Lithium refiner burned $6.4M in cash during Q2 on Muskogee plant construction. CEO Pujari says mid-2027 target remains on schedule. Stock at $0.62, facing Nasdaq delisting risk.
Stardust Power Inc. (SDST) posted a net loss of $4.2 million in the second quarter, with zero revenue and a cash burn that accelerated as the company pushed forward on its Oklahoma lithium refinery.
The lithium refiner ended June with $8.9 million in cash and equivalents, down from $15.3 million at the end of 2025. CFO Udaychandra Devasper told investors on the August 13 earnings call that the $6.4 million quarterly cash outflow covered early construction work, equipment procurement, and hiring.
The company raised $8.2 million through an at-the-market equity offering during the quarter, partly offsetting the burn. Devasper said Stardust is exploring additional financing options, including debt facilities and strategic partnerships, to fund the remaining buildout.
CEO Roshan Pujari said construction on the Muskogee facility remains on schedule for a mid-2027 target. The plant is designed to process 50,000 metric tons of lithium carbonate equivalent per year, which would make it the largest lithium refinery in the U.S. once operational. The refinery will process spodumene concentrate into battery-grade lithium hydroxide and carbonate.
"We are building critical infrastructure for the American lithium supply chain, and the demand environment continues to validate our thesis," Pujari said, framing the project around the U.S. push for domestic battery supply chains.
Stardust has not disclosed the total capital cost of the Muskogee project. SEC filings note that funding requirements beyond the current cash balance will depend on securing additional capital, and there is no guarantee such financing will be available on acceptable terms.
The stock has traded below $1 for most of 2026. Stardust received a Nasdaq notice in May for non-compliance with the exchange's minimum bid price rule and has until November to regain compliance. Shares closed at $0.62 on August 13, down 12% on the session.
Pujari said the company expects to provide a more detailed construction timeline and cost estimate in the third-quarter update.
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