Stardust Power Inc.
- Open
- 1.71
- Day high
- 1.85
- Day low
- 1.70
- Prev close
- 1.72
- Volume
- 272K
- Mkt cap
- $19M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -2.4
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$376K over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions reducing (13F)
Stardust Power Inc. (SDST) is a Industrials company listed on NASDAQ. The stock is down 55% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Stardust Power Inc. (SDST) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SDST earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.39 | $-0.53 | -35.9% | — | — |
| Mar 25, 2026 | $-0.46 | $-0.34 | +25.3% | — | — |
| Nov 13, 2025 | $-0.30 | $-0.53 | -76.7% | — | — |
| Aug 13, 2025 | $-0.30 | $-0.60 | -100.0% | — | — |
| May 14, 2025 | $-0.03 | $-0.03 | +0.0% | — | — |
| Mar 27, 2025 | $-0.07 | $-0.21 | -200.0% | — | — |
| Aug 14, 2024 | — | $-0.24 | — | — | — |
| Mar 31, 2023 | — | $-0.03 | — | — | — |
SDST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | DEVASPER UDAYCHANDRAofficer: Chief Financial Officer | Sell | 3,554 | $1.95 |
| Jun 17, 2026 | PUJARI ROSHENdirector, 10 percent owner, officer: CEO and Chairman | Sell | 861 | $1.91 |
| Jun 17, 2026 | Celano Chris Edwardofficer: Chief Operating Officer | Sell | 640 | $1.95 |
| Jun 17, 2026 | DEVASPER UDAYCHANDRAofficer: Chief Financial Officer | Option | 8,245 | — |
| Jun 12, 2026 | NANGOLO CHARLOTTE NANGULOSHIdirector | Sell | 10,000 | $1.74 |
| May 28, 2026 | PUJARI ROSHENdirector, 10 percent owner, officer: CEO and Chairman | Sell | 102,427 | $2.18 |
| May 21, 2026 | DEVASPER UDAYCHANDRAofficer: Chief Financial Officer | Sell | 35,776 | $2.03 |
| May 21, 2026 | Celano Chris Edwardofficer: Chief Operating Officer | Sell | 25,975 | $2.05 |
| Mar 24, 2026 | DEVASPER UDAYCHANDRAofficer: Chief Financial Officer | Option | 8,245 | — |
| Mar 24, 2026 | PUJARI ROSHENdirector, 10 percent owner, officer: CEO and Chairman | Grant | 243,117 | — |
| Mar 24, 2026 | Celano Chris Edwardofficer: Chief Operating Officer | Grant | 91,636 | — |
| Mar 24, 2026 | CORTEGOSO PABLOofficer: Chief Technical Officer | Sell | 290 | $2.29 |
| Mar 24, 2026 | CORTEGOSO PABLOofficer: Chief Technical Officer | Grant | 130,909 | — |
| Mar 24, 2026 | Czachor Bruceofficer: GC, CCO and Secretary | Sell | 17,655 | $2.29 |
| Mar 24, 2026 | DEVASPER UDAYCHANDRAofficer: Chief Financial Officer | Sell | 4,507 | $2.31 |
Source: SDST SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full SDST insider & 13F page →Stardust Power Inc. company profile
Overview
Stardust Power Inc. (NASDAQ:SDST) is a development-stage company founded to serve the growing electric vehicle battery supply chain through lithium processing operations. Based in Greenwich, Connecticut, the company is currently developing a central lithium refinery facility in Muskogee, Oklahoma, designed to produce battery-grade lithium products for the electric vehicle industry. The company has not yet commenced commercial operations and remains in the pre-revenue development phase as it works to establish its lithium processing capabilities.
Business
Stardust Power operates in the lithium processing and refining industry, which serves as a critical link in the electric vehicle battery supply chain. The company's core focus is developing the capability to produce battery-grade lithium products, which are essential raw materials used in lithium-ion batteries that power electric vehicles. The lithium processing industry involves taking raw lithium materials (typically lithium carbonate or lithium hydroxide from mining operations or brine extraction) and refining them to meet the stringent purity and quality standards required for battery manufacturing. Battery-grade lithium must achieve extremely high purity levels - typically 99.5% or higher - to ensure optimal battery performance, longevity, and safety. This processing involves complex chemical purification steps, removal of impurities, and precise quality control measures. Stardust Power's planned central lithium refinery in Muskogee, Oklahoma represents the company's primary asset and business focus. This facility is intended to process lithium feedstock into battery-grade products that can be sold to battery manufacturers, who then supply electric vehicle producers. The company operates as a single business segment focused entirely on lithium processing, with no current revenue generation as the facility remains under development. The electric vehicle industry's rapid growth has created significant demand for battery-grade lithium, as lithium-ion batteries are the dominant technology for EV energy storage. However, lithium refining capacity has historically been concentrated in Asia, particularly China, creating supply chain vulnerabilities and driving interest in domestic North American processing capabilities.
Revenue model
Stardust Power's intended business model centers on product sales of battery-grade lithium to battery manufacturers and potentially electric vehicle companies directly. The company would generate revenue by purchasing raw lithium materials, processing them through its Muskogee refinery into high-purity battery-grade products, then selling these refined materials at a premium reflecting the added value of processing and quality assurance. The primary customers would be battery manufacturers such as companies like Panasonic, CATL, LG Energy Solution, and other major battery producers who supply the automotive industry. Secondary customers could include electric vehicle manufacturers who prefer direct sourcing relationships for critical battery materials. Several factors could significantly impact the company's future margins. Positive margin drivers include the growing demand for electric vehicles creating sustained lithium demand, potential supply chain premiums for North American-produced materials due to geopolitical concerns about Asian supply dependence, and the technical barriers to entry in lithium refining that could limit competition. Additionally, government incentives and policies supporting domestic EV supply chain development could provide favorable market conditions. Negative margin pressures could come from volatile lithium commodity prices, which have historically been quite cyclical and can compress processing margins during downturns. Increased competition from other North American lithium processing facilities could reduce pricing power. Energy costs represent a significant expense in lithium processing, making the business sensitive to electricity and natural gas prices. Regulatory compliance costs for environmental and safety standards in chemical processing operations also represent ongoing margin pressure. Finally, the capital-intensive nature of the business creates high fixed costs that must be absorbed regardless of utilization rates.
Competitive moat
Stardust Power's competitive moat appears relatively limited at this stage of development. The company's primary potential advantages would stem from its planned geographic positioning in Oklahoma, which could provide logistical benefits for serving North American customers and potentially lower transportation costs compared to importing processed lithium from Asia. The technical barriers to lithium refining do provide some natural protection, as the process requires specialized chemical engineering expertise, environmental permitting, and significant capital investment. However, these barriers are not insurmountable for well-funded competitors, and several other companies are developing similar North American lithium processing capabilities. The company's main competitive vulnerabilities include its lack of secured long-term supply contracts for raw lithium feedstock, absence of long-term customer agreements, and limited operational track record. Established players like Albemarle and Livent have decades of lithium processing experience, existing customer relationships, and diversified operations that provide competitive advantages. Potential disruption could come from alternative battery chemistries that reduce lithium content requirements, direct integration by large battery manufacturers into lithium processing, or technological advances that lower the barriers to entry in lithium refining. The company also faces the risk that other North American lithium processing projects with better financing, partnerships, or locations could capture market share before Stardust Power achieves commercial operations. The company's moat strength is currently weak to non-existent, as it lacks the scale, operational experience, customer relationships, or unique technological advantages that would provide sustainable competitive protection.
Risks & safety
The margin of safety for Stardust Power appears extremely limited, with significant financial distress indicators across multiple metrics. **Cash burn and solvency risk:** • Current cash position of $912,574 against quarterly cash burn of approximately $3.1 million in free cash flow • Current ratio of 0.085, indicating current liabilities exceed current assets by more than 11x • Total liabilities of $28.4 million vastly exceed total assets of $9.0 million • Negative stockholder equity of approximately $19.4 million • High probability of requiring immediate additional financing to continue operations **Valuation metrics:** • No revenue generation with negative EBITDA of -$16.1 million for 2024 • Trading at negative book value with price-to-book ratio of -7.9x • Market capitalization of approximately $37.7 million for a pre-revenue company with significant losses **Other considerations:** • No established customer contracts or revenue visibility • Development-stage company with unproven business model • Highly capital-intensive industry requiring substantial additional investment • No disclosed timeline for commercial operations or revenue generation
Recent development
Based on the available financial data, Stardust Power's recent development has been characterized by continued pre-revenue operations and escalating cash burn as the company works toward establishing its lithium processing capabilities. The company has maintained zero revenue across all reported periods while experiencing significant operating losses. The most notable development trend has been the substantial increase in operating losses, with EBITDA losses growing from -$3.2 million in 2023 to -$16.1 million in 2024. This reflects increased spending on the Muskogee refinery development project and general corporate expenses as the company attempts to advance toward commercial operations. The company's balance sheet deterioration has been severe, with stockholder equity turning increasingly negative as losses mount and liabilities accumulate. The working capital position has become critically strained, with current assets representing less than 10% of current liabilities by the end of 2024. Capital structure challenges have become increasingly apparent, with the company requiring ongoing financing to fund operations and development activities. The free cash flow burn has accelerated significantly, reaching -$12.4 million for 2024 compared to minimal cash burn in prior years. Without access to earnings call transcripts, specific strategic initiatives, partnership developments, or operational milestones for the Muskogee facility cannot be detailed. However, the financial trajectory suggests the company remains in early-stage development with substantial capital requirements ahead of any potential revenue generation.
SDST company profile · for informational purposes only — not investment advice.
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