Latest news with #RoshanPujari
Yahoo
14-05-2025
- Business
- Yahoo
Stardust Power Announces Q1 2025 Financial Results
GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. ('Stardust Power' or the 'Company') (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025. First Quarter 2025 Business Updates and Subsequent Events Operational highlights for the first quarter of 2025 include: Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water system that eliminates discharge and reduces local water use. Executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power and enabling critical pre-construction activities ahead of Final Investment Decision. Appointed Carlos Urquiaga as Senior Advisor to advise on capital-raising efforts; with over $40 billion in transaction experience across top institutions, he brings deep expertise in metals and mining finance to support our path toward Final Investment Decision. Roshan Pujari, Founder and CEO of Stardust Power, commented on the Company's Q1 performance, 'Despite ongoing macroeconomic volatility and global market uncertainty, Q1 was a quarter of focused execution for Stardust Power. We continue to advance steadily toward Final Investment Decision, supported by strategic progress across permitting, engineering, and financing. With lithium's long-term outlook growing stronger, we remain committed to seizing this generational opportunity and building a scalable, U.S.-based refining platform aligned with national critical mineral and supply chain priorities.' First Quarter Financial Highlights As of March 31, 2025, we had cash and cash equivalents of approximately $1.6 million. As of March 31, 2025, we had zero long term debt. Other financial highlights include: Net Loss of $3.8 million for the first quarter of 2025, compared to $1.4 million for the prior year quarter ended March 31, 2024. Loss per share was $(0.07) for the first quarter of 2025, compared to $(0.04) for the prior year quarter, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans. Net cash used in operating activities totaled $2.9 million for the first quarter of 2025, compared to $0.9 million for the prior year quarter, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination. Net cash used in investing activities was $1.0 million for the first quarter of 2025, compared to $3 thousand for the prior year quarter, driven by our initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $4.5 million for the first quarter of 2025, compared to $54 thousand for the prior year quarter. The increase was driven primarily by $8.0 million in cash received from public offering and warrant inducements, net of offering cost, offset partially by $3.7 million repayment of short-term loans. Conference Call Details Stardust Power will host a conference call to discuss the results today, May 14, 2025, at 5:30pm EST. Stardust Power Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol 'SDST.' For more information, visit Cautionary Statement Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as 'anticipate,' 'appears,' 'approximately,' 'believe,' 'continue,' 'could,' 'designed,' 'effect,' 'estimate,' 'evaluate,' 'expect,' 'forecast,' 'goal,' 'initiative,' 'intend,' 'may,' 'objective,' 'outlook,' 'plan,' 'potential,' 'priorities,' 'project,' 'pursue,' 'seek,' 'should,' 'target,' 'when,' 'will,' 'would,' or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power's securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power's business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power's need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company's ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company's ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company's operations; the Company's continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. Stardust Power Contacts For Investors: Johanna Gonzalez For Media: Michael Thompson media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
13-05-2025
- Business
- Globe and Mail
Stardust Power Confirms No Industrial Wastewater Permit Required for Oklahoma Lithium Facility
GREENWICH, Conn., May 13, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. ("Stardust Power" or the "Company"), an American developer of battery-grade lithium products, today announced a significant update to its permitting process. Following a determination process by the Oklahoma Department of Environmental Quality (ODEQ), the Company has confirmed that no industrial wastewater discharge permit will be required for its planned lithium processing facility in Muskogee, Oklahoma. This determination stems from Stardust Power's use of a closed-loop water system, which recycles water during the process and eliminates wastewater discharge to public treatment facilities or natural waterways. The Company's environmentally responsible design minimizes dependency on city or county water supply after the initial filling of the facility's tanks, while also significantly reducing wastewater generation. 'Not requiring a water permit speaks to how clean a facility we have designed,' said Roshan Pujari, CEO and Founder of Stardust Power. 'Our closed-loop system significantly reduces water needs and discharge volumes. Tanks are filled and reused in processing, minimizing the impact on municipal water systems. Unlike some operations that place heavy demands on local water resources, we are proud to be planning a sustainable solution that aligns with our commitment to environmental stewardship.' This design, which precludes the need for permitting delivers several meaningful advantages for Stardust Power's planned operations. First, it allows for accelerated project timelines, enabling the company to move efficiently through development and expansion phases. Additionally, it results in reduced regulatory compliance costs. Most importantly, the careful design work preserves municipal potable water for other uses within the community and minimizes costs associated with purchasing water. Stardust Power is making steady progress across other key permitting milestones. The Company has previously announced and secured the General Permit for Stormwater Discharges from Construction Activities from the Oklahoma Department of Environmental Quality, enabling construction activities to move forward. In support of this permit, Stardust Power has completed its Stormwater Pollution Prevention Plan (SWPPP), which incorporates best-in-class practices to responsibly manage stormwater and protect the surrounding environment. The company's Minor Source Air Permit has been deemed administratively complete by ODEQ and is now under technical review. Stardust Power's team remains actively engaged with regulators and is responding promptly to all information requests. Stardust Power is dedicated to sustainable lithium manufacturing through the use of lithium brines as its feedstock and by prioritizing water conservation. The Company integrates water stewardship into every stage of its operations, from exploration to production, meeting or exceeding all regulatory standards while maximizing water reuse and recycling to reduce freshwater demand. 'Water is a finite and shared resource,' Mr. Pujari added. 'We're not just building a processing facility; we're building a future-minded supply chain that supports clean energy without compromising community resources.' About Stardust Power Inc. Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol 'SDST.' For more information, visit Stardust Power Contacts For Investors: Johanna Gonzalez For Media: Michael Thompson media@ Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release constitute 'forward-looking statements.' Such forward-looking statements are often identified by words such as 'believe,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'plan,' 'predict,' 'forecasted,' 'projected,' 'potential,' 'seem,' 'future,' 'outlook,' and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power's securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power's business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC. Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Yahoo
18-03-2025
- Business
- Yahoo
Stardust Power Announces Year End 2024 Earnings Release Date, Conference Call
GREENWICH, Conn., March 18, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) ('Stardust Power' or the 'Company'), an American developer of battery-grade lithium products, today announced that it will release its year end 2024 financial results after market close on Thursday 27 March, 2025. Roshan Pujari, Founder and Chief Executive Officer and Uday Devasper, Chief Financial Officer will host a conference call at 5:30pm ET on Thursday 27 March, 2025 to discuss the Company's results. Participants may access the call by clicking the participant call link to ask questions: Upon registering at the link, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in: Participants should log in at least 15 minutes early to receive instructions. About Stardust Power Inc. Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol "SDST." For more information, visit Stardust Power Contacts For Investors: Johanna For Media: Michael Thompson media@
Yahoo
18-03-2025
- Business
- Yahoo
Stardust Power Announces Year End 2024 Earnings Release Date, Conference Call
GREENWICH, Conn., March 18, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) ('Stardust Power' or the 'Company'), an American developer of battery-grade lithium products, today announced that it will release its year end 2024 financial results after market close on Thursday 27 March, 2025. Roshan Pujari, Founder and Chief Executive Officer and Uday Devasper, Chief Financial Officer will host a conference call at 5:30pm ET on Thursday 27 March, 2025 to discuss the Company's results. Participants may access the call by clicking the participant call link to ask questions: Upon registering at the link, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in: Participants should log in at least 15 minutes early to receive instructions. About Stardust Power Inc. Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol "SDST." For more information, visit Stardust Power Contacts For Investors: Johanna For Media: Michael Thompson media@ in to access your portfolio
Yahoo
10-02-2025
- Business
- Yahoo
Stardust Power Announces Exclusive Licensing Agreement for Lithium Brine Concentration Technology from KMX Technologies
Following the October 8, 2024 announcement, Stardust Power finalizes exclusive licensing agreement with KMX Technologies to enhance lithium production efficiency and sustainability. GREENWICH, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) ('Stardust Power' or the 'Company'), an American developer of battery-grade lithium products, today announced the execution of an exclusive licensing agreement with KMX Technologies, Inc. ('KMX'), a leader in advanced lithium brine concentration technology. This agreement grants Stardust Power the exclusive rights to utilize KMX's innovative vacuum membrane distillation ('VMD') technology for lithium extraction and concentration across the United States, Canada, and select international markets. The exclusive license grants Stardust Power the full rights to use and operate KMX VMD units within the designated territory and field of use for lithium. This agreement will support Stardust Power's continued commitment to build out the North American lithium supply chain and onshoring of critical minerals in the rapidly growing North America lithium market. 'This exclusive licensing agreement with KMX Technologies is a pivotal step forward in advancing Stardust Power's sustainability and operational efficiency goals,' said Roshan Pujari, CEO and Founder of Stardust Power. 'KMX's VMD technology offers a unique opportunity to reduce both energy consumption and water use across our supply chain, particularly by concentrating lithium feedstocks for efficient logistics. By incorporating this technology, we aim to significantly lower operating costs while strengthening the U.S. critical mineral supply chain and enhancing national security, all while doing so in an environmentally responsible manner.' KMX's technology is ideal for Stardust Power's innovative hub and spoke refinery model. By reducing the volume of the brine feedstock, less volume needs to be transported. The large central refinery is designed to repulp feedstock and blend as needed. KMX's VMD technology is capable of concentrating lithium from brine sources with minimal losses, thereby enhancing the economic viability of lithium projects. Additionally, the technology produces high-quality water as a byproduct, which can be used to minimize reliance on local freshwater resources in the lithium extraction process, a key factor in increasing water sustainability for the industry. Zachary Sadow, CEO of KMX Technologies, added, 'We are excited to partner with Stardust Power, a visionary company dedicated to driving sustainability and innovation within the lithium sector. This agreement represents a shared commitment to improving the efficiency and environmental footprint of the lithium supply chain.' With the execution of this agreement, Stardust Power is positioned to deploy KMX's VMD technology throughout Stardust Power's network design and supply chain in order to optimize delivery of feedstocks to its lithium refinery under development in Muskogee, Oklahoma, with up to 50,000 metric tons per annum production capacity upon completion. The Company plans to integrate this advanced technology to further enhance the environmental and economic performance of its lithium production processes. About Stardust Power Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol 'SDST.' For more information, visit About KMX Technologies, Technologies is solving the most critical environmental and energy challenges of the 21st century. Through its proprietary membrane distillation technology, the company sustainably sources critical minerals necessary for next generation supply chains and infrastructure, is advancing wastewater treatment, and is accelerating energy storage with its direct lithium recovery enhancement processes. Stardust Power Contacts For Investors:Johanna For Media: Michael Thompson media@ Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release constitute 'forward-looking statements.' Such forward-looking statements are often identified by words such as 'believe,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'plan,' 'predict,' 'forecasted,' 'projected,' 'potential,' 'seem,' 'future,' 'outlook,' and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to realize the anticipated benefits of KMX's technology; the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; obtaining the necessary permits and governmental approvals to develop the site; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power's securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power's business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. Stockholders and prospective investors should carefully consider the foregoing factors, and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC. Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is in to access your portfolio
