Stardust Power, the lithium refinery project developer at Muskogee, Oklahoma announced its second quarter earnings report and also reported an update on its continued advancement of the proposed project.
The company had a drop in cash on hand but explained it was due to the development of the refinery. It also recorded a second quarter loss of nearly $4 million but again said it was due to funding operating activities.
Second Quarter 2026 Business Updates and Subsequent events:
-
Commenced site preparation activities at the Muskogee refinery, advancing the project from completed FEL-3 engineering into future detailed design planning.
- Selected as the industrial partner in a U.S. Department of Energy-funded research initiative led by Ohio University to support the development of next-generation domestic lithium extraction technologies.
- Raised approximately $3.1 million in net proceeds under the Company’s At-The-Market (“ATM”) equity program subsequent to quarter-end, strengthening liquidity and supporting ongoing corporate and project advancement activities.
- Continued advancing project financing initiatives through ongoing engagement with institutional, strategic and government-supported funding sources.
- Appointed Ray Rivers to the Board of Directors, adding more than three decades of capital markets, institutional investment and public company experience to the Company’s Board.
Second Quarter 2026 Financial Highlights:
-
As of June 30, 2026, the Company had cash and cash equivalents of approximately $0.5 million, compared to $3.5 million as of December 31, 2025. The decrease reflects funding operating activities and continued investment in advancing the Muskogee lithium refinery during the first half of the year.
-
For the three months ended June 30, 2026 and 2025, the Company reported a net loss of $3.9 million and $3.7 million, respectively. The year-over-year increase primarily reflects financing-related costs associated with the Company’s capital structure, partially offset by favorable changes in the fair value of warrant liabilities.
- Basic and diluted loss per share was $(0.35) for the second quarter of 2026, compared to $(0.59) in the prior-year period. The decrease primarily reflects a higher weighted average number of shares outstanding following equity issuances completed over the past year.
- Net cash used in operating activities for the six months ended June 30, 2026 was $4.0 million, compared to $4.5 million during the same period in 2025, reflecting continued investment in advancing the business while maintaining disciplined cash management.
- Net cash used in investing activities for the six months ended June 30, 2026 was $0.2 million, compared to $2.2 million during the same period in 2025, primarily reflecting continued but more measured capital project expenditures related to the development of the Muskogee lithium refinery.
- Net cash provided by financing activities for the six months ended June 30, 2026 was $1.3 million, compared to $8.4 million during the same period in 2025. The current-year period reflects proceeds from the Company’s equity financing facilities, partially offset by debt repayments, while the prior-year period benefited from increased proceeds from public offerings.
“During the second quarter, we continued advancing the engineering, commercial and strategic initiatives that support the long-term development of our Muskogee refinery,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. “While much of this work occurs behind the scenes, it represents important progress in strengthening project readiness, reducing execution risk and positioning the project for future financing and long-term value creation.”
