Stardust Power Inc. (SDST)·Q3 2024 Earnings Summary

Executive Summary

• Development-stage quarter with no disclosed revenue; net loss widened to $10.0M as SDST scaled public company infrastructure and operations; diluted EPS was $(0.22) vs $(0.02) YoY .
• Liquidity was thin at quarter-end with $1.6M cash and no long-term debt; management subsequently highlighted access to a $50M committed equity facility with B. Riley as a funding option to support the Oklahoma refinery path to FID .
• Operational execution advanced: FEL‑3 engineering moved forward with Primero USA, KMX brine concentration technology under 90‑day exclusivity, and senior leadership additions (CSO and CCO) to strengthen commercialization .
• No formal guidance or quantitative outlook was provided in the Q3 release; focus remains on milestones (FEL‑3 completion, financing, and construction readiness) that are likely to drive stock reaction as they de‑risk the project .

What Went Well and What Went Wrong

• What Went Well

  • Advanced engineering and tech stack: selected Primero USA for FEL‑3 and entered a 90‑day exclusivity with KMX for brine concentration technology, which could lower cost/complexity for lithium refining .
  • Strengthened leadership: appointed Paramita Das (Chief Strategy Officer/Senior Advisor to CEO) and Adam Johnson (Chief Commercial Officer), bolstering strategy and commercial readiness ahead of FID .
  • Added capital access: executed a common stock purchase agreement giving SDST the right to sell up to $50M of equity to B. Riley over time, providing funding flexibility for pre‑FID workstreams .

• What Went Wrong

  • Elevated operating burn: net loss increased to $10.0M in Q3 (from $0.8M YoY) as public company costs and broader operational scope expanded; EPS fell to $(0.22) (from $(0.02) YoY) .
  • Limited liquidity: cash and equivalents were ~$1.6M at 9/30/24, highlighting a need to secure additional capital ahead of FID and construction activities .
  • No numeric guidance: the company did not provide quantitative outlook ranges (revenue/margins/capex/cash), limiting visibility on timing and funding cadence to FID .

Financial Results

• Income Statement (YoY comparison where disclosed)

• Cash Flow (Nine months ended Sept 30)

• Balance Sheet Snapshot

Notes:

• The press release did not disclose revenue, gross margin, or EBITDA for Q3 2024 .
• No Wall Street estimate comparison is provided because consensus from S&P Global was not retrievable in this session (access limit). We will update when available.

Guidance Changes

• The company did not provide quantitative guidance ranges in the Q3 2024 8‑K/press release. Management commentary centered on execution milestones (FEL‑3, FID readiness, and capital access) rather than financial targets .

Earnings Call Themes & Trends

Note: A full earnings call transcript was not posted on the IR site; the company hosted a webcast on Nov 13, 2024, but a text transcript was not located as of this analysis . The Nov 1 release confirmed the call scheduling and access details .

Management Commentary

• Strategic message (CEO): “We are…moving forward to reaching final investment decision and starting construction on one of the largest lithium refineries in the world.”
• Resource discipline (CFO): “We are excited about the opportunities ahead as we continue to scale our operations, while keeping an eye on being efficient with our resources.”
• Execution focus: Management framed Q3 as progress across engineering, tech validation, and capital access to de‑risk the Muskogee, OK refinery toward FID .

Q&A Highlights

• A webcast was held on Nov 13, 2024; a full text transcript was not posted on the IR portal as of this review, limiting Q&A analysis .
• We will update this section upon transcript availability.

Estimates Context

• S&P Global consensus (EPS, revenue, EBITDA) could not be retrieved during this session due to access limitations. As such, we cannot quantify beats/misses for Q3 2024 at this time. We will refresh when access is restored.
• Given the development-stage profile and lack of disclosed revenue or EBITDA in the press release, Street coverage and model dispersion may be limited at this stage .

Key Takeaways for Investors

• Financing runway is the key near-term variable: cash was $1.6M at Q3‑end; the $50M B. Riley equity facility offers flexibility but implies potential dilution; watch for additional non-dilutive alternatives alongside milestone financing .
• Execution milestones drive the narrative: FEL‑3 completion/validation, technology integration (KMX), and vendor selection are the gating items to FID and construction; timely progress should de‑risk the equity story .
• Cost structure normalization is critical: the step-up in net loss reflects public company/admin scaling; investors should monitor expense discipline as the organization builds out .
• No guidance increases uncertainty: absent numeric targets, the cadence of engineering, permitting, financing, and offtake progress becomes the proxy for valuation inflection points .
• Stock catalysts: 1) FEL‑3 outcomes/validation, 2) visible project financing tranches, 3) offtake/commercialization updates, 4) regulatory/permitting milestones for Muskogee refinery .

Supporting Materials and References

• Q3 2024 8‑K & Press Release (EX‑99.1): operational/financial highlights, capital access, and call details .
• Company IR press release mirror and PDF versions (same content as EX‑99.1) .
• Earnings call scheduling press release and event page .

Disclaimers:

• We attempted to retrieve S&P Global consensus and historical fundamentals via our S&P Global connection, but access was rate‑limited during this session. We will update beats/misses and additional historical metrics once access is restored.