GREENWICH, Conn., March 17, 2026 (GLOBE NEWSWIRE) -- Stardust Power Inc. (Nasdaq: SDST) ("Stardust Power" or the "Company"), an American developer of battery-grade lithium carbonate, today announced its preliminary results for the year ended December 31, 2025 and provided an update on the continued development of its lithium refinery project in Muskogee, Oklahoma.
"2025 marked a year of meaningful progress for Stardust Power as we advanced the technical, commercial and regulatory foundations of our lithium refinery in Muskogee," said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. "During the year, we completed key engineering milestones, including our FEL-3 study, entered into strategic feedstock supply agreements and received independent third-party validation of the refinery design. Phase I is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate, forming the first stage of a planned 50,000 metric tons per-year refining platform, with estimated Phase I CapEx of approximately $500 million. The refinery is designed to support the development of a more secure domestic lithium supply chain. Following year-end, we also received our air quality construction permit from the Oklahoma Department of Environmental Quality, which helps position the refinery to move toward construction."
2025 Refinery Project Milestones and Business Highlights:
-- Completed the Front-End Loading Level 3 ("FEL-3") engineering study by
Primero for the planned lithium refinery in Muskogee, Oklahoma, providing
engineering and project definition and establishing an estimated capital
cost of approximately $500 million to support the next stage of
development and construction planning. The Company continues to evaluate
a range of project financing alternatives, including potential strategic
partners, government-supported financing programs and capital markets
transactions, to support the development and construction of the Muskogee
lithium refinery.
-- Completed an independent third-party review of the Muskogee lithium
refinery by Black & Veatch, which concluded that the project presents low
technical and design risk and that Phase 1 production targets are
expected to be achievable.
-- Broke ground at the site in Muskogee, Oklahoma, initiating early site
preparation as the refinery advances toward construction.
-- Entered into non-binding lithium chloride feedstock supply arrangements
with Mandrake Resources and Prairie Lithium totaling up to 13,500 metric
tons per year of lithium carbonate equivalent ("LCE"), which is a
positive step towards establishing a diversified supply pipeline to
support future refining operations.
-- Raised $13.2 million in equity capital and secured up to $10.0 million in
debt financing, supporting continued advancement of the Company's lithium
refinery.
-- Strengthened senior leadership team with the appointments of Carlos
Urquiaga, Kenneth Pitts and Bruce Czachor, adding deep experience across
legal and regulatory matters, project development, capital markets and
the global battery materials supply chain.
-- Continued development and planning for the Muskogee lithium refinery,
including engineering, feedstock sourcing and permitting milestones
supporting the refinery's progression toward a final investment decision.
Subsequent Events since Year-End 2025
-- Received the final air quality construction permit from the Oklahoma
Department of Environmental Quality for the Muskogee lithium refinery,
positioning the project to advance toward construction and commissioning.
-- Established a $10.0 million synthetic ATM equity facility with B. Riley
Principal Capital II, providing flexible access to capital to support
project advancement.
-- Engaged Washington, D.C.-- based 38 North Solutions to support federal
government relations, policy engagement and funding initiatives related
to domestic critical-minerals supply chains.
2025 Financial Highlights
-- As of December 31, 2025, the Company had cash and cash equivalents of
approximately $3.5 million and continued to deploy capital toward
engineering, permitting and development activities for its planned
Muskogee lithium refinery.
-- For the year ended December 31, 2025 and December 31, 2024, the Company
incurred a net loss of $15.7 million and $23.8 million, respectively. The
improvement was primarily driven by lower financing charges and reduced
general and administrative expenses compared to the prior year, which
included costs associated with being a public company.
-- Loss per share was $2.13 for the current year, compared to $5.55 for the
prior year, the decrease being driven primarily by a decrease in finance
charges for short term loans, lower general and administrative costs and
an increase in outstanding share capital due to public offerings during
the year.
-- Net cash used in operating activities decreased to $8.3 million for the
current year, compared to $9.7 million for the prior year, primarily
driven by certain expenses related to the close of the business
combination incurred in prior year, partially offset by our continued
investment in operations and hiring of key talent.
-- Net cash used in investing activities was $3.4 million for the current
year, compared to $4.8 million for the prior year, primarily driven by
our initial capital investments made in the anticipated building of the
Muskogee lithium refinery.
-- Net cash provided by financing activities was $14.2 million during the
current year, compared to $14.2 million for the prior year. During the
current year, cash provided by financing activities was driven primarily
by $12.0 million in net proceeds from public offerings and warrant
inducements, cash received from the issuance of 2025 convertible notes of
$3.8 million and $2.1 million proceeds from common stock issuances,
partially offset by the repayment of $3.9 million of short-term loans.
The prior year financing cash flow resulted from cash received from
closing of the business combination, including proceeds from the PIPE
subscription agreements and 2024 convertible notes, net of transaction
costs paid and proceeds from short term loans from related party and
investors.
Liquidity As a Development-Stage Company
Consistent with disclosures in previous reports filed with the SEC, as a development stage Company, we believe our cash on hand, and potential additional equity available through the issuance of common stock, will be inadequate to satisfy our working capital and capital expenditure requirements for at least the next twelve months, and there remains substantial doubt about our ability to continue as a going concern. As a result, we rely on access to various sources of funding including the public and private debt and equity capital markets, as well as grants, as a source of funding for our capital and operating requirements. We cannot assure you that we will be successful in securing such additional funding on satisfactory terms, or at all.
Annual Report on Form 10-K
The Company's financial results presented above are preliminary and subject to finalization in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on or about March 25, 2026.
Conference Call Details
A conference call will be webcast live at 5.30pm EDT on 25 March, 2026. Participants may access the call by clicking the participant call link to ask questions:
https://register-conf.media-server.com/register/BI8959694f9c114dbcb9b8b58d1474b86b.
Upon registering at the link, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
You can also access the call via live audio webcast using the website link to listen in:
https://edge.media-server.com/mmc/p/j9wfkazn
Participants should log in at least 15 minutes early to receive instructions. The earnings call will be available on the Company website following the event.
About Stardust Power
Stardust Power is a developer of battery-grade lithium carbonate designed to bolster America's energy security through resilient supply chains. The Company plans to build a strategically located lithium refinery in Muskogee, Oklahoma, with the capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually. Committed to sustainability at every stage, Stardust Power trades on Nasdaq under the ticker "SDST."
For more information, visit www.stardust-power.com
Stardust Power Contacts
For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com
For Media:
Michael Thompson
media@stardust-power.com
Cautionary Statement Regarding Forward-Looking Statements
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