Image source: Shutterstock

Highlights:

  • Net loss widened to $3.8 million in Q1 2025, primarily due to higher administrative expenses
  • Initial capital investment and permitting progress reported for Muskogee lithium refinery
  • $4.5 million raised through financing activities, offsetting short-term loan repayments

Stardust Power Inc. (Nasdaq: SDST), a U.S.-based developer of battery-grade lithium products, released its financial results for the first quarter of 2025, reporting ongoing development activity at its planned Muskogee refinery site and continued investment in early-stage operations.

For the quarter ending March 31, 2025, the company reported a net loss of $3.8 million, compared to a loss of $1.4 million in the same period last year. The higher loss was attributed largely to increased general and administrative costs, including personnel-related expenses and finance charges tied to short-term borrowing.The loss per share was reported at $(0.07), versus $(0.04) in Q1 2024.

Operating cash outflows rose significantly to $2.9 million, up from $0.9 million in the prior corresponding period, reflecting increased staffing, operational expansion, and expenses associated with the closing of its recent business combination. Meanwhile, investing activities accounted for a further $1.0 million in cash outflows, primarily linked to initial capital expenditures at the Muskogee site.

On the financing side, $4.5 million was generated, mostly from proceeds related to a public offering and warrant incentives, partially offset by $3.7 million in repayments of short-term loans. The company ended the quarter with $1.6 million in cash and cash equivalents and reported no long-term debt as of March 31, 2025.

Operational developments during the quarter included a confirmation from Oklahoma regulators that the planned Muskogee facility would not require an industrial wastewater permit, due to its closed-loop water system. This design is intended to prevent water discharge and minimize strain on local water infrastructure.

Additionally, a key service agreement was signed with Oklahoma Gas and Electric to establish a dedicated substation at the Muskogee site. This agreement secures scalable power capacity of up to 40 megawatts, a step the company described as critical for enabling pre-construction work ahead of a Final Investment Decision.

To support financing strategy, Stardust Power appointed Carlos Urquiaga as Senior Advisor. With experience managing over $40 billion in transactions within the metals and mining sector, Urquiaga will assist with capital-raising efforts. Commenting on the quarter’s results, CEO Roshan Pujari noted the company’s continued progress across permitting, engineering, and financing areas despite broader market volatility.