Liquidity remains a primary concern, evidenced by a current ratio that plummeted to 0.12 in 2026Q1, leaving the company with only $1.2 million in cash to support its capital-intensive operations.
| Cash from Operations | -7.47M | -8.28M | -9.72M | -2.98M | -1.53M | -1.04M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | 20.54% | 14.86% | -225.81% | -95.49% | -46.17% | - |
| Net Income | -17.15M | -15.72M | -23.75M | -3.79M | 15.07M | 4.71M |
| Depreciation & Amortization | 3.39K | 3.17K | 1.82K | 6 | 0 | 0 |
| Stock-Based Compensation | 3.13M | 0 | 9.75M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.77M | 7.15M | 5.76M | 718.48K | -17.05M | -8.3M |
| Working Capital Changes | 784.55K | 290.43K | -1.48M | 91.89K | 458K | 2.56M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -161.98K | 0 | -3.39M | 0 | 0 | 0 |
| Cash from Investing | -2.61M | -3.4M | -4.79M | -301.97K | 0 | -300M |
| Capital Expenditures | -1.87M | -3.97M | -2.65M | -101.97K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.24M | 0 | -542K | 0 | 0 | 0 |
| Cash from Financing | 9.73M | 14.24M | 14.15M | 4.56M | 785K | 301.87M |
| Debt Issued (Net) | 98.21K | -3.6M | 4.27M | 4.64M | 0 | -199K |
| Equity Issued (Net) | 10.36M | 17.75M | 253.26K | 14.94K | 0 | 302.06M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 1.25M | -1.59K | -7.67K | 0 | 0 | 0 |
| Other Financing | -728.64K | 99.66K | 9.63M | -95.9K | 785K | 0 |
| Net Change in Cash | -352.57K | 2.57M | -359.25K | 1.17M | -741K | 822K |
| Free Cash Flow | -6.7M | -8.3M | -12.37M | -3.09M | -1.53M | -1.04M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 59.2% | 32.92% | -300.92% | -102.17% | -46.17% | - |
| FCF per Share | -0.68 | -1.12 | -2.89 | -0.71 | -0.41 | -0.28 |
| FCF Conversion (FCF/Net Income) | 0.39x | 0.53x | 0.41x | 0.79x | -0.10x | -0.22x |
| Interest Paid | 1.85K | 0 | 16.05K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.17K | 0 | 0 | 0 |
Insufficient liquidity for construction
According to the company's financial statements, the persistent gap between net losses and operating cash flow, with OCF/NI ratios fluctuating between 0.13 and 0.78, suggests that non-cash charges and working capital adjustments are masking the underlying intensity of the company's cash-consuming development activities.
The lack of a stable relationship between net income and operating cash flow indicates that the company's reported losses do not fully capture the cash-based operational requirements of the Muskogee refinery project. Investors should monitor whether this divergence continues as the company attempts to transition from a development-stage entity to an operational processor.
As reported in recent filings, the company's free cash flow remains consistently negative, reaching a low of -$7.9 million in 2024Q3, which underscores the significant capital requirements necessary to advance the Muskogee facility toward operational status without any offsetting revenue streams to support the burn.
The absence of positive free cash flow is typical for a pre-revenue industrial startup, yet the magnitude of the cash outflow relative to the reported $3.48 million cash balance warrants extreme caution. This trajectory suggests that the company is entirely dependent on external financing to maintain its current development timeline.
Based on the provided quarterly data, working capital changes have been highly erratic, including a significant $2.6 million inflow in 2024Q4 followed by a $6.9 million outflow in 2024Q3, indicating that the company's cash position is subject to substantial timing-related fluctuations in payables and accruals.
These swings in working capital suggest that management may be utilizing aggressive payables management to preserve cash, a strategy that may not be sustainable as construction intensity increases. The volatility in these figures implies that liquidity management is currently reactive rather than structural.
As evidenced by historical data, the company has engaged in significant share-related activity, including a $265.1 million buyback in 2023Q4, which appears disconnected from the operational reality of a pre-revenue entity that currently lacks the internal cash generation to support such capital allocation decisions.
The prioritization of share-related transactions over direct investment in the Muskogee refinery suggests a focus on capital structure management that may have depleted resources otherwise available for project development. Investors should investigate the rationale behind these past allocations given the current liquidity constraints facing the firm.
Quick answers to the most common questions about buying SDSTW stock.
Stardust Power Inc. (SDSTW) generated $-8.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stardust Power Inc. (SDSTW) reported negative free cash flow of $8.3M in 2025, indicating capital requirements exceeded cash from operations.
Stardust Power Inc. (SDSTW) spent $4.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Stardust Power Inc. (SDSTW) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.