Stardust Solar Sets 2026 Outlook Backed by $4M Backlog and Strengthening Financial Metrics

Executive Summary

• Stardust Solar reported record Q3 2025 revenue of $1.78 M (‑99% YoY) and achieved its first EBITDA‑positive quarter ($16,293).
• Signed contract backlog surpassed $4 M, providing strong visibility into 2026 growth; cash balance rose to $340 K.
• Management outlined an aggressive 2026 expansion plan, targeting 25–50 new franchise territories and increased commercial project activity, while evaluating M&A opportunities.

Key Details

• Revenue: $1.78 M in Q3 2025 (‑99% YoY), highest quarterly revenue to date.
• Gross Margin: 44% in Q3 2025 vs. 31% in Q3 2024; YTD margin also 44% vs. 29% YTD 2024.
• EBITDA: $16,293 – first positive EBITDA quarter.
• Net Loss: $25,018 for the quarter (loss per share $0.00), a significant improvement from prior periods.
• Operating Expenses: $812,628 (+14% YoY) driven by higher advertising, promotion, professional and administrative costs.
• Signed Contracts: $2.55 M of new contracts in Q3 2025 (+206% YoY); total backlog now $4.4 M (+38% vs. June 30 2025).
• Liquidity: Cash & cash equivalents $340 K at quarter‑end (vs. $171 K at June 30 2025).
• Operating Cash Flow: Positive $131 K – first positive operating cash flow quarter since IPO.
• 9‑Month Revenue: $3.99 M, up 40% YoY.
• Trailing Twelve‑Month (TTM) Revenue: Approximately $4.8 M, a 32% increase over the prior 12‑month period.
• 2026 Growth Outlook – Franchise Expansion: Target of 25–50 additional franchise territories; new locations launched in Caribbean and Zambia.
• 2026 Commercial Project Growth: Anticipated “meaningful increase” in commercial installations across Canada, U.S., and international markets.
• M&A Strategy: Ongoing evaluation of acquisition targets that complement existing operations; several potential transactions under review.

Notable Quotes

“Q3 demonstrates the scaling potential of our model,” said Mark Tadros, Founder & CEO. “We delivered record revenue, improved margins, positive operating cash flow, and a significant increase in signed contracts that expanded our backlog to $4.4 million.”