Stardust Power Inc. Reports Preliminary 2025 Results and Major Milestones at Muskogee Lithium Refinery
Stardust Power Inc. Reports Preliminary 2025 Results and Major Milestones at Muskogee Lithium Refinery
Key Highlights for Investors
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Major Technical and Commercial Progress: Stardust Power made significant strides in 2025 towards the construction and commissioning of its Muskogee, Oklahoma lithium refinery, a strategic project aimed at strengthening the U.S. domestic battery-grade lithium supply chain.
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Engineering Milestones Achieved: Completion of the Front-End Loading Level 3 (FEL-3) engineering study by Primero, establishing a capital cost estimate of approximately \$500 million for Phase I, which is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate. The platform is planned to scale to 50,000 metric tons per year.
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Independent Validation: Black & Veatch, a third-party engineering firm, validated the refinery design and concluded the project presents low technical and design risk, confirming confidence in the feasibility and targets of Phase I.
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Strategic Feedstock Supply Agreements: Entered into non-binding agreements with Mandrake Resources and Prairie Lithium, securing up to 13,500 metric tons per year of lithium carbonate equivalent feedstock, a notable step toward supply chain diversification.
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Permitting Success: Received the final air quality construction permit from the Oklahoma Department of Environmental Quality post-year-end, a critical milestone that paves the way for construction and commissioning.
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Capital Raised: Raised \$13.2 million in equity and secured up to \$10 million in debt financing during 2025, supporting ongoing project advancement.
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Strengthening Leadership: Appointed Carlos Urquiaga, Kenneth Pitts, and Bruce Czachor to the senior leadership team, bringing expertise across legal, regulatory, project development, capital markets, and global battery materials supply chain.
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Government and Policy Engagement: Engaged Washington, D.C.-based 38 North Solutions to support federal government relations, policy engagement, and funding initiatives related to the U.S. critical minerals supply chain.
Financial Performance and Liquidity Update
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Net Losses Narrowed: Stardust Power reported a net loss of \$15.7 million for the year ended December 31, 2025, an improvement from a \$23.8 million net loss in 2024. The improvement was mainly due to lower financing charges and reduced general and administrative expenses.
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Loss Per Share: Loss per share decreased to \$2.13 from \$5.55 in the prior year, reflecting lower finance charges, reduced expenses, and an increase in outstanding share capital due to public offerings.
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Cash Position: As of December 31, 2025, the company had \$3.5 million in cash and cash equivalents.
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Operating and Investing Cash Flows: Net cash used in operating activities decreased to \$8.3 million (from \$9.7 million in 2024). Net cash used in investing activities was \$3.4 million, down from \$4.8 million in the prior year, mainly reflecting initial capital investments at the Muskogee refinery.
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Financing Activities: Net cash provided by financing activities was \$14.2 million, driven by \$12.0 million from public offerings and warrant inducements, \$3.8 million from convertible notes, and \$2.1 million from common stock issuances, offset by the repayment of \$3.9 million in short-term loans.
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Liquidity Warning: As a development-stage company, Stardust Power states that current cash resources and potential additional equity issuances are inadequate to satisfy working capital and capital expenditure requirements for at least the next twelve months. There remains substantial doubt about the company’s ability to continue as a going concern unless additional funding is secured.
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Capital Access Initiatives: Established a \$10 million synthetic ATM equity facility with B. Riley Principal Capital II to offer flexible access to capital for project advancement.
Business and Strategic Risks for Shareholders
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Going Concern: The company explicitly warns of substantial doubt about its ability to continue as a going concern without new funding. This is highly price sensitive and could affect share value pending future capital raises or dilution.
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Execution and Permitting Risk: While key engineering and permitting milestones have been achieved, the company remains in the development stage, and future project execution, financing, and market risks could materially impact outcomes.
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Market and Regulatory Environment: The lithium market, regulatory approvals, and supply chain dynamics remain fluid. Changes in these could impact project economics and valuation.
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Upcoming Catalysts: The company is expected to file its full Annual Report on Form 10-K by March 25, 2026, and will host a conference call for shareholders and analysts.
Conclusion
Stardust Power Inc. made significant progress in 2025, moving its Muskogee lithium refinery closer to construction and future operations. The company achieved technical, commercial, and regulatory milestones, secured key supply and capital access, and strengthened its leadership team. However, the company’s liquidity concerns and development-stage risk remain, with substantial uncertainty around future funding and its ability to continue as a going concern. These points are material for investors and may impact share price.
Upcoming Events
The company will host a live conference call on March 25, 2026, at 5:30pm EST. Investors may register to participate and access the webcast via the provided links.
About Stardust Power
Stardust Power is an American developer of battery-grade lithium carbonate, focused on building a strategic and sustainable supply chain for the U.S. energy transition. The planned Muskogee refinery aims to produce up to 50,000 metric tons per year at full capacity.
Contact Information
Disclaimer: This article is for informational purposes only and is not investment advice. Forward-looking statements involve significant risks and uncertainties, including but not limited to, the company’s ability to secure adequate funding, execute its business plan, and market conditions. Investors are urged to review the company’s official SEC filings and consult with their financial advisors before making investment decisions.
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