Stardust Solar's backlog eclipses $4-million

Executive Summary

• Stardust Solar reported record Q3 2025 revenue of $1.78 M (up 99% YoY) and achieved its first EBITDA‑positive quarter ($16,293).
• Signed contract backlog grew to $4.4 M, providing visibility into 2026 with an anticipated addition of 25–50 new franchise territories and expansion into the Caribbean and Zambia.
• The company posted its first positive operating cash flow ($131 K) and narrowed net loss to $25,018 for the quarter.

Key Details

• Revenue: $1.78 M in Q3 2025 (99% YoY increase); 9‑month revenue $3.99 M (+40% YoY); TTM revenue ≈ $4.8 M (+32%).
• Gross Margin: 44% in Q3 2025 vs. 31% in Q3 2024; YTD margin also 44% (up from 29% YTD 2024).
• EBITDA: $16,293 for the quarter – first EBITDA‑positive result.
• Net Loss: $25,018 for Q3 2025 (loss per share: $0.00), a significant improvement from prior periods.
• Operating Expenses: $812,628 (up 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 $340,000 at quarter‑end (vs. $171,000 on June 30 2025).
• Operating Cash Flow: Positive $131,000 – first positive operating cash flow quarter since IPO.
• Growth Outlook 2026: Plan to add ~25–50 new franchise territories; continued international expansion (Caribbean, Zambia).
• Commercial Projects: Anticipated increase in commercial installation activity across Canada, the United States, and internationally.
• M&A Activity: Ongoing evaluation of acquisition opportunities that complement existing operations; several potential transactions under review.

Notable Quotes

“Q3 demonstrates the scaling potential of our model,” said Mark Tadros, founder and chief executive officer. “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… Our priorities remain converting backlog into revenue, supporting franchise partners as they grow and maintaining a balanced approach to capital allocation.”