From GlobeNewswire: 2025-03-27 17:00:00

Stardust Power Inc. announced operational highlights for 2024, including listing on Nasdaq, purchasing a refinery site in Oklahoma, and advancing the Definitive Feasibility Study. The Company hired new personnel, raised $6.4 million in capital, and entered agreements with Sumitomo Americas and KMX Technologies. Subsequent events include breaking ground on a site in Muskogee and raising additional funds through equity transactions and warrant inducement agreements.

The Company reported a net loss of $23.8 million for 2024 and incurred higher expenses related to being a public company. Loss per share was $0.55, driven by increased administrative costs. Cash used in operating activities was $9.7 million, with cash used in investing activities at $4.8 million. Financing activities provided $14.1 million, primarily from subscription agreements and short-term loans.

Stardust Power’s financial statements for 2024 will be available in its Annual Report on Form 10-K, expected to be filed by March 28, 2025. The Company is focused on executing its business plan to meet the demand for U.S. supply chains and energy independence. Participants can access conference call details for more information on the Company’s progress and future plans.

Stardust Power is a developer of battery-grade lithium products, aiming to supply the electric vehicle industry and enhance America’s energy leadership. The Company is developing a lithium refinery in Muskogee, Oklahoma, with plans to produce up to 50,000 metric tons annually. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.” For more information, visit www.stardust-power.com.



Read more at GlobeNewswire:: Stardust Power Announces Year End 2024 Financial Results