deposits of $564,844 and a loss on the sale of investments in equity securities of $179,805. A gain on the extinguishment of liability of $383,950 was also recorded. Overall, the company reported a net loss of $15.72 million, or $2.13 per share, compared to a net loss of $23.75 million, or $5.55 per share, in the prior year.

Operationally, Stardust Power continued to focus on the development of its lithium refinery project. The company completed a FEL-3 report, estimating capital expenditures for Phase 1 at approximately $500 million. It also entered into non-binding letters of intent with Prairie Lithium Limited and Mandrake Resources Limited for the supply of lithium chloride. The company also executed an exclusive license agreement with KMX Technologies for its vacuum membrane distillation technology. As of December 31, 2025, Stardust Power had cash and cash equivalents of $3.48 million, compared to $0.91 million at the end of the previous fiscal year.

Looking ahead, Stardust Power faces the challenge of securing additional financing to fund its operations and the construction of its refinery. The company's management has expressed substantial doubt about its ability to continue as a going concern, highlighting the need to raise additional capital. Stardust Power intends to pursue a mix of debt, equity, and government grants to finance its project. The company's success will depend on its ability to secure these funds, manage its expenses, and execute its business plan in a timely and efficient manner.