Quarterly ResultMay 14, 2026, 05:02 PM
Stardust Power Secures Permit, $150M Financing LOI; Q1 Net Loss $5.2M
AI Summary
Stardust Power announced its Q1 2026 results and provided an update on its Muskogee lithium refinery project. The company secured a key air quality construction permit and entered into a Letter of Intent for up to $150 million in project-level financing. Additionally, it secured an LOI for up to 15,000 metric tons per annum of lithium chloride feedstock. Financially, Stardust Power reported a net loss of $5.2 million for the quarter and had $1.2 million in cash and cash equivalents.
Key Highlights
- Secured key air quality construction permit for the Muskogee refinery.
- Entered Letter of Intent for up to $150 million in project-level financing.
- Entered Letter of Intent to secure up to 15,000 metric tons per annum of lithium chloride feedstock.
- Cash and cash equivalents were approximately $1.2 million as of March 31, 2026.
- Net loss for Q1 2026 was $5.2 million, compared to $3.8 million in Q1 2025.
- Loss per share was $(0.53) for Q1 2026, compared to $(0.72) in the prior year period.
- Net cash used in operating activities was $2.1 million for Q1 2026, down from $2.9 million YoY.
- Entered At Market Issuance Sales agreement for up to $5,000,000 in common stock.