Core Viewpoint - Stardust Power Inc. reported strong operational progress and financial improvements in Q3 2025, with significant advancements towards establishing a major U.S. source of battery-grade lithium [2][5]. Operational Highlights - The completion of FEL-3 engineering for the Muskogee lithium refinery, with a Phase 1 capacity of 25,000 metric tons per annum (mtpa), expandable to 50,000 mtpa [5]. - Estimated capital expenditure (CapEx) for the project is approximately $500 million, which is about $200 million lower than previous estimates [5]. - A 24-month construction timeline is outlined with a 90% probability of cost achievement [5]. - Two supply agreements were executed post-quarter end, securing 13,500 metric tons of lithium carbonate equivalent (LCE) for the refinery [5]. Financial Highlights - The company reported a net loss of $4.5 million for Q3 2025, an improvement from a net loss of $10.1 million in Q3 2024 [6]. - Net loss per share improved to $(0.53) from $(2.23) year-over-year [6]. - Cash and cash equivalents stood at approximately $1.6 million as of September 30, 2025 [6]. - Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, compared to $8.5 million in the prior year [6]. - Net cash used in investing activities was $3.0 million for the nine months ended September 30, 2025, up from $1.3 million in the prior year [6]. - Net cash provided by financing activities was $10.2 million for the nine months ended September 30, 2025, compared to $10.1 million in the prior year [6]. Company Overview - Stardust Power is focused on developing battery-grade lithium carbonate to enhance America's energy security through resilient supply chains [7]. - The company is building a strategically located lithium refinery in Muskogee, Oklahoma, with a production capacity of up to 50,000 metric tons of battery-grade lithium carbonate annually [7].
Stardust Power Announces Q3 2025 Financial Results