SDST Stardust Power Inc.

Overview and Growth

Fiscal 2025 results for Stardust Power Inc. included net loss of $15.72M. The company reported diluted EPS of -$2.13, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 7.39M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 72.5% from 4.28M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $11.78M, framing the scale of the company’s operating and financing commitments.

Profitability

The company recorded an operating loss of $16.08M after the reported operating expense base. After all below-operating-line items, the company recorded a net loss of $15.72M for the fiscal year. EBITDA was negative $16.08M, showing a deficit before interest, taxes, depreciation, and amortization. The net loss equaled 133.5% of period-end assets, showing the deficit relative to the asset base. Compared with a $23.75M net loss in fiscal 2024, the current loss improved to $15.72M.

Liquidity and Capital Structure

At period end, the $11.78M asset base was financed through $17.59M of liabilities and -$5.81M of equity. With total equity at -$5.81M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $4.08M of current assets with $14.28M of current liabilities at the reporting date. The current ratio was 0.29x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $3.48M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 24.4% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented -49.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 149.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 29.6%, comparing reported cash and equivalents with the full positive asset balance. Compared with $9.02M in fiscal 2024, the current asset base moved 30.5% and finished higher. Compared with $912.57K in fiscal 2024, the current cash balance moved 281.4% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $8.28M, showing that operations absorbed cash during the period. The company spent $4.49K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $8.28M cash deficit after capital spending. The free-cash-flow deficit equaled 70.3% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $9.72M operating cash outflow in fiscal 2024, the current outflow improved to $8.28M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.