Stardust Power (SDST) Q4 2025 earnings summary

Executive summary

• 2025 marked a foundational year with major technical, commercial, and regulatory milestones for the Muskogee lithium refinery, including completion of the FEL-3 engineering study and independent third-party validation.

• Broke ground at the Muskogee site and began early site preparation, progressing toward construction.

• Entered into non-binding feedstock supply agreements totaling up to 13,500 metric tons per year of lithium carbonate equivalent.

• Strengthened leadership team with key appointments in legal, regulatory, and project development roles.

• The company is pre-revenue, focused on securing project-level financing and strategic partnerships to support construction and long-term growth.

Financial highlights

• Cash and cash equivalents were $3.5 million as of December 31, 2025, up from $913,000 at the end of 2024.

• Net loss for 2025 was $15.7 million, an improvement from $23.8 million in 2024, mainly due to lower financing charges and reduced G&A expenses.

• Loss per share was $2.13 for 2025, compared to $5.55 in 2024, reflecting lower net loss and increased share capital.

• Net cash used in operating activities was $8.3 million, and net cash provided by financing activities totaled $14.2 million, mainly from public offerings, convertible notes, and stock issuances.

• Net cash used in investing activities was $3.4 million for 2025.

Outlook and guidance

• The company will not provide forward-looking guidance or estimates.

• Focus for 2026 is on execution, securing project-level financing, and transitioning the refinery project into construction.

• Phase I of the Muskogee refinery is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate, with a planned expansion to 50,000 metric tons annually.

• Estimated Phase I capital expenditure is approximately $500 million.

• Additional capital will be required to fund operations and project milestones over the next 12 months.