Income StatementBalance SheetCash FlowSegments
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Stardust Power, Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Stardust Power, Inc. generated -$7.5M in operating cash flow over the trailing twelve months. After $4.5K in capital expenditures, free cash flow was -$8.3M. Free cash flow increased 0.2% year-over-year.

Net Cash From Operating (TTM)-$7.5MNet Cash From Investing (TTM)-$2.6MNet Cash From Financing (TTM)$9.7MCapital Expenditures (TTM)$4.5KDepreciation And Amortization Cf (TTM)$3.4KNet Change In Cash (TTM)$2.0M
Market Cap$24.0M
ROE166.24%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs—$8.3K$8.3K$8.3K$8.3K—
Change in accounts payable—$290.9K——-$165.3K$318.8K
Depreciation and amortization$749.0$764.0$772.0$781.0$849.0$992.0
Loss on extinguishment of debt—$96.0K$96.0K$96.0K$96.0K—
Net cash from operating activities-$1.2M-$2.9M-$1.6M-$2.1M-$1.7M-$2.1M
Net income-$9.6M-$3.8M-$3.7M-$4.5M—-$5.2M
Non-cash interest expense—$8.3K$8.3K$8.3K$8.3K$362.0K
Change In Fair Value Of Investment In Equity Securities-$171.1K$10.8K-$738.9K$27.7K-$8.5K$5.6K
Change In Fair Value Of Sponsor Earnout Shares-$2.4M-$528.0K————
Finance Charges$1.7M—————
Gain On Extinguishment Of Liability—————$5.0K
Accrued expenses and other liabilities$1.5M-$360.3K$31.6K$501.7K$155.1K$178.6K
Increase (Decrease) in Prepaid Expense and Other Assets—-$88.9K-$150.8K$293.6K-$123.2K-$16.2K
Loss From Change In Fair Value Of Common Stock Makewhole Obligation$68.0K$197.9K$17.5K$0.0$39.6K$25.0K
Loss On Write Off Of Deferred Transaction Cost—$7.5K$7.5K$7.5K$7.5K—
Marketing Expense—$18.9K$18.9K$18.9K$18.9K$75.6K
Synthetic Atm Commitment Fee$125.0K—————
Write Off Of Deferred Transaction Costs—————$25.0K
Fair Value Adjustment of Warrants—-$1.7M-$472.5K$511.1K—$667.6K
Stock-based compensation$2.7M$3.0M$1.4M$1.7M$1.6M$1.5M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$4.1K$1.1K$1.1K$1.1K$1.1K$1.2K
Payment To Acquire Land$406.0K$688.0$15.9K———
Payments For Capital Project Costs$284.1K$959.6K$1.3M$1.3M$394.3K$173.7K
Payments to Acquire Equity Securities, FV-NI$400.0K—————
Net cash from investing activities-$3.5M-$960.3K-$1.3M-$784.6K-$398.8K-$174.8K
Purchases of equity securities$400.0K—————

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Deferred Transaction Costs Paid—$25.0K————
Payments For Fractional Share Adjustment Due To Reverse Stock Split—$86.3$86.3$86.3$86.3—
Proceeds From Advance From Private Investments—$125.0K————
Proceeds From Convertible Notes And Warrants$525.0K$948.1K$948.1K$948.1K$948.1K—
Net proceeds from sales of subsidiary shares—$5.8M$4.5M———
Proceeds From Short Term Loan From Related Parties$500.0K—————
Proceeds From Warrant Inducement Exercises—$3.0M————
Repayment Of Shortterm Loan From Related Parties—$2.0M————
Repayments of Short-Term Debt$125.2K$1.7M$130.6K$32.6K$99.3K$101.6K
Transaction Costs Associated With Issuance Of Common Stock Upon Warrant Exchange—$648.9K————
Transaction Costs Associated With Public Offerings And Warrant Inducement—$336.0K$336.0K$336.0K$336.0K—
Net cash from financing activities$4.0M$4.5M$3.9M$1.8M$4.0M-$4.4K
Proceeds from issuance of common stock$65.2K$16.4K$106.1K$1.5M$486.3K$97.1K

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$1.2M-$2.1M-$2.1M-$2.1M-$2.1M-$2.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$7.2K$141.7K$1.8K$2.6K$6.1K$39.2K

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$674.5K$675.6K$1.0M—$1.9M-$2.2M
Commitment And Other Fees For Synthetic ATM$125.0K$39.3K$39.3K$39.3K$39.3K—
Discount On Convertible Notes—$366.8K$366.8K$366.8K$366.8K—
Fair Value Of Common Stock Issued To Settled Accrued Expenses—————$1.6M
Finance Charge Related To Equity Kicker$1.6M—————
Incremental Fair Value Of Warrant Inducement—$2.1M————
Pending Stock Issuance Under Licensing Arrangement—$343.0K————
Reclass Of Advances To Capital Project Costs—$236.2K————
Unpaid Amount For Repurchase Of Unvested Shares—$1.6K————
Unpaid Capital Project Costs—$1.5M$153.3K——$2.0K
Unpaid Finance Charge Related To Common Stock Issuance To Lenders$141.8K—————
Unpaid Land Purchase Costs$4.2K—————
Unpaid Property And Equipment Purchase Cost—————$380.0
Unpaid Public Offering Issuance Cost—$652.3K————
Unpaid Stock Issuance Under Licensing Arrangement—$29.0K————