Stardust Power Inc. Reports $3.9 Million Net Loss in Q2 2026, Faces Revenue Challenges

Stardust Power Inc. has reported its financial results for the second quarter of 2026, revealing a continued lack of revenue generation and significant operating losses. For the three months ended June 30, 2026, the company recorded a net loss of $3.9 million, compared to a net loss of $3.7 million for the same period in 2025. For the six months ended June 30, 2026, the net loss increased to $9.1 million from $7.5 million in the prior year. The company has not yet generated any revenue, and its accumulated deficit has reached $77.5 million as of June 30, 2026.

The financial performance reflects a rise in general and administrative expenses, which totaled $3.9 million for the second quarter of 2026, up from $3.0 million in the same quarter of 2025. The increase is attributed to higher professional and consulting fees, partially offset by reduced employee-related costs. The company’s total assets decreased to $9.1 million from $11.8 million at the end of 2025, primarily due to a decline in cash reserves, which fell to $540,264 from $3.5 million.

In terms of strategic developments, Stardust Power has made significant progress in securing financing and partnerships to support its operations. The company entered into a Securities Purchase Agreement with Lind Global Asset Management for up to $15 million in convertible debt financing, of which $4 million has been drawn. Additionally, a Common Stock Purchase Agreement with B. Riley Principal Capital allows for the potential sale of up to $10 million in common stock. The company has also received an air quality construction permit for its lithium refinery in Muskogee, Oklahoma, marking a key milestone in its operational plans.

Operationally, Stardust Power is focused on developing a lithium refinery capable of producing battery-grade lithium products. The company has not yet commenced commercial production but is in the process of negotiating supply agreements for lithium chloride feedstock. As of June 30, 2026, the company had 11.6 million shares of common stock outstanding, reflecting a reverse stock split that took place in September 2025. The company’s ability to continue operations is contingent upon raising additional capital, as it currently faces substantial doubt regarding its ability to continue as a going concern.

Looking ahead, Stardust Power anticipates that it will need to raise additional capital to fund its operations and capital expenditures over the next twelve months. The company is actively exploring various financing options, including equity and debt financing, to support its growth and operational objectives. However, there is no assurance that it will be able to secure the necessary funding on favorable terms, which could significantly impact its business and financial condition.