Stardust Power Inc. Reports $3.7 Million Net Loss and Strategic Developments in Latest 10-Q

Stardust Power Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company, which is focused on developing battery-grade lithium products, recorded no revenue during the quarter, maintaining its status as a development-stage entity. The net loss for the three months ended June 30, 2025, was $3.7 million, compared to a loss of $2.7 million for the same period in 2024. For the six months ending June 30, 2025, the net loss totaled $7.5 million, up from $4.1 million in the prior year. General and administrative expenses surged to $3 million for the quarter, reflecting increased personnel costs and stock-based compensation.

In terms of operational metrics, Stardust Power's total assets increased to $11.3 million as of June 30, 2025, up from $9 million at the end of 2024. The company’s cash position improved significantly, with cash on hand rising to $2.6 million from $912,574 at the end of the previous fiscal year. The total stockholders' deficit decreased to $3.9 million, a notable improvement from $19.4 million at the end of 2024, primarily due to capital raised through various financing activities.

Strategically, Stardust Power has made several key moves, including the completion of a public offering that raised approximately $4.3 million in June 2025. The company also executed a public offering in January 2025, generating gross proceeds of about $5.8 million. Additionally, Stardust Power entered into a licensing agreement with KMX Technologies for the use of its vacuum membrane distillation technology, which is expected to enhance the company's refining capabilities. The company is also in discussions for a long-term offtake agreement with Sumitomo, which could secure a significant market for its lithium products.

Looking ahead, Stardust Power faces challenges related to its liquidity and capital requirements. The company has indicated that its current cash reserves and anticipated capital raises may not be sufficient to meet its operational and investment needs over the next twelve months. The management has expressed the need to secure additional funding through equity or debt financing to continue its operations and achieve its business objectives. The company remains focused on developing its lithium refinery in Oklahoma, which is expected to play a crucial role in meeting the growing demand for battery-grade lithium, particularly in the electric vehicle market.