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Stardust Power Announces Year End 2024 Financial Results
SDSTStardust Power Inc.(SDST) Newsfilter·2025-03-27 21:00

Core Viewpoint - Stardust Power Inc. reported its financial results for the year ended December 31, 2024, highlighting significant operational and financial developments as it positions itself in the lithium market to meet growing demand for energy independence and secure supply chains [1][4]. Full Year Business Highlights - The company successfully listed on Nasdaq in 2024 and acquired a 66-acre site in Muskogee, Oklahoma, for approximately 1.7million[5].−Keypartnerships,includinganon−bindingagreementwithSumitomoAmericasforapotentiallong−termsupplyofupto25,000metrictonsoflithiumcarbonateannually,wereestablished[5].−ThecompanyisadvancingitsDefinitiveFeasibilityStudy(DFS)withPrimeroUSA,nearingcompletionofitsdetailedprocessdesignpackageandupdatedcostestimates[5].−NewhiresincludeChrisCelanoasChiefOperatingOfficerandMartynButtenshawtotheBoardofDirectors,enhancingthecompany′sleadershipinthelithiumsector[5].FinancialHighlights−FortheyearendedDecember31,2024,thecompanyincurredanetlossof1.7 million [5]. - Key partnerships, including a non-binding agreement with Sumitomo Americas for a potential long-term supply of up to 25,000 metric tons of lithium carbonate annually, were established [5]. - The company is advancing its Definitive Feasibility Study (DFS) with Primero USA, nearing completion of its detailed process design package and updated cost estimates [5]. - New hires include Chris Celano as Chief Operating Officer and Martyn Buttenshaw to the Board of Directors, enhancing the company's leadership in the lithium sector [5]. Financial Highlights - For the year ended December 31, 2024, the company incurred a net loss of 23.8 million, compared to a net loss of 3.8millionforthepriorperiod[4][6].−Losspershareincreasedto3.8 million for the prior period [4][6]. - Loss per share increased to 0.55 from 0.09,primarilyduetohigheradministrativecosts[11].−Netcashusedinoperatingactivitiestotaled0.09, primarily due to higher administrative costs [11]. - Net cash used in operating activities totaled 9.7 million, up from 3.0millioninthepriorperiod,drivenbyinvestmentsinoperationsandhiring[11].−Thecompanyraisedatotalof3.0 million in the prior period, driven by investments in operations and hiring [11]. - The company raised a total of 6.4 million in capital during the year, consisting of 2.8millioninequityand2.8 million in equity and 3.5 million in debt [5]. Strategic Developments - The company broke ground on its lithium refinery site in Muskogee, Oklahoma, on January 22, 2025, marking a significant milestone [5]. - A licensing agreement with KMX Technologies was signed to access advanced VMD concentration technology, aimed at improving operational efficiency and sustainability [5]. - An equity raise in January 2025 generated $5.75 million through the issuance of common stock and cash warrants [5].