Stardust Solar Energy (SUN) Q1 2026 earnings summary

Executive summary

• Strengthened financial position in Q1 2026, expanding franchise network to 106 territories and improving working capital by $815,926.

• Advanced commercial and utility-scale solar initiatives, including a 30 MW project in Zambia under a 20-year PPA.

• Focused on recurring revenue streams, which made up 56% of total revenue in Q1 2026.

• Adapted to changes in government incentive programs, positioning for growth as markets recover.

Financial highlights

• Revenue for Q1 2026 was $775,770, down from $1,003,104 year-over-year due to project cancellations and delays.

• Gross margin remained strong at 47.2%.

• Net loss improved 84% year-over-year to $106,060 from $652,263.

• Operating expenses reduced by $271,326 (75%) year-over-year.

• Cash and cash equivalents increased to $420,297 from $264,731 at year-end 2025.

• Working capital improved to $54,403 from a deficit of $761,523 at December 31, 2025.

• Total assets increased 28% to approximately $1.71 million.

Outlook and guidance

• Focus remains on growing recurring franchise royalty revenue, expanding commercial solar projects, and advancing the Zambia utility-scale project.

• Plans to scale residential solar lease-to-own platform and expand training and licensing revenues.

• Management expects increasing sales momentum as customers adapt to new incentive programs.