Stardust Power Inc. Q4 FY2025 earnings call

• 2025 was a foundational year for Stardust Power, focused on execution, de-risking, and building the base for the Muskogee lithium refinery project.
• Appointed Chris Solano as Chief Operating Officer and Ken Fitz as Director of Construction and Subcontracts, and welcomed Carlos Uruquega and Bruce Chacker.
• Advanced multiple strategic initiatives like licensing agreement, agreement with Ohio State, and government relations support.
• Completed FELL 3 study and independent review from Black & Veatch for the Muskogee Refinery, and finalized infrastructure will serve agreement with Oklahoma Gas and Electric Company.
• Made progress in permitting, including confirming no industrial wastewater discharge permit needed and receiving air quality construction permit.
• Announced two supply agreements for lithium carbonate equivalent, and participated in community and policy initiatives.

The company is pre-revenue currently. For the year ended December 31, 2025, the company incurred a net loss of $15.7 million compared to a net loss of $23.8 million in the prior year. The improvement was mainly due to lower financing charges and reduced general and administrative expenses. As of December 31, 2025, cash and cash equivalents were $3.5 million. Net cash used in operating activities was $8.3 million in 2025 compared to $9.7 million in the prior year. Net cash used in investing activities was $3.4 million in 2025 versus $4.8 million in the prior year. Net cash provided by financing activities in 2025 was driven by various sources but also had offsets. Loss per share, adjusted for reverse stock split, was $2.13 in 2025 compared to $5.55 in the prior period.

• 2026 is about execution and transition, moving into the financing stage while advancing EPC planning and preparing for site construction.
• Focus on securing project-level financing aligned with construction, with capital expected to be funded through debt and strategic equity at project level.
• Actively advancing discussions with strategic partners, debt providers, and government-supported programs to establish optimal capital structure.
• Continue to strengthen commercial foundation through feedstock discussions and offtake/strategic partnerships.

• Statements made may be forward-looking and involve risks and uncertainties beyond control that could materially differ actual results from forward-looking statements.
• For detailed risks, uncertainties, and assumptions, see disclosures in earnings release and SEC filings.