Stardust Power Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $4.46 million, a decrease from a loss of $10.09 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $11.97 million, compared to $14.19 million for the same period in 2024. The company has yet to generate any revenue, maintaining its status as a development-stage entity focused on establishing a lithium refinery in Oklahoma.
The company's general and administrative expenses for the third quarter were $3.83 million, down from $8.98 million in the prior year, primarily due to reduced employee-related costs and lower professional fees. For the nine-month period, these expenses increased to $12.61 million from $11.48 million, driven by higher personnel costs and legal expenses associated with the company's operational expansion. The total cash used in operating activities was $6.55 million for the nine months ended September 30, 2025, an improvement from $8.51 million in the previous year.
Stardust Power's total assets increased to $10.04 million as of September 30, 2025, up from $9.02 million at the end of 2024. The company reported a significant reduction in current liabilities, which fell to $14.36 million from $25 million at the end of the previous fiscal year. The stockholders' deficit improved to $5.12 million from $19.39 million, reflecting the company's efforts to stabilize its financial position following a series of capital raises, including public offerings and private placements.
Strategically, Stardust Power has made notable advancements, including the completion of a Front End Loading-3 (FEL-3) report for its lithium refinery, which outlines a phased approach to production capacity. The first phase aims for 25,000 metric tons per annum of battery-grade lithium, with an estimated capital expenditure of $500 million. The company has also entered into supply agreements with Prairie Lithium Limited and Mandrake Resources Limited for lithium chloride, further solidifying its supply chain.
Looking ahead, Stardust Power faces challenges related to its liquidity and the need for additional capital to fund its operations and development plans. The company has acknowledged that its current cash reserves and anticipated investments will be insufficient to meet its working capital and capital expenditure requirements for the next twelve months. Management is actively pursuing additional financing options to ensure the continuation of its operations and the successful launch of its lithium production facility.
About Stardust Power Inc.
Stardust Power Inc. develops a lithium refinery in Oklahoma focused on producing battery-grade lithium for electric vehicles, energy storage, and national security. It sources lithium from multiple feedstock types, including brines and produced water, aiming to enhance domestic supply and reduce reliance on imports. The company partners with industry experts, leverages government incentives, and targets the growing U.S. EV and energy storage markets through sustainable, scalable refining operations.
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