Core Viewpoint - Stardust Power Inc. reported its first quarter 2025 results, highlighting operational progress and financial performance amidst macroeconomic challenges, with a focus on advancing towards a Final Investment Decision for its lithium processing facility [2][3]. Operational Highlights - The company is making strategic advancements in permitting, engineering, and financing, aiming to build a scalable lithium refining platform in the U.S. [2] - A key service agreement was executed with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power [4] - The Muskogee facility confirmed it will not require an industrial wastewater permit due to its closed-loop water system [4] Financial Highlights - As of March 31, 2025, the company had cash and cash equivalents of approximately $1.6 million and zero long-term debt [3] - The net loss for Q1 2025 was $3.8 million, compared to $1.4 million in the same quarter of the previous year, with a loss per share of $(0.07) [5] - Net cash used in operating activities totaled $2.9 million, an increase from $0.9 million in the prior year quarter, driven by investments in operations and hiring [5] - Net cash used in investing activities was $1.0 million, up from $3 thousand in the prior year quarter, reflecting initial capital investments for the refinery [5] - Net cash provided by financing activities was $4.5 million, compared to $54 thousand in the prior year quarter, primarily due to $8.0 million from public offerings [5] Company Overview - Stardust Power is focused on developing battery-grade lithium products to enhance America's energy leadership and build resilient supply chains [6] - The company is developing a lithium processing facility in Muskogee, Oklahoma, with an anticipated production capacity of up to 50,000 metric tons per annum of battery-grade lithium [6]
Stardust Power Announces Q1 2025 Financial Results