Stardust Power (SDST) Registration Filing summary

Company overview and business model

• Development-stage U.S. manufacturer aiming to build a lithium refinery in Oklahoma with up to 50,000 tpa battery-grade lithium carbonate capacity, targeting energy storage, EV, grid, and data center markets.

• Business model centers on midstream lithium refining, sourcing brine feedstock from multiple suppliers via non-binding letters of intent and potential upstream investments.

• No revenue to date; strategy depends on securing feedstock and offtake agreements, with initial focus on U.S. domestic supply chain resilience.

• Facility design leverages proven technologies, with phased construction: initial 25,000 tpa line, followed by expansion to 50,000 tpa.

• Emphasis on sustainability, zero-liquid discharge, and use of brine feedstock to minimize environmental impact.

Financial performance and metrics

• No revenue since inception; accumulated deficit of $64.6 million as of September 30, 2025.

• Net loss of $23.8 million for 2024 and $12.0 million for the nine months ended September 30, 2025.

• Cash balance of $1.6 million as of September 30, 2025; significant negative operating cash flows and ongoing capital needs.

• General and administrative expenses are the primary cost driver, reflecting setup, consulting, legal, and compensation.

• No product sales or cost of goods sold; all expenses relate to pre-revenue development activities.

Use of proceeds and capital allocation

• Proceeds from equity sales under the committed equity facility will be used for working capital, capital expenditures, and potential acquisitions or investments.

• Facility construction estimated at $500 million for Phase 1; funding expected from a mix of equity, debt, and government incentives.

• No specific allocation of proceeds disclosed; management retains broad discretion over use.