The company remains entirely pre-revenue with zero top-line growth recorded over the last ten quarters, while administrative overhead peaked at $9.0 million in 2024Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 3.39K | 3.17K | 1.82K | 6 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -3.39K | -3.17K | -1.82K | -6 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | -73.67% | -30283.33% | - | - | - |
| Operating Expenses | 14.32M | 16.08M | 17.97M | 2.68M | 1.98M | 3.6M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 14.32M | 16.08M | 17.97M | 2.68M | 1.98M | 3.6M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -14.32M | -16.08M | -17.97M | -2.68M | -1.98M | -3.6M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | 10.51% | -571.71% | -34.86% | 44.87% | - |
| EBITDA | -14.32M | -16.08M | -17.97M | -2.68M | 15.07M | 4.7M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | 36.32% | 10.52% | -571.65% | -117.76% | 220.28% | - |
| D&A (Non-Cash Add-back) | 3.39K | 3.17K | 1.82K | 6 | 0 | 0 |
| EBIT | -15.5M | -16.08M | -16.12M | -3.79M | 15.07M | 4.71M |
| Net Interest Income | -801.75K | -507.94K | -7.62M | -7.83K | 4.6M | 75K |
| Interest Income | 4.74K | 12.01K | 10.84K | 0 | 4.6M | 75K |
| Interest Expense | 806.49K | 519.96K | 7.63M | 7.83K | 0 | 0 |
| Other Income/Expense | -2.83M | 359.57K | -5.78M | -1.12M | 17.05M | 8.3M |
| Pretax Income | -17.15M | -15.72M | -23.75M | -3.79M | 15.07M | 4.71M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -17.15M | -15.72M | -23.75M | -3.79M | 15.07M | 4.71M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | 34.46% | 33.81% | -526.16% | -125.17% | 220.28% | - |
| Net Income (Continuing) | -17.15M | -15.72M | -23.75M | -3.79M | 15.07M | 4.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.73 | -2.13 | -5.50 | -1.00 | 4.00 | 1.30 |
| EPS Growth % | 64.28% | 61.27% | -450% | -125% | 207.69% | - |
| EPS (Basic) | - | -2.13 | -5.50 | -1.00 | 4.00 | 1.30 |
| Diluted Shares Outstanding | 9.91M | 7.39M | 4.28M | 4.36M | 3.75M | 3.75M |
| Basic Shares Outstanding | 9.91M | 7.39M | 4.28M | 4.36M | 3.75M | 3.75M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Capital structure dilution risk
As indicated by the company's historical income statements, SDST maintains a persistent SG&A burn, peaking at $9.0 million in 2024Q3, which underscores the significant administrative costs required to sustain development-stage operations before the realization of any meaningful revenue from its planned lithium refinery facility.
The company's cost structure is currently dominated by non-productive administrative expenses rather than operational throughput. Investors should monitor whether these overhead levels stabilize as the company moves toward the construction phase, as current spending patterns suggest a high fixed-cost burden that may necessitate further equity dilution.
Based on reported financial data, SDST has utilized stock-based compensation as a recurring expense, with a notable $3.0 million charge in 2025Q1, which complicates the assessment of true cash-based operating losses and highlights the reliance on equity-linked incentives during the pre-revenue development phase.
The inclusion of significant non-cash compensation charges suggests that management is prioritizing equity-based retention over cash preservation. This practice warrants further investigation into the dilution impact on existing shareholders, particularly given the company's lack of operational revenue to offset these recurring accounting charges.
According to recent SEC filings, the company's cash position of approximately $3.5 million stands in stark contrast to the massive capital expenditures required for refinery construction, suggesting that SDST faces a critical funding shortfall that may force highly dilutive capital raises in the near term.
The absence of revenue combined with a consistent quarterly cash burn indicates that the company is currently operating on a precarious financial footing. Without a clear path to non-dilutive financing or strategic partnerships, the risk of project stagnation remains elevated, potentially undermining the long-term value proposition of the Muskogee site.
As reported in financial statements, SDST remains a pre-revenue entity, with zero top-line growth recorded over the last ten quarters, confirming that the company's financial trajectory is currently defined entirely by its ability to manage development costs rather than market-driven sales performance.
The lack of revenue generation makes traditional growth metrics inapplicable, shifting the analytical focus entirely to the execution of the Muskogee refinery project. Investors should interpret the current lack of sales as a reflection of the company's early-stage status, where value creation is tied to permitting and construction milestones rather than commercial success.
Quick answers to the most common questions about buying SDST stock.
For fiscal year 2025, Stardust Power Inc. (SDST) reported total revenue of $0.0M.
Stardust Power Inc. (SDST) reported a net loss of $15.7M for the fiscal year ending 2025.