Stardust Power Announces Year End 2024 Financial Results

Stardust Power Announces Year End 2024 Financial Results

Stardust Power Inc. ("Stardust Power" or the "Company") (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the year ended December 31, 2024.

Full Year Business Highlights

Operational highlights for the full year 2024 include:

  • Listing on the Nasdaq: Completion of the Business Combination and subsequent listing on the Nasdaq Global Market (the "Nasdaq").
  • Purchase of refinery site: On December 16, finalized the purchase of 66-acre site in Muskogee, Oklahoma, for a total consideration of approximately $1.7 million.
  • Permitting and approvals: Secured the necessary stormwater discharge permit and received administrative approval for the Air Permit, with the technical approval pending. The Oklahoma Department of Environmental Quality has accepted our application as a minor source for emissions, and we believe we are on track for final stage approvals.
  • DFS advancing: Primero USA is in the final stages of the Definitive Feasibility Study (DFS), or FEL 3 study, having advanced nearly to completion our detailed process design package, updated cost estimates, and refined project schedules, along with other key milestones and reviews.
  • Personnel hire and director appointment: Chris Celano as Chief Operating Officer, bringing over 20 years of energy sector leadership and international drilling and mining experience and Martyn Buttenshaw to the Board of Directors, offering extensive metals and mining industry experience to support the Company's U.S. lithium supply chain efforts.
  • Capital raise: During the year a total of $6.4 million of capital raised consisting of $2.8 million equity and $3.5 million debt funding general operational, engineering and corporate uses.

Subsequent Events since Year End 2024

  • Broke ground on centrally located site: On January 22, 2025, the Company held a groundbreaking ceremony in Muskogee, Oklahoma, marking a major business milestone. This event, attended by key local and state officials, also marked the beginning of groundwork and preparation for heavy construction commencing once Final Investment Decision is reached.
  • Offtake agreement with Sumitomo Americas: Entered into a non-binding agreement ("The Agreement") for a potential long-term supply deal for up to 25,000 metric tons of lithium carbonate annually with Sumitomo Americas. The 10-year agreement includes an option to extend to 15 years.
  • KMX Technologies licensing agreement: Signed definitive agreement with KMX Technologies for advanced VMD concentration technology, granting access across the U.S., Canada, and select international markets for lithium production. The technology is expected to help the Company reduce energy consumption, water usage and logistics costs, while improving the economic and environmental performance of operations.
  • Equity raise and warrant inducement: In January 2025, the Company raised $5.75 million through an equity transaction with a large institutional investor, issuing 4,792,000 shares of common stock at $1.20 per share along with 4,792,000 cash warrants at an exercise price of $1.30. Additionally, on March 17, 2025, the Company entered into a warrant inducement agreement with the same investor, generating approximately $2.9 million in gross proceeds for the exercise of 4,792,000 warrants at a revised exercise price of $0.62.

"As we move forward, we are focused on executing our business plan and achieving key milestones that are crucial for meeting the growing demand for secure U.S. supply chains and energy independence. The successful Nasdaq listing in 2024, alongside the recent acquisition and groundbreaking of our strategic site in Muskogee, Oklahoma, is a significant step in our journey. With strong support from new hires, key partnerships, like the Agreement with Sumitomo, and strategic investments in innovative technologies, we are positioning ourselves for growth and value creation in the lithium sector," commented Roshan Pujari, CEO and Founder of Stardust Power.

Full Year 2024 Financial Highlights

  • For the year ended December 31, 2024 i.e. the current year, the Company incurred a net loss of $23.8 million and for the period from March 16, 2023 (inception date) through December 31, 2023 i.e. the prior period, the Company incurred a net loss of $3.8 million, the increase being driven by higher administrative expenses in connection with being a public company and to complement an increased scope of operations.
  • Loss per share was $0.55 for the current year, compared to $0.09 for the prior period, 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 $9.7 million for the current year, compared to $3.0 million for the prior period, 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 $4.8 million for the current year, compared to $0.3 million for the prior period, the increase driven by the purchase of land, engineering, initial capital investments made in the anticipated building of the refinery, strategic investments and promissory notes given to partners.
  • Net cash provided by financing activities was $14.1 million during the current year, compared to $4.6 million for the prior period. The increase was driven primarily by $11.6 million in cash received from subscription agreements entered around the time of the closing of the Business Combination, short term loans and exercise of warrants. Funds were used to meet working capital needs, capital investments and to pay for some of the transaction costs related to the Business Combination.

Annual Report on Form 10-K

The Company's financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") by 28 March, 2025.

Conference Call Details

Participants may access the call by clicking the participant call link to ask questions: https://register-conf.media-server.com/register/BIa452f3fd54bf4f7486c84cbbebebf5e4 .

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: https://edge.media-server.com/mmc/p/39cnop5g

Participants should log in at least 15 minutes early to receive instructions. The earnings call will be available on the Company website following the event.

About Stardust Power

Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and 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 www.stardust-power.com

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 is expected to be filed with the SEC by March 28, 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
investor.relations@stardust-power.com

For Media:

Michael Thompson

media@stardust-power.com


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Carlos Urquiaga_600w_vF (002)

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Company Continues Its Record of Solid Revenue Growth and Margin Expansion

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months ended March 31, 2025. All dollar figures are quoted in Canadian dollars.

"We are pleased to begin 2025 with another quarter of strong year-over-year growth, with revenue increasing by 32% and gross margin up 58% over Q1 2024," said Michael Moskowitz, Chair and CEO of NorthStar. "At the same time, we continue to effectively manage our major operating expense items which are decreasing as a percentage of revenue. Our results are being driven in part by ongoing product and promotional innovations that reinforce our premium positioning."

Financial Highlights for the First Quarter Ended March 31, 2025 ("Q1 2025"):

  • Revenue1 was $7.8 million in Q1 2025, a 32% increase from $5.9 million in Q1 2024. Revenue in Q1 2025 includes $0.2 million of managed services revenue, which compares to $0.1 million in Q1 2024.
  • Gross Margin was $3.0 million, a 58% increase from $1.9 million in Q1 2024, while the Gross Margin percentage increased to 38.5%, up from 31.5% in Q1 2024.
  • Profit before marketing and other expenses1 was $0.6 million in Q1 2025 compared to a loss of $0.6 million in Q1 2024.
  • General and administrative expense was $2.4 million in Q1 2025, a decrease of 1% from Q1 2024, and represented 31% of revenue compared to 41% a year earlier.
  • Marketing expense of $4.1 million increased 11% over Q1 2024, and represented 52% of revenue compared to 62% in Q1 2024.

Recent Operating Highlights:

  • NorthStar recorded the highest customer retention rate in its history in Q1 2025, driven by its delivery of a superior customer experience, innovative promotions and a focus on high-value players through the NorthStar Elite program.
  • NorthStar increased the number of games offered on its Casino platform by 15% to more than 1,800 games during the first quarter.
  • NorthStar Bets Blackjack VZN went live on March 19, 2025. This innovative multiplayer Blackjack game has the feel of live Blackjack, and reinforces the Company's premium positioning through NorthStar Bets branding.
  • Integrated new product analytical tools to help us measure and track the player journey and accelerate product enhancements and development.
  • On March 20, 2025, NorthStar unveiled the new Spring Tournament Series with premium online tournaments spanning Live Blackjack, Slots and Sports betting. The series builds on innovations developed for last fall's NorthStar Blackjack Championship event.
  • On January 27, 2025, the Company announced that it entered into a credit agreement (the "Credit Agreement") in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30 million USD). The Company expects that the Credit Agreement will strengthen its balance sheet and enable it to accelerate its growth initiatives.

Outlook

"We anticipate another year of solid top line growth and margin expansion in 2025, supported by our recently strengthened balance sheet. Major expense items should continue to decline as a percentage of revenue as we realize further operating leverage through the scaling of the business," said Mr. Moskowitz. "We expect the managed services business to help drive revenue growth this year. Looking ahead, the Alberta government recently took another step forward in establishing a regulatory regime to become the second Canadian province to license online gaming as early as the end of this year, and we eagerly await further details."

Restatement of Results

The comparative results for the three months ended March 31, 2024 have been restated in the financial statements and management's discussion & analysis ("Q1 2025 MD&A") for the first quarter ended March 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (please see note 2 of the Financial Statements for the three months ended March 31, 2025).

Additional Information

For additional information, please refer to the Company's condensed consolidated interim financial statements for the three-month period ended March 31, 2025, and the corresponding management's discussion and analysis ("MD&A"). These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The term "Profit/(Loss) before marketing and other expenses" is a non-IFRS financial measure. This measure is not a recognized measure under International Financial Reporting Standards ("IFRS") and does not have a standardized meaning prescribed by IFRS and is, therefore, not necessarily comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Operating Results

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

$ Millions
(unaudited)
Three months ended
March 31,
2025
March 31,
2024
Revenue$ 7,849$ 5,930
Cost of Revenues4,8304,060
Gross Margin3,0191,870
General and administrative expenses2,4342,449
Profit/(Loss) before marketing and other expenses (1)585(579)
Marketing4,0973,688
Loss before other expenses (1)(3,512)(4,267)
Other expenses2,2882,554
Net loss$ (5,800)$ (6,821)

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

Beginning in Q1 2025, the Company is no longer disclosing the two non-IFRS measures Total Wagers and Gross Gaming Revenue. These measures no longer reflect the full scope of the Company's business, as both are recorded only in Ontario where the Company owns and operates the licensed iGaming platform Northstarbets.ca. Managed services revenues are generated outside of Ontario through services the Company provides to the Abenaki Council of Wolinak, which owns and operates the iGaming platform Northstarbets.com. As a result of the ongoing growth in the Company's managed services revenue, management believes revenue, gross margin and profit (/loss) before marketing and other expenses are more relevant measures of the Company's progress.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information: Company Contact:

Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

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  • $3 billion in cash and stock, inclusive of a contingent payment of up to $450 million
  • AMD retains ZT Systems' rack-scale AI solutions design and customer enablement expertise to accelerate quality and time-to-deployment for cloud customers
  • Divestiture and preferred NPI manufacturing partnership with Sanmina consistent with intentions announced at the time of ZT Systems acquisition

AMD (NASDAQ: AMD) today announced it has entered into a definitive agreement to sell ZT Systems' U.S.-headquartered data center infrastructure manufacturing business to Sanmina (NASDAQ: SANM), a leading integrated manufacturing solutions company. As part of the transaction, Sanmina becomes a preferred new product introduction (NPI) manufacturing partner for AMD cloud rack and cluster-scale AI solutions. AMD will retain ZT Systems' world-class design and customer enablement teams to accelerate the quality and time-to-deployment of AMD AI systems for cloud customers.

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