Business Updates and Operational Highlights - Completion of the business combination with Global Partner Acquisition Corp II and subsequent listing on the Nasdaq Global Market [2] - Strengthened senior management team with the appointment of Paramita Das as Chief Strategy Officer and Adam Johnson as Chief Commercial Officer [2] - Selection of Primero USA to complete a Front-End Loading-3 (FEL-3) engineering design and cost study for the lithium refinery in Muskogee, Oklahoma [2] - Entered into a 90-day exclusivity period with KMX Technologies, Inc to negotiate the exclusive use of lithium brine concentration technology [2] - Entered into a common stock purchase agreement with B Riley Principal Capital II LLC allowing the company to sell up to $50 million of newly issued shares [2] Financial Performance - Cash and cash equivalents of $1.6 million as of September 30, 2024 [4] - Zero long-term debt as of September 30, 2024 [4] - Net loss of $10.0 million for Q3 2024 compared to $0.8 million for Q3 2023 [4] - Loss per share of $(0.22) for Q3 2024 compared to $(0.02) for Q3 2023 [4] - Net cash used in operating activities totaled $8.5 million for the nine months ended September 30, 2024 [4] - Net cash used in investing activities was $1.3 million for the nine months ended September 30, 2024 [4] - Net cash provided by financing activities was $10.1 million for the nine months ended September 30, 2024 [4] Strategic Vision and Industry Positioning - Stardust Power is developing a lithium refinery in Muskogee, Oklahoma with an anticipated capacity of 50,000 metric tons per annum of battery-grade lithium [7] - The company aims to supply the electric vehicle (EV) industry and bolster America's energy leadership by building resilient supply chains [7] - The company is committed to sustainability at each point in the process [7] Management Commentary - The company has made significant strides in advancing strategic objectives since becoming a public company [3] - The team is focused on reaching a final investment decision and starting construction on one of the largest lithium refineries in the world [3] - The company is excited about upcoming quarters and milestones to create value for shareholders and stakeholders [3] - The company is scaling operations while maintaining efficiency with resources [5]
Stardust Power Announces Q3 2024 Financial Results