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    SDST
    Earnings call· Jun 2026(Q2 FY26)

    Stardust Power Q2 FY26 earnings call SDST

    Aug 13, 2026 Source

    Executive summary

    Stardust Power Q2 FY26 — Refinery Development and Capital Access Progress

    Stardust Power, a pre-revenue company, continued to advance its Muskogee lithium refinery project through engineering, commercial, and financing milestones in Q2 FY26. The company secured new capital facilities and progressed site readiness, while also addressing its NASDAQ listing compliance. Management remains focused on disciplined execution to secure project financing and long-term success.

    Highlights

    5

    • Secured a $10 million equity line of credit (ELOC) in Q1 FY26 and a $5 million at-the-market (ATM) equity program in Q2 FY26.

    • Generated approximately $1.35 million in capital proceeds from the ELOC facility.

    • Raised approximately $151,000 in gross proceeds from the ATM facility during Q2 FY26, with an additional $2.9 million net proceeds post-quarter end.

    • Selected as the industrial partner in a U.S. Department of Energy funded research initiative focused on next-generation lithium extraction technologies.

    • Advanced geotechnical and subsurface investigations at the Muskogee site, supporting detailed design and constructability planning.

    Concerns

    4

    • Reported a net loss of $3.9 million in Q2 FY26, an increase from $3.7 million in the prior year period.

    • Cash and cash equivalents decreased to approximately $0.5 million as of June 30, 2026, from $3.5 million as of December 31, 2025.

    • Remains dependent on raising additional capital through equity, debt, or other financing sources to meet working capital and capital expenditure requirements over the next 12 months.

    • Actively evaluating alternatives to address NASDAQ listing requirements, specifically related to the minimum market value threshold.

    Operational metrics

    12
    Equity Line of Credit (ELOC)
    $10 million
    Q1 FY26

    established a 10 million equity line of credit or eloc with b riley principal capital 2 providing the company with the ability to access capital over time at our discretion subject to market conditions and the terms of the agreement

    ELOC proceeds generated
    $1.35 million
    YTD Q2 FY26

    Since establishing the E-Lock facility, we have successfully utilized it to generate approximately $1.35 million of additional capital proceeds.

    At-the-Market (ATM) equity program
    $5 million
    Q2 FY26

    In Q2 26, we also established a $5 million at the market or ATM equity program with BID Securities, giving us an additional capital raising tool to support working capital and project advancement.

    ATM gross proceeds generated
    $151,000
    Q2 FY26

    We also selectively utilized our ATM facility during the quarter as well, raising approximately 151,000 gross proceeds

    ATM net proceeds generated
    $2.9 million
    Post Q2 FY26

    while subsequent to quarter end, we have continued to access our available capital market facilities. And as of the date of our 10Q filing, the ATM facility had generated an additional approximately dollars 2.9 million in net proceeds.

    Cash and cash equivalents
    $0.5 millionvs $3.5 million as of December 31, 2025
    As of June 30, 2026

    As of June 30, 2026, we had cash and cash equivalents of approximately $0.5 million compared to $3.5 million as of December 31, 2025.

    Net loss
    $3.9 millionvs $3.7 million in prior year period
    Q2 FY26

    For the second quarter, we reported a net loss of $3.9 million compared to $3.7 million in the prior year period. The year-over-year increase primarily reflects financing-related costs associated with our capital structure, partially offset by favorable changes in the fair value of our warrant libraries.

    Basic and diluted loss per share
    $0.35vs $0.59 in prior year quarter
    Q2 FY26

    Our basic and diluted loss per share was 35 cents compared to 59 cents in the prior year quarter, primarily reflecting the higher weighted average shares of selling following capital raises completed over the past year.

    Net cash used in operating activities
    $4 millionvs $4.5 million in H1 FY25
    H1 FY26

    For the first six months of 2026, net cash used in operating activities was $4 million compared to $4.5 million during the same period in 2035, reflecting continued investment in advancing the business while maintaining disciplined cash management.

    Net cash used in investing activities
    $0.2 millionvs $2.2 million in H1 FY25
    H1 FY26

    Net cash used in investing activities totaled $0.2 million for the first six months of 2026 compared to $2.2 million in the prior year period, primarily reflecting a more disciplined and phased deployment of capital as the project continues to advance to engineering validation.

    Net cash provided by financing activities
    $1.3 millionvs $8.4 million in H1 FY25
    H1 FY26

    Net cash provided by financing activities was $1.3 million compared to $8.4 million in the first six months of 2025, reflecting proceeds from our equity facilities, part partially offset by debt-free things. The prior year period benefited from increased proceeds from public offerings, during the first half of 2025.

    NASDAQ listing requirements
    —
    Current

    Regarding our compliance with NASDAQ listing requirements, we continue to actively evaluate all available alternatives to address our continued listing requirements, including those related to minimum market value threshold.

    Deals & partnerships

    1
    U.S. Department of Energyindustrial partner in a research initiative led by Ohio University focused on next generation lithium extraction technologies

    This collaboration strengthens our position within the domestic critical minerals ecosystem while supporting the evaluation of potential future domestic feedstock sources.

    Capital programs

    1
    Muskogee Lithium Refinery Developmentunderway

    continue to advance development of the Muscogee refinery; Our current investment profile is increasingly focused on targeted pre construction and strategic development activities as we position the Muskogee refinery for construction.

    Risks & headwinds

    2
    Ability to meet working capital and capital expenditure requirementsover the next 12 months

    dependent on our ability to raise additional capital to equity, debt, or other financing sources

    Mitigation: strengthening our financial position and expanding our access to capital (ELOC, ATM facilities)

    Non-compliance with NASDAQ listing requirementscurrent

    related to minimum market value threshold

    Mitigation: actively evaluate all available alternatives to address our continued listing requirements

    What to watch in Q3 FY26

    4

    Project financing for Muskogee Refinery

    next quarter
    CurrentConstruction financing remains our highest corporate priority
    TargetAnnouncement of project financing

    Why it matters

    Securing project financing is essential for the refinery's construction and long-term viability.

    Construction financing remains our highest corporate priority, and our team continues to focus on the commercial, technical, and strategic work required to position the project for future financing opportunities while maintaining a disciplined approach to capital allocation.

    2 min read5 chapters

    Detailed Narrative

    01

    Project Development & Site Readiness

    Stardust Power advanced its Muskogee lithium refinery project by engaging third-party contractors for geotechnical and subsurface investigations at the site. This work supports detailed design and constructability planning, reducing execution risk, and strengthening progress towards construction. Key permits, including those required for construction and commissioning, are already in place, further positioning the refinery for EPC as commercial and financing milestones are achieved.

    02

    Strategic Partnerships & Government Engagement

    The company was selected as the industrial partner in a U.S. Department of Energy funded research initiative led by Ohio University, focusing on next-generation lithium extraction technologies. This collaboration strengthens Stardust Power's position within the domestic critical minerals ecosystem and supports the evaluation of potential future domestic feedstock sources. Executive team members also met with Oklahoma's congressional delegation and federal agencies to reinforce the strategic importance of expanding domestic critical capacity.

    03

    Community & Stakeholder Relations

    Stardust Power continued to strengthen engagement across the Muskogee community and Oklahoma state through various workforce, regulatory, and community initiatives. This included sponsoring local events, engaging with state environmental leaders, and participating in workforce development discussions focused on building Oklahoma's future manufacturing talent pipeline. The company's Managing Director for Oklahoma also graduated from the nine-month Leadership Muskogee Program, further strengthening local relationships.

    04

    Commercial & Financing Foundations

    Discussions with prospective feedstock suppliers, potential offtake counterparties, government stakeholders, and strategic financing partners remained active throughout the quarter. While no material developments were announced, these ongoing discussions are crucial for assembling the commercial, technical, and strategic elements necessary to support project financing and the long-term development of the refinery. Construction financing remains the highest corporate priority.

    05

    Capital Allocation & Liquidity Management

    The company maintained discipline in managing operating expenditures while continuing to invest in activities that support engineering, commercial development, and long-term project value. Financial priorities include engineering discipline, liquidity management, advancing project readiness, and supporting a broader financing strategy for the refinery. The company believes its current financing tools, combined with continued commercial and project execution, provide a solid foundation for the next stage of development.

    AI-generated summary of the company’s earnings call. Not investment advice.