Stardust Solar Energy (SUN) Q3 2025 earnings summary

Executive summary

• Achieved first-ever EBITDA-positive quarter in Q3 2025, driven by record revenue and improved margins.

• Q3 revenue reached $1.78M, up 99% year-over-year, marking the strongest quarter in company history.

• Net loss narrowed significantly to $25,018, with a net loss margin of -1%, a 95% improvement quarter-over-quarter.

Financial highlights

• Gross margin improved to 44% in Q3 2025 from 31% in Q3 2024; year-to-date margin also 44%.

• Operating expenses rose 14% year-over-year to $812,628, reflecting growth-related costs.

• Cash and cash equivalents at quarter-end were $340K, up from $171K at June 30, 2025.

• Positive operating cash flow of $131K, the first positive quarter since going public.

• Nine-month revenue totaled $3.99M, up 40% year-over-year; trailing twelve-month revenue reached ~$4.8M, up 32%.

Outlook and guidance

• Management expects continued franchise expansion and direct product sales growth across North America and internationally through 2026.

• Focus remains on working-capital optimization, supply-chain efficiency, and profitable franchise network scaling.