The company has maintained a zero-revenue profile over the last ten quarters while incurring quarterly operating expenses that reached as high as $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 | - | - | - | - | - | - |
Insufficient liquidity for construction
As indicated by the company's financial statements, Stardust Power remains a pre-revenue entity, with zero reported sales across the last ten quarters, reflecting its current development-stage profile as it attempts to establish a domestic lithium refining footprint in Muskogee, Oklahoma, without any operational income streams.
The absence of revenue underscores the company's reliance on future project-based offtake agreements rather than recurring commercial activity. Investors should monitor the transition from development to production, as the lack of current sales makes traditional growth metrics inapplicable and highlights the speculative nature of the business model.
Based on reported figures, the company has consistently incurred quarterly operating expenses ranging from $1.2 million to $9.0 million, which, when combined with the lack of revenue, suggests a high-burn environment that necessitates significant external capital to sustain ongoing refinery development and administrative overhead.
The volatility in SG&A expenses, which peaked at $9.0 million in 2024Q3, suggests a lack of cost predictability during the pre-operational phase. This expense structure warrants investigation into whether these costs are primarily related to essential project development or if they reflect excessive administrative overhead relative to the company's current stage.
According to recent financial filings, the company has utilized stock-based compensation, including $3.0 million in 2025Q1, which complicates the interpretation of net losses and suggests that reported earnings figures may not fully capture the true economic cost of talent acquisition and retention during this development phase.
The reliance on equity-based incentives appears to be a mechanism to preserve limited cash, yet it introduces potential dilution risks for existing shareholders. Analysts should adjust for these non-cash charges to better understand the underlying cash burn rate and the true operational cost of the business.
With a reported cash balance of approximately $3.48 million, the company faces a precarious financial position that appears insufficient to fund the capital-intensive construction of its Muskogee refinery, suggesting that significant equity dilution or debt financing is likely required in the near term to avoid insolvency.
The disparity between the company's capital requirements for industrial infrastructure and its current cash reserves suggests that the market may be underestimating the urgency of a capital raise. Investors should monitor the company's ability to secure non-dilutive funding, as failure to do so may force management into unfavorable financing terms.
Quick answers to the most common questions about buying SDSTW stock.
For fiscal year 2025, Stardust Power Inc. (SDSTW) reported total revenue of $0.0M.
Stardust Power Inc. (SDSTW) reported a net loss of $15.7M for the fiscal year ending 2025.