Stardust Power Inc. (SDST) Earnings
Stardust Power Inc. is expected to report next earnings on August 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.39. SDST has beaten EPS estimates in 1 of its last 6 reported quarters (average surprise -46.8% over the last four).
| 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 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Project Milestones and De-Risking Progress - Secured the minor source air quality construction permit, the final major permit required for construction to begin after financing is secured; the minor source classification reflects the project's limited emissions, which do not require smokestacks. - Completed the FEL III front-end engineering study, which defines the project's full technical scope, cost framework, and execution plan, with independent third-party validation confirming design approach and project readiness. - Secured key site and infrastructure requirements, including utility access, at the Muskogee location to support future construction and operations. ### Commercial and Ecosystem Development - Entered into a new letter of intent (LOI) for up to 15,000 metric tons per annum of lithium chloride feedstock from a U.S.-based California brine project, expanding the domestic feedstock supply pipeline. - Maintains a hub-and-spoke sourcing model to aggregate supply from multiple sources, limiting single-asset supply dependence, with multiple existing LOIs in place that cover phase one refinery supply requirements and beyond. - Joined the Cornerstone Consortium (for U.S. defense and national security supply chain access) and the Lithium Regional Innovation Cluster (for collaboration on lithium processing innovation), strengthening industry and government positioning. ### Capital Formation and Financing Strategy - Secured access to up to $15 million in an equity financing facility for near-term capital flexibility, and announced an LOI with an institutional investor for up to $150 million in project-level financing, the first step in assembling the project's capital stack. - Core strategy is to raise the majority of construction capital at the project (asset) level rather than the corporate level, to align capital with the refinery asset, limit shareholder dilution, and enable transparent market-driven valuation. - The project uses proven technology, making it eligible for 70-80% debt financing of total capital needs as part of a balanced, durable capital stack. Management is advancing discussions with strategic investors, debt providers, and government program partners. ### Policy and Community Engagement - Expanded government engagement in Washington D.C., retained a policy advisory firm, and participated in White House discussions aligned with U.S. critical minerals and energy security policy initiatives. - Maintained active engagement with local Muskogee community leadership, participated in state-level policy events, and supported local educational and community programs to build long-term stakeholder relationships.
Guidance
Management explicitly stated that no forward-looking guidance or estimates would be provided during this Q1 2026 earnings call. The company disclosed that its ability to meet working capital and capital expenditure requirements over the next 12 months is dependent on successfully raising additional capital via equity, debt, or other financing sources. As the project moves into the construction preparation phase, management expects operating expenses to increase deliberately as the company expands organizational capacity, advances engineering and commercial activities, and prepares for major construction.
Segment performance
Stardust Power is currently pre-revenue as it remains in the development phase for its core Muskogee Lithium Refinery project. For Q1 2026, the company reported a net loss of $5.2 million, compared to a $3.8 million net loss in Q1 2025. The year-over-year increase in net loss is primarily driven by changes in the fair value of warrant liabilities and expenses related to Q4 2025 debt financing, partially offset by lower general and administrative expenses. Net cash used in operating activities was $2.1 million, down from $2.9 million in the prior year period. Net cash used in investing activities was $0.2 million, compared to $1 million in the prior year. Net cash used in financing activities was an insignificant $4,000 for the quarter. No separate product or operating segments are currently reported.
Risks & headwinds
Forward-looking statements made during the call are noted to carry inherent risks and uncertainties, with multiple factors outside of the company's control that could cause actual results to differ materially from those implied in forward-looking statements. Detailed risk factors are included in the company's SEC filings, and the company disclaims any obligation to update forward-looking statements except as required by law. The company's primary near-term risk is its reliance on successful additional capital raising to fund ongoing operations and advance the Muskogee Refinery project to construction.