Stardust Power Inc., an American developer of battery-grade lithium products, announced its financial results for the second quarter ended June 30, 2025. The company reported a net loss of $3.7 million, an increase from the $2.7 million net loss in the same quarter of the previous year. Net cash used in operating activities rose to $4.5 million for the six months ended June 30, 2025, compared to $2.1 million for the prior year period, driven by continued investment in operations, hiring of key talent, and increased legal and administrative expenses. Net cash used in investing activities increased to $2.2 million from $0.5 million in the prior year period, largely due to initial capital investments in the anticipated building of a refinery. Net cash provided by financing activities was $8.4 million, up from $2.0 million in the prior year period, primarily due to $12.0 million in cash received from public offerings and warrant inducements, offset by $3.8 million in short-term loan repayments. Stardust Power's cash and cash equivalents stood at approximately $2.6 million as of June 30, 2025, with no long-term debt. Significant business updates include the successful closure of an underwritten public offering on June 18, 2025, yielding gross proceeds of approximately $4.52 million. Additionally, the company made progress on its FEL-3 definitive engineering study, which is currently undergoing third-party validation and internal review. CEO Roshan Pujari highlighted the company's steady progress in engineering, permitting, and infrastructure, positioning Stardust Power to meet the growing demand for U.S.-based lithium refining capacity.