Stardust Power (SDST) Q1 2026 earnings summary

Executive summary

• Transitioned from project de-risking to advancing financing and execution for the Muskogee Lithium Refinery, securing the final air quality construction permit and entering new supply agreements for lithium chloride feedstock.

• Strengthened strategic positioning in the U.S. lithium ecosystem through industry consortium memberships and high-level government engagement, including White House participation.

• Expanded domestic feedstock pipeline via multiple LOIs and commercial discussions, supporting future production capacity.

• Development-stage battery-grade lithium manufacturer focused on building a large-scale refinery in Oklahoma, targeting EV and energy storage markets.

Financial highlights

• Remains pre-revenue as development continues, with no revenue recognized and an accumulated deficit of $73.6 million as of March 31, 2026.

• Q1 2026 net loss was $5.23 million, up from $3.81 million year-over-year, mainly due to warrant liability changes and debt financing expenses.

• General and administrative expenses decreased 31% year-over-year to $3.98 million, mainly due to lower stock-based compensation and consulting fees.

• Cash and cash equivalents were $1.24 million as of March 31, 2026, down from $3.48 million at year-end 2025.

• Net cash used in operating activities was $2.1 million, improved from $2.9 million year-over-year; net cash used in investing activities was $0.2 million, down from $1 million year-over-year.

Outlook and guidance

• No forward-looking guidance or estimates provided; near-term focus on securing project-level financing to commence construction.

• Management expresses substantial doubt about the ability to continue as a going concern without additional capital.

• Expect operating expenses to rise as the project moves into major construction.

• Project-level financing LOI for up to $150 million signed post-quarter, but non-binding and subject to due diligence.