Stardust Power (SDST) Q2 2026 earnings summary

Executive summary

• Advanced the Muskogee lithium refinery project with site preparation, detailed design planning, and geotechnical investigations to reduce execution risk.

• Selected as an industrial partner in a U.S. Department of Energy-funded initiative for next-generation lithium extraction technologies.

• Strengthened community and government engagement, including workforce development and regulatory initiatives in Oklahoma.

• Appointed Ray Rivers to the Board, enhancing governance and capital markets expertise.

• Maintained disciplined execution and capital allocation to support project readiness and long-term value.

Financial highlights

• Remains pre-revenue as the Muskogee refinery is still in development, with no revenue or gross margin reported.

• Reported Q2 2026 net loss of $3.9 million, up from $3.7 million year-over-year, mainly due to financing-related costs.

• Basic and diluted loss per share was $(0.35) for Q2 2026, improved from $(0.59) in Q2 2025 due to higher share count.

• Cash and cash equivalents were $0.5 million as of June 30, 2026, down from $3.5 million at year-end 2025.

• Net cash used in operating activities was $4.0 million for the first half of 2026, down from $4.5 million year-over-year.

Capital allocation and financing

• Established a $10 million equity line of credit and a $5 million at-the-market equity program with B. Riley.

• Raised $1.35 million via ELOC and $161,000 via ATM in Q2; post-quarter, ATM generated an additional $3.1 million.

• Net cash provided by financing activities was $1.3 million for the first half of 2026, down from $8.4 million in the prior year.

• Entered into $15 million convertible debt facility with Lind; $4.8 million note outstanding, now in default due to market cap trigger.

• Non-binding LOI for up to $150 million project-level financing signed in April 2026.