--- title: "STARDUST POWER INC C/WTS EXP 21/06/2029 (TO PUR COM) | 10-Q: FY2025 Q3 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/265801228.md" datetime: "2025-11-13T22:25:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/265801228.md) - [en](https://longbridge.com/en/news/265801228.md) - [zh-HK](https://longbridge.com/zh-HK/news/265801228.md) --- # STARDUST POWER INC C/WTS EXP 21/06/2029 (TO PUR COM) | 10-Q: FY2025 Q3 Revenue: USD 0 Revenue: As of FY2025 Q3, the actual value is USD 0. EPS: As of FY2025 Q3, the actual value is USD -0.53. EBIT: As of FY2025 Q3, the actual value is USD -3.814 M. ### Segment Revenue - No revenue was reported for the three and nine months ended September 30, 2025, and 2024. ### Operational Metrics - **Net Loss**: For the three months ended September 30, 2025, the net loss was $4,459,764, compared to $10,092,312 for the same period in 2024. For the nine months ended September 30, 2025, the net loss was $11,973,902, compared to $14,185,887 for the same period in 2024. - **General and Administrative Expenses**: For the three months ended September 30, 2025, these expenses were $3,825,671, compared to $8,980,965 for the same period in 2024. For the nine months ended September 30, 2025, these expenses were $12,610,666, compared to $11,483,389 for the same period in 2024. ### Cash Flow - **Operating Cash Flow**: Net cash used in operating activities was $6,548,760 for the nine months ended September 30, 2025, compared to $8,514,161 for the same period in 2024. - **Investing Cash Flow**: Net cash used in investing activities was $3,001,632 for the nine months ended September 30, 2025, compared to $1,279,257 for the same period in 2024. - **Financing Cash Flow**: Net cash provided by financing activities was $10,222,822 for the nine months ended September 30, 2025, compared to $10,108,680 for the same period in 2024. ### Unique Metrics - **Change in Fair Value of Warrant Liability**: For the three months ended September 30, 2025, the change in fair value of warrant liability was -$511,109, compared to -$2,753,964 for the same period in 2024. For the nine months ended September 30, 2025, the change in fair value of warrant liability was $1,660,583, compared to -$2,753,964 for the same period in 2024. - **Change in Fair Value of Sponsor Earnout Shares**: For the three months ended September 30, 2025, there was no change, compared to $1,636,100 for the same period in 2024. For the nine months ended September 30, 2025, the change was $528,000, compared to $1,636,100 for the same period in 2024. - **Loss on Sale of Investment in Equity Securities**: For the three months ended September 30, 2025, the loss was $84,626, compared to $0 for the same period in 2024. For the nine months ended September 30, 2025, the loss was $179,805, compared to $0 for the same period in 2024. - **Loss on Write-off of Promissory Note and Deposit**: For the nine months ended September 30, 2025, the loss was $232,481, compared to $0 for the same period in 2024. ### Future Outlook and Strategy #### Core Business Focus - The company plans to develop a large-scale lithium refinery in the United States, with an initial phase targeting 25,000 metric tons per annum (mtpa) of battery-grade lithium, and a second phase to add another 25,000 mtpa, totaling 50,000 mtpa. - The company has entered into non-binding agreements for the supply of lithium carbonate equivalent, including a 6,000 mtpa agreement with Prairie Lithium Limited and a 7,500 mtpa agreement with Mandrake Resources Limited. - The company is negotiating long-term sales contracts with EV manufacturers, with a pricing strategy that includes cap and floor pricing. #### Non-Core Business - The company sold its investment in IRIS Metals Limited for $570,255, recognizing a loss on sale of $179,805 for the nine months ended September 30, 2025. - The company is evaluating other strategic partnerships and investments to secure additional feedstock and expand its supply chain. #### Priority - The company aims to raise additional capital through equity or debt financing to fund its operating and investing activities over the next year. - The company plans to continue investing in research and development activities to advance its technologies and expand its operations. ### Related Stocks - [SDSTW.US](https://longbridge.com/en/quote/SDSTW.US.md) ## Related News & Research - [Oil drops on lower demand forecasts despite deadlock in US-Iran talks](https://longbridge.com/en/news/295727368.md) - [Elon Musk's Tesla Weighs $10.1 Billion Solar Plant, Chamath Palihapitiya Calls It a Bet on Nuclear: Here's Why](https://longbridge.com/en/news/295754346.md) - [Elon Musk Says AI Will Be SpaceX's Biggest Business by September: Does the Math Check Out?](https://longbridge.com/en/news/295681919.md) - [CoreWeave and Nebius Group Deliver Earnings Shocker. 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