Stardust Power Inc. (SDST) Balance Sheet
SDST balance sheet, 2025
December 31, 2025 · U.S. dollars$11.8M assets = $17.6M liabilities + −$5.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$5.8M).
Both columns are drawn to the same scale: what SDST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SDST financial health
Descriptive bands, not a rating. Fiscal 2025.
SDST balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $225,0002020 | $11.8M2025 | +120.7%/yr | |
| Total liabilities | $205,0002020 | $17.6M2025 | +143.6%/yr | |
| Shareholders’ equity | $20,0002020 | −$5.8M2025 | — | |
| Cash & short-term investments | $20,0002020 | $3.5M2025 | +180.6%/yr | |
| Total debt | $199,0002020 | $3.4M2025 | +76.4%/yr | |
| Net cash (debt) | −$179,0002020 | $81,7422025 | +$260,742 | |
| Working capital | −$185,0002020 | −$10.2M2025 | −$10.0M | |
| Current ratio | 0.102020 | 0.282025 | +0.19 | |
| Debt / equity | 9.952020 | 0.002022 | −9.95 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SDST assets
SDST liabilities and equity
SDST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SDST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $3.5M | $912,574 | $1.3M | $101,000 | $842,000 | $20,000 |
| Cash & equivalents | $3.5M | $912,574 | $1.3M | $101,000 | $842,000 | $20,000 |
| Receivables | $0 | $502,838 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $573,834 | $722,452 | $1.4M | $8,000 | $183,000 | $0 |
| Total current assets | $4.1M | $2.1M | $2.7M | $109,000 | $1.0M | $20,000 |
| Property, plant & equipment (net) | $1.8M | $1.8M | $1,968 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $37,374 | $1.5M | $218,556 | $0 | $0 | $0 |
| Other non-current assets | $5.9M | $3.6M | $100,000 | $304.7M | $300.1M | $205,000 |
| Total assets | $11.8M | $9.0M | $3.0M | $304.8M | $301.1M | $225,000 |
| Liabilities | ||||||
| Accounts payable | $8.3M | $10.3M | $1.3M | — | — | — |
| Short-term debt | $1.1M | $10.0M | $72,967 | $785,000 | — | $199,000 |
| Deferred revenue | — | — | −$1,257 | — | — | — |
| Total current liabilities | $14.3M | $25.0M | $1.5M | $3.9M | $2.8M | $205,000 |
| Long-term debt | $2.3M | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.0M | $3.4M | $5.2M | $11.0M | $23.4M | $0 |
| Total liabilities | $17.6M | $28.4M | $6.8M | $14.8M | $26.2M | $205,000 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $975 | $4,603 | $4,023 | $304.7M | $300.0M | $1,000 |
| Retained earnings (deficit) | −$68.3M | −$52.6M | −$3.8M | −$14.7M | −$25.1M | −$5,000 |
| Total shareholders' equity | −$5.8M | −$19.4M | −$3.7M | $289.9M | $274.9M | $20,000 |
| Key figures | ||||||
| Total debt | $3.4M | $10.0M | $5.3M | $785,000 | — | $199,000 |
| Net cash (debt) | $81,742 | −$9.1M | −$4.0M | −$684,000 | — | −$179,000 |
| Working capital | −$10.2M | −$22.9M | $1.2M | −$3.8M | −$1.8M | −$185,000 |
| Tangible book value | −$5.8M | −$19.4M | −$3.7M | $289.9M | $274.9M | $20,000 |
| Current ratio | 0.28 | 0.09 | 1.75 | 0.03 | 0.37 | 0.10 |
| Quick ratio | 0.24 | 0.06 | 0.83 | 0.03 | 0.30 | 0.10 |
| Debt / equity | — | — | — | 0.00 | — | 9.95 |
| Equity / assets | −49.4% | −214.8% | −123.5% | 95.1% | 91.3% | 8.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $540,264 | $1.2M | $3.5M | $1.6M | $3.2M | $1.6M | $912,574 | $1.6M | $641,966 | $388,398 | $1.3M | $1,000 |
| Cash & equivalents | $540,264 | $1.2M | $3.5M | $1.6M | $2.6M | $1.6M | $912,574 | $1.6M | $641,966 | $388,398 | $1.3M | $1,000 |
| Short-term investments | — | — | — | — | $576,571 | — | — | — | — | — | — | — |
| Receivables | $0 | $0 | $0 | $332,363 | $332,363 | $510,117 | $502,838 | $495,397 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $368,560 | $479,110 | $573,834 | $455,733 | $172,533 | $343,466 | $722,452 | $1.2M | $0 | $2.1M | $1.4M | $79,000 |
| Total current assets | $908,824 | $1.7M | $4.1M | $2.4M | $3.7M | $2.4M | $2.1M | $3.3M | $405,000 | $2.5M | $2.7M | $80,000 |
| Property, plant & equipment (net) | $1.9M | $7.1M | $1.8M | $1.8M | $7.0M | $1.8M | $1.8M | $14,830 | $8,883 | $4,915 | $1,968 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $28,802 | $42,975 | $37,374 | $45,908 | $18,228 | $1.5M | $1.5M | $67,562 | $0 | $0 | $218,556 | $0 |
| Other non-current assets | $6.2M | $550,109 | $5.9M | $5.9M | $576,335 | $5.7M | $3.6M | $2.0M | $1.5M | $952,865 | $100,000 | $42.6M |
| Total assets | $9.1M | $9.4M | $11.8M | $10.0M | $11.3M | $11.4M | $9.0M | $5.4M | $1.9M | $3.4M | $3.0M | $42.7M |
| Liabilities | ||||||||||||
| Accounts payable | $8.7M | $8.5M | $8.3M | $9.3M | $10.6M | $11.9M | $10.3M | $6.5M | $1.9M | $2.4M | $1.3M | $776,540 |
| Short-term debt | $90,527 | $1.9M | $1.1M | $304,666 | — | $6.3M | $10.0M | $383,797 | $4.1M | $49,143 | $72,967 | $2.6M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$1.9M | −$2,357 | −$1,256 | — |
| Total current liabilities | $14.9M | $13.9M | $14.3M | $14.4M | $14.9M | $22.6M | $25.0M | $11.0M | $11.8M | $3.0M | $1.5M | $3.8M |
| Long-term debt | $1.1M | $1.7M | $2.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $157,444 | — | — | — | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $1.2M | $1.7M | $1.0M | $796,182 | $285,353 | $1.7M | $3.4M | $7.7M | $12.4M | $5.5M | $5.2M | $10.6M |
| Total liabilities | $17.3M | $17.3M | $17.6M | $15.2M | $15.2M | $24.3M | $28.4M | $18.7M | $24.2M | $8.5M | $6.8M | $14.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,152 | $985 | $975 | $883 | $8,292 | $5,624 | $4,603 | $4,573 | $1.5M | $87 | $4,023 | $42.6M |
| Retained earnings (deficit) | −$77.5M | −$73.6M | −$68.3M | −$64.6M | −$60.1M | −$56.4M | −$52.6M | −$43.1M | −$23.8M | −$5.2M | −$3.8M | −$14.3M |
| Total shareholders' equity | −$8.2M | −$7.9M | −$5.8M | −$5.1M | −$3.9M | −$12.8M | −$19.4M | −$13.3M | −$22.3M | −$5.1M | −$3.7M | $28.3M |
| Key figures | ||||||||||||
| Total debt | $90,527 | $3.7M | $3.4M | $304,666 | — | $6.3M | $10.0M | $383,797 | $4.1M | $5.6M | $5.3M | $2.6M |
| Net cash (debt) | $449,737 | −$2.4M | $81,742 | $1.3M | — | −$4.7M | −$9.1M | $1.2M | −$3.5M | −$5.2M | −$4.0M | −$2.6M |
| Working capital | −$14.0M | −$12.1M | −$10.2M | −$12.0M | −$11.2M | −$20.2M | −$22.9M | −$7.7M | −$11.4M | −$506,849 | $1.2M | −$3.7M |
| Tangible book value | −$8.2M | −$7.9M | −$5.8M | −$5.1M | −$3.9M | −$12.8M | −$19.4M | −$13.3M | −$22.3M | −$5.1M | −$3.7M | $28.3M |
| Book value per share | −$0.74 | −$0.79 | −$0.59 | −$0.61 | — | — | — | — | — | — | — | — |
| Shares outstanding | 11.1M | 9.9M | 9.9M | 8.4M | — | — | — | — | — | — | — | — |
| Current ratio | 0.06 | 0.12 | 0.28 | 0.17 | 0.25 | 0.11 | 0.09 | 0.30 | 0.03 | 0.83 | 1.75 | 0.02 |
| Quick ratio | 0.04 | 0.09 | 0.24 | 0.13 | 0.24 | 0.09 | 0.06 | 0.19 | 0.05 | 0.13 | 0.83 | 0.00 |
| Debt / equity | — | — | — | — | — | — | — | — | — | — | — | 0.09 |
| Equity / assets | −91.0% | −83.4% | −49.4% | −51.0% | −34.4% | −112.1% | −214.8% | −247.4% | −1,150.0% | −147.3% | −123.5% | 66.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
SDST financial position
At the end of fiscal 2025 (December 31, 2025), Stardust Power had total assets of $11.8 million (up 30.5% from a year earlier), total liabilities of $17.6 million and shareholders' equity of -$5.8 million. It held $3.5 million in cash and short-term investments against $3.4 million of debt, a net cash position of $0.1 million. Its current ratio was 0.28. In the latest quarter (ended June 30, 2026) total assets were $9.1 million and equity -$8.2 million.
Related: SDST income statement, SDST cash flow statement, SDST key metrics. See the SDST stock overview for the latest quote and news.
SDST balance sheet FAQ
What are Stardust Power's total assets?
Stardust Power reported total assets of $11.8 million at the end of fiscal 2025 (December 31, 2025), compared with $9.0 million a year earlier.
How much debt does Stardust Power have?
Stardust Power had $3.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Stardust Power have?
Stardust Power held $3.5 million in cash and short-term investments at the end of fiscal 2025; with $3.4 million of debt that is net cash of $0.1 million.
What is Stardust Power's book value?
Stardust Power's shareholders' equity (book value) was -$5.8 million at the end of fiscal 2025.
What is Stardust Power's current ratio?
Stardust Power had current assets of $4.1 million and current liabilities of $14.3 million, a current ratio of 0.28 (current liabilities exceed current assets).