Stardust Power Q1 2025 Earnings Report

Stardust Power EPS Results

• Actual EPS: -$0.03
• Consensus EPS: -$0.03
• Beat/Miss: Met Expectations
• One Year Ago EPS: N/A

Stardust Power Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Stardust Power Announcement Details

• Quarter: Q1 2025
• Date: 5/14/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, May 14, 2025
• Conference Call Time: 5:30PM ET

Stardust Power (NASDAQ:SDST) is a vertically-integrated lithium refinery that engages in producing battery-grade lithium. The company was founded in 2022 and is based in Greenwich, Connecticut.

Stardust Power Q1 2025 Earnings Call Transcript

Key Takeaways

• Strong long-term tailwinds for U.S. lithium refiners as global demand is set to more than double by 2030, and Status Power is advancing one of the largest domestic refineries to capitalize on this structural imbalance.
• The company remains pre-revenue with a net loss of $3.8 million in Q1 FY25 (up from $1.4 million year-over-year) and holds $1.6 million in cash, requiring additional capital raises to fund operations and project milestones.
• Project development progress includes securing a general stormwater permit, advancing a minor air permit technical review, confirmation that no industrial wastewater permit is required, and executing a 40 MW electric substation agreement.
• Status Power is progressing financing efforts with MUFG and expects the definitive feasibility study this quarter, backed by independent validation and insurance optimization to support a final investment decision by year-end.
• The company is advancing multiple domestic feedstock partnerships, controls 35,000 exclusive option acres, and is integrating brine and DLE sources to secure a resilient U.S. lithium supply chain.

Presentation

[Operator]

be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Joanna Gonzalez, Director of Investor Relations and Communications. Please go ahead.

[Johanna Gonzalez, Director of Investor Relations and Communications at Stardust Power]

Thank you, operator. Good afternoon, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward looking statements. For more detailed risks, uncertainties and assumptions relating to our forward looking statements, please see the disclosures in our earnings release and public filings made with the SEC.

[Johanna Gonzalez, Director of Investor Relations and Communications at Stardust Power]

We disclaim any obligation or undertaking to update forward looking statements to reflect circumstances or events that occur after the date the forward looking statements are made, except as required by law. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors in our recent filings. You may get Status Power's SEC filings by visiting the SEC website at www.sec.gov. I would like to remind everyone today this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Statuspow's website. Now, I will turn the call over to Statuspow CEO, Roshan Pajari. Roshan?

[Roshan Pujari, Founder & CEO at Stardust Power]

Thank you, Joanna, and thank you all for joining us today. Welcome to the Stardust Power Q1 '20 '20 '5 earnings call. As referenced on our year end earnings call in March, the macro outlook for lithium remains highly compelling and continues to strengthen according to industry analysts. Global demand is set to more than double by 02/1930, fueled by structural growth across multiple verticals such as electric vehicles, energy storage systems, AI, and broader electrification trends. This growing demand supply imbalance is creating significant pricing support and a long term tailwind for lithium refiners with scalable, reliable production capacity, especially in geopolitically stable jurisdictions like The United States.

[Roshan Pujari, Founder & CEO at Stardust Power]

We remain focused on the medium to long term, while as a company, we are moving forward in the short term. At Stardust Power, we view these market conditions as a generational opportunity. We are advancing one of the largest lithium refineries in America, strategically positioned to address the critical shortage of domestic refining capacity. Our project is designed to be both scalable and sustainable, aligned with federal priorities around clean energy and US supply chain security and energy independence. We believe this positions Stardust Power not only as a key enabler of the energy transition, but also as a high impact value creator in a market where refined lithium supply is becoming increasingly valuable.

[Roshan Pujari, Founder & CEO at Stardust Power]

As we approach the construction stage, we are focused on delivering long term returns for our shareholders. The evolving landscape of US trade market by recent tariffs and China's retaliatory export restrictions has introduced significant volatility into the market, touching all sectors. These developments have heightened concerns about supply chain disruptions and increased costs for downstream industries, potentially dampening enthusiasm for projects reliant on imported materials. However, the shifting environment also underscores the strategic advantage and need for domestic integrated operations. Stardust Power's model, encompassing brines based sourcing, refining, and distribution of battery grade lithium carbonate, positions the company to mitigate risk associated with international trade tensions.

[Roshan Pujari, Founder & CEO at Stardust Power]

By aligning with national initiatives to bolster domestic critical mineral supply chain security, Stardust Power not only seeks to insulate itself from current market volatilities, but also appeals to investors seeking resilient and forward looking opportunities in the energy sector. The world is paying attention to critical minerals and stardust power is invaluable to building resilient American supply chains. The broader stock market has experienced notable volatility in recent months, driven by a mix of macroeconomic factors, trade policy, and geopolitical uncertainties. While market fluctuations can impact sentiment and cause short term price swings, it's an opportunity for investors to focus on the fundamentals. Companies like ours, with a clear path to production, an integrated business model, and strategic alignment with national initiatives for critical minerals are well positioned for long term success.

[Roshan Pujari, Founder & CEO at Stardust Power]

In times of market uncertainty, disciplined investors should consider focusing on sound business models and growth potential rather than letting short term sentiment drive decisions. So far this year, a series of executive orders passed by the president have significantly advanced The US strategy to strengthen domestic critical mineral production, potentially benefiting companies like Stardust Power. These measures include streamlining regulatory processes, prioritizing U. S.-based sourcing and federal contracts, and initiating investigations that could limit reliance on foreign processed minerals. For Stardust Power, who is developing an integrated lithium refinery in Oklahoma, these policies reduce barriers, increase potential for federal support, and reinforce the company's alignment with national security goals.

[Roshan Pujari, Founder & CEO at Stardust Power]

As The US sharpens its focus on energy independence and resilient supply chains, Stardust Power stands well positioned to contribute and to offer investors a compelling future ready opportunity in the critical mineral space. Stardust Power is committed to ongoing dialogue with policymakers to support the industry. This includes substantiating available programs under the Department of Energy, Department of Defense, and other federal entities aligned with domestic resource development. The company is also engaging with state level authorities and public private initiatives to maximize support for its refinery project. These efforts are part of a broader strategy to align with national priorities and secure the backing needed to accelerate project timelines and reduce financial risk.

[Roshan Pujari, Founder & CEO at Stardust Power]

Turning to sourcing supply or feedstock, we're seeing a ramp up in lithium development across key resource basins, driven by accelerating market demand and strong federal backing through the Inflation Reduction Act and DOE initiatives. Projects in Canada and the Smackover region are poised to become globally significant lithium hubs. Successful unitization efforts in Arkansas mark a major legislative milestone for the region, clearing the way for more coordinated development. At the same time, DLE methods are gaining traction, particularly in oil and gas produced water projects, presenting new opportunities for offtake and strategic collaboration. Altogether, these developments signal a maturing U.

[Roshan Pujari, Founder & CEO at Stardust Power]

S. Lithium market, one in which Stardust Power is well positioned to play a central enabling role. Across the Western U. S, many brine exploration efforts are underway, and an increasing number of oil and gas producers are piloting DLE technology to recover lithium from produced water streams. These innovations are accelerating the pace of upstream lithium development and broadening the pool of potential suppliers.

[Roshan Pujari, Founder & CEO at Stardust Power]

In addition, Stardust Power's own controlled assets, 35,000 acres currently under exclusive option, present a promising medium term supply opportunity we are actively evaluating. As a future U. S.-based manufacturer, we are proud to support this expanding ecosystem and play a role in building resilient domestic lithium supply chains aligned with national security and sustainability goals. In doing so, Stardust Power will also serve as a key aggregator of lithium supply, connecting upstream producers with downstream battery manufacturers to ensure a stable, efficient flow of domestically sourced lithium across the entire value chain. Turning to an update on project financing.

[Roshan Pujari, Founder & CEO at Stardust Power]

The company continues to work with our lead advisor MUFG, who has made substantive progress on the project financing front. The financing efforts will accelerate with the upcoming release of the definitive feasibility study to support the determination of the FID before year end. We have engaged a leading independent expert to validate our studies for the benefit of institutional investors. We are working with a best in class insurance advisor and risk management consultant to optimize our insurance strategy while minimizing both cost and risk for the Muskogee project specifically and for Stardust Power overall. Now, for some operational updates regarding our permitting and project development progress.

[Roshan Pujari, Founder & CEO at Stardust Power]

Our team has been hard at work on permitting, and we continue to make steady progress on this front. To date, we have secured our general stormwater permit for construction activities. Once operational, the facility will be subject to stormwater discharge permitting. We anticipate stormwater permitting to be achieved through the use of Oklahoma's general permit. Our minor source air permit has been deemed administratively complete by the Oklahoma Department of Environmental Quality, and the agency has begun its technical review.

[Roshan Pujari, Founder & CEO at Stardust Power]

Our team is actively engaged in responding to information requests as part of that process. On the wastewater permitting front, we had a productive meeting with ODEQ's industrial wastewater permitting leadership in March. Based on our planned operations, specifically the fact that we have a closed loop system and will not be discharging wastewater to either a public treatment facility or to Oklahoma waterways, our team has confirmed that no industrial wastewater permit is required. This represents meaningful advantages to the execution of our business plan, including faster project timelines for new facilities or expansion, reduced regulatory monitoring and reporting resources and cost, and increased operational flexibility since modifications or variations in production processes or schedules won't require complex and expensive water permit modifications. In parallel, we have completed our front end loading three or FEL three engineering study.

[Roshan Pujari, Founder & CEO at Stardust Power]

Primera USA is in the final review stages of the report, and once finalized, it will serve as a comprehensive technical foundation as we move into the next stage of project development. This is a key milestone that strengthens our position as we continue advancing toward final investment decision. Recently, we executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated electric substation at the site of our planned lithium refinery in Muskogee, signaling a critical operational step forward. This agreement underscores the strong partnership we're building with OG and E and ensures long term scalable power up to 40 megawatts for our facility and future expansion. The collaboration aligns with our commitment to sustainability and domestic lithium production and supports the next phase of development as we move forward.

[Roshan Pujari, Founder & CEO at Stardust Power]

Getting a head start on this work allows us to begin critical preconstruction activities for the electrical substation, ensuring it will be already well underway by the time full construction begins. This kind of proactive planning and execution by our team reflects thoughtful, strategic approach we are taking to streamline the build up and accelerate progress once a final investment decision is made. Onto some community focus updates and a recent new hire. Stardust Power is a proud, committed community partner. Over the past few months, we've continued to show up and support key events like the Oklahoma Business Roundtable, Muskogee Day at the Capitol, and the hundred and first Annual Chamber Banquet.

[Roshan Pujari, Founder & CEO at Stardust Power]

We've also had the honor of engaging with local civil civic groups, including the Muskogee Exchange Club, Muskogee Patriots Club, and Leadership Muskogee Class thirty one to deepen our ties and share our vision. Our leadership team recently met with members of Oklahoma's congressional delegation in Washington DC to champion American mineral independence and discuss how our proposed lithium refinery can play a vital role in securing a US based lithium supply chain. As we continue to move forward with our project, our commitment to building strong partnerships and contributing to Muskogee's economic future remains at the heart of everything we do, including creating well paying jobs for the state of Oklahoma. In April, we were proud to have served as the premier sponsor of the Northeast Oklahoma Regional Powerlifting Tournament in Muskogee, Oklahoma. This incredible event brought together eight forty five student athletes from 116 schools across Northeast Oklahoma, showcasing the spirit, strength, and determination of our region's youth.

[Roshan Pujari, Founder & CEO at Stardust Power]

Supporting events like this is about more than visibility. It reflects our deep rooted commitment to investing in our local communities and helping them thrive. We believe that doing good for the community isn't just good business, it's the right thing to do. By partnering with initiatives that bring people together and empower the next generation, we're proud to play a role in building a stronger, more connected Muskogee and Northeast Oklahoma. In April, we were pleased to announce the appointment of Carlos Udequera as senior adviser to Stardust Power.

[Roshan Pujari, Founder & CEO at Stardust Power]

Carlos brings over three decades of experience in metals and mining finance, having led more than 40,000,000,000 in transactions during his tenure at leading institutions, including BNP Paribas, Citi, and Appian Capital. He will be advising our project financing efforts for the Muskogee facility from both a debt and equity perspective and working with our lead financial advisor MUFG. His deep expertise in structuring complex deals, particularly within the EV battery metal supply chain, will be instrumental as we pursue final investment decision and advance our growth plans. And with that, I now turn you to Uday Dvaskar, our chief financial officer, for his remarks on financials. Uday?

[Uday Devasper, CFO at Stardust Power]

Thank you, Roshan, and good afternoon, everyone. And thank you for joining our earnings call for the q one twenty twenty five earnings period. Before we begin, I want to clarify that we will not be providing forward looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information.

[Uday Devasper, CFO at Stardust Power]

First, a quick update on some developments from the quarter and subsequent events just after the quarter end. In December 2024, we entered into short term loan agreements amounting to $3,550,000 with certain investors, bearing 15% annual interest and maturing in March 2025. As of 03/31/2025, I e, q one twenty five, we have fully repaid the loan principal at accrued interest, thereby reflecting a debt free balance sheet as of q one twenty five. And subsequent to the quarter end, have issued the related equity and warrants in accordance with the agreed terms. Now turning to the financials for q one twenty five.

[Uday Devasper, CFO at Stardust Power]

The company is pre revenue currently. As previously reported in our filings, our ability to meet working capital and capital expenditure requirements for the next twelve months is dependent upon our plan to raise additional capital from issuance of equity or receive additional borrowings to fund the company's operating and investing activities over the next year. As of q one twenty five, we had cash and cash equivalents of $1,600,000 on hand compared to $900,000 as of December 3124, I e, FY '24. As mentioned above, as of the current quarter end, we have no long term debt. We have devoted substantial efforts and financial resources to raising capital and organizing and staffing the company, and as a result, having a significant operating losses.

[Uday Devasper, CFO at Stardust Power]

As of q one twenty five and f y twenty four, we had an accumulated deficit of $56,400,000 and $52,600,000, respectively. The company incurred a net loss of $3,800,000 in q one twenty five, which was higher by 2,400,000.0 year over year. Since the company is yet to start commercial production of battery grade lithium, the operating expenses are expected to increase as the company starts to recruit more personnel to perform general operational tasks and set up the facility. Loss per share was a negative 7¢ for q one twenty five compared to negative 4¢ in the prior year. The increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.

[Uday Devasper, CFO at Stardust Power]

Net cash used in operating activities totaled $2,900,000 for the quarter compared to $900,000 in the prior year. 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 $1,000,000 for the quarter, driven by our initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $4,500,000 for the quarter, driven primarily by $8,000,000 in cash received from public offering and warrant inducements, net of offering costs, offset partially by the repayment of $3,700,000 of short term loans. The funds were used to meet working capital needs and make capital investments as described above.

[Uday Devasper, CFO at Stardust Power]

We continue to execute with discipline and strong momentum against our business plan. Our project remains on schedule, and we're hitting critical milestones that move us closer to the final investment decision. We are encouraged by the continued support from industry stakeholders and the alignment of our mission with national priorities around domestic lithium production. We remain focused, well positioned, and excited about the path ahead. That concludes my remarks, and I turn it back to Roshan.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thanks, Uday. With that, we are now happy to take your questions. Operator?

[Operator]

Thank you. And our first question will come from the line of Nick Giles with B. Riley Securities. Your line is open.

[Henry Hearle, Equity Research Associate at B. Riley Securities]

Thank you, operator, and good afternoon, everyone. This is Henry Hurl on for Nick Giles. To start off, guys, do you have an approximate time line of when the final report of the engineering study might be released?

[Roshan Pujari, Founder & CEO at Stardust Power]

Hi, Henry. Thanks for joining us today on our earnings call, and we're looking to release that this quarter.

[Henry Hearle, Equity Research Associate at B. Riley Securities]

Okay. So, I guess we're pretty close. It'll probably close to the end of the quarter then given that we're about halfway through.

[Roshan Pujari, Founder & CEO at Stardust Power]

You know, around that scope, we have finalized the majority of report and are in the final revision stages, and so it should be done shortly.

[Henry Hearle, Equity Research Associate at B. Riley Securities]

Okay, thanks for that. And then you guys also mentioned how the federal support of critical minerals has improved under this new administration. But then, in your opinion, do you think this development outweighs the recent pressures we're seeing on green energy initiatives? Thanks.

[Roshan Pujari, Founder & CEO at Stardust Power]

Yeah. Great question. And, you know, really hard to understand given the evolving landscape. You know, first, I can comment that in our financial model, we do not assume government support, and we see it as an added advantage on top of the benefit of stakeholders. So, with changes and updates in the national direction of critical minerals policy, we see a prioritization of American mineral security under the new administration and different avenues, previous different than the previous are opening up such as the Council Energy Dominance Council.

[Roshan Pujari, Founder & CEO at Stardust Power]

So, we see further opportunities. Given the impact of trade markets and the volatility in trade policy, we see that largely as a potential benefit to Stardust Power as it once again reprioritizes domestic critical mineral supply chains and the decoupling from China, creating more impetus to manufacture these materials here in The US. So we see both as tailwinds for our project.

[Henry Hearle, Equity Research Associate at B. Riley Securities]

Got it. Thanks for the commentary and continuing best of luck.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thank you, Henry.

[Operator]

Thank you. One moment for our next question. And that will come from the line of Jake Sykowski with Alliance Global Partners. Your line is open.

[Jake Sekelsky, Managing Director and Head of Metals & Mining Research at Alliance Global Partners]

Hey, Roshan. Thanks for taking my questions.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thanks for joining us today, Jake.

[Uday Devasper, CFO at Stardust Power]

Jake. Thank you for joining us.

[Jake Sekelsky, Managing Director and Head of Metals & Mining Research at Alliance Global Partners]

You touched on some domestic feedstock starting to come online over the next little while here. I'm just curious how far along are you in discussions with respect to securing feedstock and potentially keeping some of this material inside the domestic supply chain through refining?

[Roshan Pujari, Founder & CEO at Stardust Power]

Yes, so happy to report that we are very well progressed on multiple supply opportunities. Given that up to 80% of lithium feedstocks are sent to China for processing up to 85%, we've seen a very receptive market to refine and manufacture battery grade lithium products domestically in The United States. So we are having multiple conversations and very progressed and look forward to sharing some updates on that as they come available.

[Jake Sekelsky, Managing Director and Head of Metals & Mining Research at Alliance Global Partners]

Okay. That's helpful. And then just can you touch on any outstanding permits that you guys might need prior, to the FID and, a construction decision?

[Roshan Pujari, Founder & CEO at Stardust Power]

Sure. You know, we've been making substantial progress on the permitting front. So as mentioned, we have our storm water and general permit, allows us for the start of major construction. So, we are permitted to move forward in the construction phase. As recently announced, we have gotten confirmation that we do not need an industrial water permit, given our closed end system and how sustainable we are, especially in terms of water usage.

[Roshan Pujari, Founder & CEO at Stardust Power]

So that is a not a required permit. And also, as mentioned, we have applied for a minor air permit. Given that most of our production lines are designed as fully electric, except for a couple of natural gas boilers, very limited emissions, and we it's indicative that we only need a minor permit. We have made our application for that permit and been administratively approved. The ODEQ is working on writing the permit, and we hope to have a full permit in the coming months.

[Roshan Pujari, Founder & CEO at Stardust Power]

And those will be the major permits required for construction and operation of the facility.

[Jake Sekelsky, Managing Director and Head of Metals & Mining Research at Alliance Global Partners]

Okay. That's helpful. That's all for me. Thanks again.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thanks, Jake.

[Operator]

Thank you. One moment for our next question. And that will come from the line of Greg Mesniew with Kingswood Capital Partners. Your line is open.

[Greg Mesniaeff, Research Analyst at Kingswood Capital Partners]

Yes, thank you. Question on your cash flow. You mentioned that operating cash flow was $2,900,000 for the quarter versus $900,000 a year ago. Is that increase primarily headcount related? Or is it some other operational, you know, items?

[Roshan Pujari, Founder & CEO at Stardust Power]

Hi, Greg. Thanks for joining. Happy to give you some information of who they'd like to add in. It also represents significant project development costs as we've been moving the project forward on schedule, engineering and other related project project development costs are included in that. Uday, if you have anything to add?

[Uday Devasper, CFO at Stardust Power]

Yeah, no, Roshan, that's right. And also, Greg, to your point, yes. A lot of it, when you look year over year is primarily operational cost increases with going public as well as additional hires that we've had over the past year have contributed that significantly as well.

[Greg Mesniaeff, Research Analyst at Kingswood Capital Partners]

Gotcha. Okay, thank you.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thanks, Greg.

[Operator]

Thank you. One moment for our next question. And that will come from the line of Tate Sullivan with Maxim Group. Your line is open.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

Thank you. Roshan, can you review your comments? Have you seen more DLE equipment pilot facilities installed at locations of oil runoff production runoff water? Is that what you mentioned earlier?

[Roshan Pujari, Founder & CEO at Stardust Power]

Hi, Tate. Thanks for the question. Yeah, we've seen ramp up in upstream activity from both a traditional lithium supply chain and oil and gas produced water. So multiple commercial grade DLE columns have been deployed as well as more testing from a pilot perspective on produced water throughout The United States. So we see a ramp up in both of those activities.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

And then might it be part of the the FEL or the final engineering the the engineering study that you're scheduled to receive a final of this quarter in in terms of will you have to have a pilot facility yourselves first to show future customers that you are producing battery grade from the equipment process, or or is that not are you just going first to train one construction and then running low capacity initially to provide samples of battery grade lithium?

[Roshan Pujari, Founder & CEO at Stardust Power]

So we've made the determination that for our midstream conversion processing facility, we are using proven and established off the shelf technology, and that has been industry proven for a long time. So, a pilot facility for the midstream is not what was required. For upstream feedstock supplies, piloting is required. So, you know, there are pilots from an upstream perspective, and we are able to create, you know, potentially create samples using our existing process in concert with our vendors for potential qualification opportunities. So, given that these are proven and established off the shelf technologies that we can resize as needed, it limits a lot of that technology risk from the processing.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

And last for me, you mentioned being off the shelf technologies and equipment. Has is is part of what Primera is doing to you identifying potential domestic suppliers of equipment? Can this be be from custom manufacturing, outsourcing facilities? Or will there still be an amount of equipment that you'll have to in source or import rather, or to be determined?

[Roshan Pujari, Founder & CEO at Stardust Power]

Yeah, good question relevant in our times now. So we have made a considerable effort to source domestically as much as possible. We have made a deliberate effort to exclude any equipment or technology from foreign entities of concern, including China. So we've created a lot of guardrails on sourcing and procuring products. There will be some machinery that comes outside of The United States, but from friendly jurisdictions.

[Roshan Pujari, Founder & CEO at Stardust Power]

And then we also have the ability to leverage the free trade zone at Port Muskogee, for additional offsets to potential tariffs. Critical minerals, especially lithium and refining, has been carved out, as per my understanding, from these tariffs as well.

[Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group]

Thank you very much.

[Roshan Pujari, Founder & CEO at Stardust Power]

Thank you, Tate. Thanks for joining us today.

[Operator]

Thank you. That is all the time we have for questions and answers. This concludes today's program. Thank you all for participating. You may now disconnect.

Participants

Executives

• Johanna Gonzalez, Director of Investor Relations and Communications
• Roshan Pujari, Founder & CEO
• Uday Devasper, CFO

Analysts

• Henry Hearle, Equity Research Associate at B. Riley Securities
• Jake Sekelsky, Managing Director and Head of Metals & Mining Research at Alliance Global Partners
• Greg Mesniaeff, Research Analyst at Kingswood Capital Partners
• Tate Sullivan, Managing Director & Senior Industrials Analyst at Maxim Group