Stardust Power (SDST) Q4 2024 earnings summary

Executive summary

• Announced major progress on the Muskogee, Oklahoma refinery, including land acquisition, permitting, and a groundbreaking ceremony attended by state officials.

• Completed Nasdaq listing following business combination, enhancing capital access and visibility.

• Secured a non-binding offtake agreement with Sumitomo for up to 25,000 metric tons of lithium carbonate annually, representing up to 50% of projected capacity.

• Signed a definitive agreement for exclusive use of KMX Technologies' vacuum membrane distillation (VMD) technology, expected to improve efficiency and sustainability.

• Added key leadership, including a new COO, Accounting Manager, and Board member with deep industry experience.

Financial highlights

• Pre-revenue for 2024, with a net loss of $23.8 million, compared to a $3.8 million loss in the prior period.

• Loss per share was $0.55 for 2024, up from $0.09 in the prior period.

• Cash and cash equivalents of $0.9 million as of December 31, 2024, down from $1.3 million a year earlier.

• Net cash used in operating activities was $9.7 million; investing activities used $4.8 million; financing activities provided $14.1 million.

• Accumulated deficit reached $52.6 million at year-end.

Capital allocation and financing

• Raised $6.4 million in 2024 ($2.8 million equity, $3.5 million debt); $5.75 million equity and $2.9 million warrant proceeds in early 2025.

• Debt repaid post-year-end, leaving the company debt-free as of the reporting date.

• Used synthetic ATM facility to raise $0.3 million in Q4 2025.

• Acquired 10 million shares of Iris Metals Limited for $1.6 million to explore strategic partnerships.

• Funds allocated to land acquisition, engineering, operations, and transaction costs.