Stardust Power Q4 Earnings Call Highlights

26 Mar 2026, 14:36 by Sarita Garza · The Markets Daily

Stardust Power (NASDAQ:SDST) used its year-end 2025 earnings call to outline progress on its planned lithium refining project in Muskogee, Oklahoma, and to frame 2026 as a transition year focused on moving from development milestones toward project-level financing and construction readiness.

Management frames 2025 as a “foundational” year

Founder and CEO Roshan Pujari said 2025 was focused on “execution, de-risking, and building the operational, technical, and regulatory base” needed to advance what the company described as one of the largest planned lithium refineries in the United States. Pujari argued the key U.S. supply-chain constraint is not raw lithium availability but the ability to process it into battery-grade lithium carbonate at scale domestically.

Pujari also provided his view of the market backdrop, citing Fastmarkets research that global lithium-ion battery demand grew roughly 20% in 2025, driven by electric vehicles and expanding battery energy storage systems. While acknowledging potential volatility, he said battery-grade lithium carbonate pricing had improved to around $24,000 per metric ton, which he described as roughly three times higher than lows seen in 2025, and added that domestically processed battery materials can command a premium in North America.

Engineering and third-party validation highlighted

On project execution, the company emphasized completion of key engineering work. Pujari said Stardust Power completed the Front-End Loading 3 (FEL-3) study with Primero USA for the Muskogee refinery, characterizing it as a significant step toward a final investment decision by providing a technical, cost, and execution framework for planning and financing.

The company also pointed to an independent review by Black & Veatch. Pujari said the review determined the project has low technical and design risk and that phase one production targets are deemed achievable. Management presented the review as an additional credibility marker for potential future stakeholders evaluating readiness.

Permitting progress and infrastructure readiness

Permitting updates were a major theme, with management describing efforts to reduce regulatory uncertainty. Pujari said the company confirmed that no industrial wastewater discharge permit is expected to be required for the Oklahoma facility. He said the refinery is designed to use zero liquid discharge technology and a closed-loop water system that recycles processed water and eliminates wastewater discharge, which he argued reduces the need to source large volumes of municipal water.

Management also highlighted receipt of an air quality construction permit from the Oklahoma Department of Environmental Quality (ODEQ). Pujari said the permit allows the project to proceed with construction and commissioning and “materially reduces regulatory timeline risk.” He added that ODEQ’s review confirmed the refinery qualifies as a minor source under state and federal air regulations and noted the air permit followed prior approvals, including a stormwater permit and stormwater pollution prevention plan.

On infrastructure, the company said it finalized a 40 MW “will-serve” agreement with Oklahoma Gas and Electric Company, which management described as supporting access to utilities and energy infrastructure needed for a large-scale refining operation.

Commercial and organizational developments

On the commercial front, Pujari said Stardust Power announced two supply agreements for up to 13,500 metric tons of lithium carbonate equivalent, describing them as progress toward securing North American lithium supply. He also pointed to broader industry activity, saying upstream production has been ramping up in the U.S. and North America while significant new processing capacity has not come online in the near term.

Management cited multiple leadership and strategic additions during 2025 and early 2026, including:

Chris Celano appointed as Chief Operating Officer
Ken Pitts added as Director of Construction and Subcontracts
Carlos Urquiaga added as Senior Advisor focused on financial strategy and project financing
Bruce Czachor added as General Counsel in January 2026, with prior lithium industry experience at Piedmont Lithium

The company also referenced an exclusive licensing agreement for a lithium brine material concentration technology from KMX Technologies, an agreement with Ohio State to advance lithium refining technologies, and expanded government relations support through 38 North Solutions.

Financial results: pre-revenue, lower net loss, and financing activity

CFO Uday Devasper said the company is currently pre-revenue and stated management would not provide forward-looking guidance or estimates on the call. He said Stardust Power’s ability to meet working capital and capital expenditure requirements over the next 12 months depends on raising additional capital through equity issuance or borrowings.

As of December 31, 2025, Stardust Power reported cash and cash equivalents of $3.5 million, up from $913,000 at the end of 2024. The company posted a net loss of $15.7 million for 2025, compared with a net loss of $23.8 million in 2024. Devasper attributed the improvement primarily to lower financing charges and reduced general and administrative expenses versus the prior year, which included public company-related costs.

Loss per share, adjusted for a reverse stock split completed in the third quarter of 2025, was $2.13 for 2025 versus $5.55 in the prior year. Devasper said the change was driven by the lower net loss and an increase in outstanding shares due to public offerings during the year.

Cash flow highlights included net cash used in operating activities of $8.3 million (vs. $9.7 million in 2024) and net cash used in investing activities of $3.4 million (vs. $4.8 million in 2024), which Devasper said reflected initial capital investments tied to the anticipated facility build. Net cash provided by financing activities was $14.2 million for 2025; the CFO said this was primarily driven by $12 million in net proceeds from inducements, $3.8 million from issuance of 2025 convertible notes, and $2.1 million from common stock issuances, partially offset by repayment of $3.9 million of short-term loans.

Devasper also reviewed several capital structure and financing actions:

An October 2025 warrant exchange agreement with an institutional investor in which warrants for approximately 58,000 shares were exchanged for approximately 731,000 newly issued shares; the company incurred $75,000 in related fees and the warrants were canceled.
A December 2025 securities purchase agreement with Lind Global Asset Management 13 providing up to $15 million of senior secured convertible debt financing; the initial closing delivered approximately $4 million in gross proceeds for a $4.8 million principal note and a warrant to purchase approximately 411,000 shares.
A December 2025 letter agreement terminating the amended B. Riley purchase agreement and related registration rights agreement entered into in October 2024.
Issuance of 638,048 shares during 2025 for net proceeds of $2.1 million.
Subsequent to year-end, entry into a synthetic ATM facility with B. Riley Principal Capital II to sell up to $10 million of newly issued shares from time to time.

Looking to 2026, Pujari said the company’s priority is to secure project-level financing aligned with construction, with most required capital expected to come from a mix of debt and strategic equity at the project level rather than corporate equity. He said the company is pursuing discussions with strategic partners, debt providers, and potential government-supported programs while continuing EPC planning and site preparation. The call ended without any questions during the Q&A portion.

About Stardust Power (NASDAQ:SDST)

Stardust Power Inc is a vertically-integrated lithium refinery that engages in producing battery-grade lithium. The company was founded in 2022 and is based in Greenwich, Connecticut.