As of September 30, 2024, Stardust Power Inc. (formerly Global Partner Acquisition Corp II) reported significant financial changes following its business combination completed on July 8, 2024. The company’s total assets surged to $5.4 million from $3.0 million at the end of 2023, while total liabilities increased dramatically to $18.7 million from $6.8 million. This resulted in a stockholders’ deficit of $(13.3 million), up from $(3.7 million) at the end of the previous fiscal year.

Stardust Power has not generated any revenue since its inception, with reported revenue of $0 for both the three and nine months ended September 30, 2024. The company incurred substantial general and administrative expenses, totaling $9.0 million for the third quarter of 2024, a significant rise from $778,455 in the same period of 2023. For the nine months ended September 30, 2024, these expenses reached $11.5 million, compared to $1.9 million for the same period in the previous year. The operating loss for the third quarter was $(9.0 million), compared to $(778,455) in the prior year, while the net loss for the same period was $(10.1 million), up from $(843,800) in 2023.

The company’s accumulated deficit has grown to $43.1 million as of September 30, 2024, compared to $3.8 million at the end of 2023. Basic and diluted loss per share for the third quarter of 2024 was $(0.22), compared to $(0.02) in the same quarter of 2023. For the nine months ended September 30, 2024, the basic and diluted loss per share was $(0.34), compared to $(0.07) for the same period in 2023.

In terms of financing, Stardust Power raised $10.1 million through various activities, including proceeds from convertible notes and PIPE shares, following the business combination. The company has also entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II, allowing it to sell up to $50 million of newly issued shares, although no sales had occurred by the report date.

Strategically, Stardust Power is focused on developing a lithium refinery in Oklahoma, with a production capacity aimed at reaching 50,000 tons per annum. The company has received up to $257 million in performance-based incentives from the State of Oklahoma, contingent on job creation and equipment procurement. However, the company anticipates that its current cash and potential investments will be insufficient to meet its working capital and capital expenditure requirements for at least the next twelve months, raising substantial doubt about its ability to continue as a going concern.