Stardust Power Inc.

What they do

Stardust Power is a development-stage company focused on building a lithium refinery in Muskogee, Oklahoma, with planned capacity of up to 50,000 metric tons per annum of battery-grade lithium carbonate (BGLC). It has not yet produced or sold any BGLC and is currently engaged in site acquisition, feedstock sourcing, and offtake commitments. The company intends to process lithium chloride feedstock from multiple suppliers and sell to battery manufacturers, the U.S. defense industrial base, and Western OEMs.

Revenue drivers

• No current revenue — The company has no products or sales; it is a development-stage entity with no revenue from operations.

Recent performance

For the year ended 2025, Stardust Power reported a net loss of $3.8 million and diluted EPS of -$2.13, compared to a net loss of $23.8 million and EPS of -$5.55 in 2024. Operating cash flow was -$8.3 million in 2025 and -$9.7 million in 2024. As of June 30, 2026, the company had cash and equivalents of $540,264, total assets of $9.1 million, total liabilities of $17.3 million, and shareholders' equity of -$8.2 million.

Strategy

Stardust Power's strategy is to complete development of its planned Muskogee refinery, secure feedstock supply through letters of intent and memoranda of understanding, and obtain offtake commitments for its BGLC. It plans to source lithium chloride from multiple suppliers and may invest upstream to secure feedstock. The company is also pursuing project-level financing, including a letter of intent for up to $150 million from an institutional investor, and has entered into financing agreements for working capital.

Risks

• Going concern and liquidity — With negative shareholders' equity, minimal cash, and no revenue, the company faces significant liquidity risk and may need additional financing to continue operations.
• No production or revenue — The company has not produced or sold any BGLC and is subject to the risks of constructing and commissioning a large-scale refinery.
• Feedstock and offtake uncertainty — The business depends on securing economically viable lithium feedstock and offtake agreements, with uncertainty about the existence and extraction of lithium resources at supplier sites.
• Potential Nasdaq non-compliance — The company recently disclosed a delisting notice or listing-rule failure, which could affect its ability to maintain its listing on the Nasdaq Capital Market.

Outlook

Management expects to advance the facility through site readiness, secure feedstock, and obtain offtake commitments. The company is pursuing additional financing, including a potential $150 million project-level investment noted in a letter of intent, but acknowledges uncertainties around construction, funding, and eventual production. It anticipates growing demand for battery-grade lithium from electric vehicles, energy storage, data centers, and defense applications.