Stardust Power (SDST) Q4 2025 earnings summary

Executive summary

• Advanced technical, commercial, and regulatory milestones for the Muskogee lithium refinery, including completion of the FEL-3 engineering study, independent third-party validation, and early site preparation.

• Plans to build one of the largest U.S. lithium refineries in Muskogee, Oklahoma, targeting up to 50,000 metric tons of battery-grade lithium annually for EV and energy storage markets.

• Vertically integrated supply model aggregates North American and allied-country brine resources, reducing sourcing risk and ensuring steady feedstock.

• Strategic partnerships with leading engineering and technology firms, and strong state and federal incentive support, including up to $257M in Oklahoma incentives.

• Strengthened leadership team with key appointments in mining, finance, engineering, legal, regulatory, and project development roles.

Financial highlights

• Cash and cash equivalents were $3.5 million as of December 31, 2025, up from $913,000 at the end of 2024.

• Net loss for 2025 was $15.7 million, an improvement from $23.8 million in 2024, mainly due to lower financing charges and reduced G&A expenses.

• Loss per share was $2.13 for 2025, compared to $5.55 in 2024, reflecting lower net loss and increased share capital.

• Net cash used in operating activities was $8.3 million, and in investing activities $3.4 million for 2025.

• Market capitalization as of November 5, 2025: $39.66 million; no corporate debt reported.

Outlook and guidance

• Phase I of the Muskogee refinery is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate, with a planned expansion to 50,000 metric tons annually.

• Estimated Phase I capital expenditure is approximately $500 million.

• Focus for 2026 is on execution, securing project-level financing, and transitioning the refinery project into construction.

• The company continues to evaluate financing alternatives, including strategic partners and government-supported programs.

• Additional capital will be required to fund operations and project milestones over the next 12 months.