Q2 2026 Stardust Power Inc Earnings Call

August 13, 2026

Operator: Good afternoon, and welcome to Stardust Power Inc.'s Q2 2026 earnings call. My name is Tawanda, and I will be your operator today. Before this call, Stardust Power issued its financial results for the quarter ended 30 June 2026. Joining us on today's call are Stardust Power's founder and CEO, Roshan Pujari, and CFO, Uday Devasper. Following their remarks, we will open the call for questions. Before we begin, Johanna Gonzalez, Stardust Power's Director of Investor Relations and Communications, will make a brief introductory statement. Ms. Gonzalez, please proceed.

Operator: Good afternoon, and welcome to Stardust Power Inc.'s Q2 2026 Earnings Call. My name is Towanda, and I will be your operator today. Before this call, Stardust Power issued its financial results for the quarter ended 30 June 2026. Joining us on today's call are Stardust Power's Founder and CEO, Roshan Pujari, and CFO, Uday Devasper. Following their remarks, we will open the call for questions. Before we begin, Johanna Gonzalez, Stardust Power's Director of Investor Relations and Communications, will make a brief introductory statement. Ms. Gonzalez, please proceed.

Speaker #2: Good afternoon, and welcome to Stardust Power Inc.'s Q2 2026 earnings call. My name is Tawanda, and I'll be your operator today. Earlier today, Stardust Power issued its financial results for the quarter ended June 30, 2026.

Speaker #2: Joining us on today's call are Stardust Power's founder and CEO, Roshan Pajari, and CFO, Uday Devaspar. Following their remarks, we will open the call for questions.

Speaker #2: Before we begin, Joanna Gonzalez, Stardust Power's Director of Investor Relations and Communications, will make a brief introductory statement. Ms. Gonzalez, please proceed.

Speaker #3: Thank you, operator, and good afternoon, everyone. Before management begins their formal remarks today, we would like to remind everyone that some statements we're making may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties.

Johanna Gonzalez: Thank you, operator, and good afternoon, everyone. Before management begins their formal remarks today, we would like to remind everyone that some statements we are making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results, outcomes, and events, and the timings of such results, outcomes, and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions related to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Speaker #3: As a result, we caution you that there are a number of factors—many of which are beyond our control—which could cause actual results, outcomes, and events, and the timings of such results, outcomes, and events to differ materially from those described in the forward-looking statements.

Speaker #3: For more detailed risks, uncertainties, and assumptions, related to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC.

Speaker #3: We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Speaker #3: We refer you to our filings with the SEC for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties, identified under the caption "Risk Factors" in our recent filings.

Johanna Gonzalez: We refer you to our filings with the SEC for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors in our recent filings. You may get Stardust Power's SEC filings by visiting the SEC's website at www.sec.gov. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the investor relations section of the Stardust Power website. Now, I will turn the call over to Stardust Power CEO, Roshan Pujari.

Speaker #3: You may access Stardust Power's SEC filings by visiting the SEC's website at www.sec.gov. I would like to remind everyone that this call is being recorded and will be made available for replay via a link in the Investor Relations section of the Stardust Power website.

Speaker #3: Now, I will turn the call over to Stardust Power CEO, Roshan Pajari.

Speaker #4: Thank you, Joanna, and good afternoon, everyone. Thank you for joining us today. During the second quarter, we continued to advance commercial relationships, project development activities, and financing initiatives that are fundamental to moving the Stardust Power lithium refinery towards construction.

Roshan Pujari: Thank you, Johanna, and good afternoon, everyone. Thank you for joining us today. During Q2, we continued to advance commercial relationships, project development activities, and financing initiatives that are fundamental to moving the Stardust Power lithium refinery towards construction. While lithium prices have strengthened from the lows experienced in late 2025, we still view the market through a long-term lens. The strategic importance of establishing a secure domestic critical mineral supply chain continues to be reinforced by wider industry investment and US government support, and our focus remains on positioning Stardust Power to participate in that long-term opportunity. We've said previously, building a large-scale industrial project is a disciplined process that progresses through a series of technical, commercial, and financing milestones.

Speaker #4: While lithium prices have strengthened from the lows experienced in late 2025, we still view the market through a long-term lens. The strategic importance of establishing a secure domestic critical minerals supply chain continues to be reinforced by wider industry investment in the U.S.

Speaker #4: Government support and our focus remain on positioning Stardust Power to participate in that long-term opportunity. We've said previously, building a large-scale industrial project is a disciplined process that progresses through a series of technical, commercial, and financing milestones.

Speaker #4: While we might not always be able to give public announcements on those milestones, our focus remains on the planning work that meaningfully reduces project risk, strengthens the project's path towards financing, and supports long-term value creation for our shareholders.

Roshan Pujari: While we might not always be able to give public announcement on those milestones, our focus remains on the planning work that meaningfully reduces project risk, strengthens the project path towards financing, and supports long-term value creation for our shareholders. We remain disciplined in how we allocate our time and resources, with our efforts centered on the commercial, strategic, and financing activities that will position the project for construction. This afternoon, I'll provide an update on our progress during the quarter before turning the call over to Uday to review our financial results in more detail. Our work during the quarter centered on activities that improve project readiness, reduce execution risk, and strengthen the refinery's path towards financing and construction. The company engaged third-party contractors to perform geotechnical and subsurface investigations at our Muskogee site to identify and test specific locations for load verification efforts.

Speaker #4: We remain disciplined in how we allocate our time and resources, with our efforts centered on the commercial, strategic, and financing activities that will position the project for construction.

Speaker #4: This afternoon, I'll provide an update on our progress during the quarter before turning the call over to Uday to review our financial results in more detail.

Speaker #4: Our work during the quarter centered on activities that improved project readiness, reduced execution risk, and strengthened the refinery's path towards financing and construction. The company engaged third-party contractors to perform geotechnical and subsurface investigations at our Muskogee site to identify and test specific locations for load verification efforts.

Speaker #4: This work supports detailed design and constructability planning while reducing execution risk and strengthening progress. Importantly, with key permits already in place, including those required for construction and...

Roshan Pujari: This work supports detailed design and constructability planning while reducing execution risk and strengthening progress. Importantly, with key permits already in place, including those required for construction and commissioning, these activities further position the refinery for EPC as commercial and financing milestones are achieved. We were pleased to be selected as the industrial partner in a U.S. Department of Energy-funded research initiative led by Ohio University, focused on next-generation lithium extraction technologies. This collaboration strengthens our position within the domestic critical minerals ecosystem while supporting the evaluation of potential future domestic feedstock sources. Alongside these project development activities, we continue to move forward our government, industry, and community engagement efforts. During the quarter, we continued to strengthen our engagement across the Muskogee community and the state of Oklahoma through a range of workforce, regulatory, and community initiatives.

Speaker #1: Commissioning these activities further positions the refinery for EPC as commercial and financing milestones are achieved. We were pleased to be selected as the industrial partner in a U.S. Department of Energy-funded research initiative led by Ohio University, focused on next-generation lithium extraction technologies. This collaboration strengthens our position within the domestic critical minerals ecosystem.

Speaker #1: While supporting the evaluation of potential future domestic feedstock sources alongside these project development activities, we continue to move forward our government, industry, and community engagement efforts.

Speaker #1: During the quarter, we continued to strengthen our engagement across the Muskogee community and the state of Oklahoma through a range of workforce, regulatory, and community initiatives.

Speaker #1: We were proud to sponsor and participate in events including Muskogee Public Service Recognition Week and the Muskogee Fair , while also engaging with state environmental leaders through the Environmental Federation of Oklahoma Regulatory Newsreel and participating in workforce development discussions focused on building Oklahoma's future manufacturing talent pipeline In June , our Managing Director for Oklahoma , John Reisenberg , graduated from the nine month leadership Muskogee program Further strengthening the company's relationships across local government , business and community organizations Well done John These initiatives are all an important part of preparing for the future operation of the refinery building .

Roshan Pujari: We were proud to sponsor and participate in events including Muskogee Public Service Recognition Week and The Muskogee Fair, while also engaging with state environmental leaders through the Environmental Federation of Oklahoma Regulatory Newsreel and participating in workforce development discussions focused on building Oklahoma's future manufacturing talent pipeline. in June, our Managing Director for Oklahoma, John Riesenberg, graduated from the nine-month Leadership Muskogee program, further strengthening the company's relationships across local government, business, and community organizations. Well done, John. These initiatives are all an important part of preparing for the future operation of the refinery. Building strong relationships with local leaders, regulatory agencies, educational institutions, and community organizations helps establish the partnerships needed to support workforce development, operational readiness, and the long-term success of the project. Following the quarter end, members of our executive team recently traveled to Washington, D.C.

Speaker #1: Strong relationships with local leaders , regulatory agencies , educational institutions and community organizations helps establish the partnerships needed to support workforce development , operational readiness , and the long term success of the project Following the quarter end , members of our executive team recently traveled to Washington , D.C.

Speaker #1: to meet with Oklahoma's congressional delegation and representatives from key federal agencies. These discussions reinforce the strategic importance of expanding domestic critical mineral processing capacity and the role Stardust Power Inc. can play in supporting a more secure U.S.

Roshan Pujari: to meet with Oklahoma's congressional delegation and representatives from key federal agencies. These discussions reinforce the strategic importance of expanding domestic critical mineral processing capacity and the role Stardust Power can play in supporting a more secure US battery material supply chain. Beyond engineering and execution planning, we strengthened the commercial and strategic foundations of the project during the quarter. Our discussions with prospective feedstock suppliers, potential offtake counterparties, government stakeholders, and potential strategic financing partners remained active throughout the quarter. While there are no material developments to announce at this time, these discussions continue as we assemble the commercial, technical, and strategic elements necessary to support project financing and the long-term development of the refinery.

Speaker #1: Battery material supply chain: Beyond engineering and execution planning, we strengthened the commercial and strategic foundations of the project during the quarter. Our discussions with prospective feedstock suppliers and potential off-...

Speaker #1: Take counterparties . Government stakeholders and potential strategic financing partners remained active throughout the quarter . While there are no material developments to announce at this time , these discussions continue as we assemble the commercial , technical and strategic elements necessary to support project financing and the long term development of the refinery Construction financing remains our highest corporate priority , and our team continues to focus on the commercial , technical and strategic work required to position the project for future financing opportunities .

Roshan Pujari: Construction financing remains our highest corporate priority, and our team continues to focus on the commercial, technical, and strategic work required to position the project for future financing opportunities while maintaining a disciplined approach to capital allocation. Looking ahead, our priorities remain unchanged. First, we will continue strengthening the commercial and strategic foundations that support project financing. Second, we will continue progressing engineering and site readiness to further mature the project and reduce execution risk. Third, we will continue expanding relationships across the domestic critical mineral ecosystem with prospective customers, feedstock suppliers, strategic partners, and government stakeholders. We recognize that shareholders remain focused on our progress towards financing and long-term project execution. We remain committed to communicating material developments as they occur. Large industrial projects are built through disciplined execution across a series of commercial, technical, and financing milestones.

Speaker #1: While maintaining a disciplined approach to capital allocation Looking ahead , our priorities remain unchanged First , we will continue strengthening the commercial and strategic foundations that support project financing Second , we will continue progressing engineering and site readiness to further mature the project and reduce execution risk And third , we will continue expanding relationships across the domestic critical mineral ecosystem with prospective customers , feedstock suppliers , strategic partners and government stakeholders We recognize that shareholders remain focused on our progress towards financing and long term project execution .

Speaker #1: We remain committed to communicating material developments as they occur. Large industrial projects are built through disciplined execution across a series of commercial, technical, and financing milestones.

Speaker #1: While those milestones are not always visible quarter to quarter, our attention remains on the work that meaningfully improves the project's readiness and positions.

Roshan Pujari: While those milestones are not always visible quarter to quarter, our attention remains on the work that meaningfully improves the project's readiness and positions Stardust Power for long-term success. We remain confident in the strategic positioning of the Muskogee refinery and believe the work completed this quarter further strengthens the project long-term financing and development pathway. With that, I'll hand over to our CFO, Uday Devasper.

Speaker #1: Stardust Power Inc.'s long-term success: We remain confident in the strategic positioning of the Muskogee refinery and believe the work completed this quarter further strengthens the project.

Speaker #1: Long-term financing and development pathway. And with that, I'll hand over to our CFO, Uday Asper.

Speaker #2: Thank you . Roger . Good afternoon , everyone , and thank you for joining our earnings call for the Q2 2026 earnings period Before we begin , I want to clarify that we will not be providing forward looking guidance or estimates during this call .

Uday Devasper: Thank you, Roshan. Good afternoon, everyone, and thank you for joining our earnings call for the Q2 2026 earnings period. Before we begin, I want to clarify that we will not be providing forward-looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information. During and subsequent to Q2 2026, we continued to make meaningful progress in strengthening our financial position and expanding our access to capital. We remain focused on maintaining the flexibility needed to support our near-term operating requirements while positioning the company to advance key commercial and project opportunities. In Q1 2026, we established a $10 million equity line of credit or ELOC with B.

Speaker #2: Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information. During and subsequent to Q2 2026, we continue to make meaningful progress in strengthening our financial position and expanding our access to capital.

Speaker #2: We remain focused on maintaining the flexibility needed to support our near-term operating requirements . While positioning the company to advance key commercial and project opportunities In Q1 26 , we established a 10 million equity line of credit , or Eloc , with B Riley Principal Capital Two providing the company with the ability to access capital over time .

Uday Devasper: Riley Principal Capital II, providing the company with the ability to access capital over time at our discretion, subject to market conditions and the terms of the agreement. In Q2 2026, we also established a $5 million at-the-market, or ATM, equity program with B. Riley Securities, giving us an additional capital-raising tool to support working capital and project advancement. Since establishing the ELOC facility, we have successfully utilized it to generate approximately $1.35 million of additional capital proceeds. We also selectively utilized our ATM facility during the quarter as well, raising approximately $161,000 in gross proceeds, while subsequent to quarter end, we have continued to access our available capital markets facilities. As of the date of our 10-Q filing, the ADM facility had generated an additional approximately $2.9 million in net proceeds.

Speaker #2: At our discretion , subject to market conditions and the terms of the agreement In Q2 26 , we also established a $5 million at the market , or ATM equity program with Bradley Securities , giving us an additional capital raising tool to support working capital and project advancement .

Speaker #2: Since establishing the facility, we have successfully utilized it to generate approximately $1.35 million of additional capital proceeds. We also selectively utilized our ATM facility during the quarter as well, raising approximately $161,000 in gross proceeds.

Speaker #2: While subsequent to quarter end , we have continued to access our available capital markets facilities and as of the date of our 10-q filing , the ATM facility had generated an additional approximately dollars 2.9 million in net proceeds Together , these facilities enhance our financial flexibility as we continue advancing commercial discussions and pursuing broader project financing initiatives Turning now to our financial results .

Uday Devasper: Together, these facilities enhance our financial flexibility as we continue advancing commercial discussions and pursuing broader project financing initiatives. Turning now to our financial results for the second quarter of 2026. The company remains pre-revenue as we continue to advance development of the Muskogee refinery. As previously disclosed, our ability to meet working capital and capital expenditure requirements over the next 12 months remains dependent on our ability to raise additional capital, equity, debt, or other financing sources. As of 30 June 2026, we had cash and cash equivalents of approximately $0.5 million, compared to $3.5 million as of 31 December 2025. The change reflects funding operating activities and continued investment in advancing the Muskogee refinery during the first half of the year. Throughout the quarter, we remained disciplined in managing operating expenditures while continuing to invest in activities that support engineering, commercial development, and long-term project value.

Speaker #2: For the second quarter of 2026 . The company remains pre-revenue as we continue to advance development of the Muskogee refinery . As previously disclosed , our ability to meet working capital and capital expenditure requirements over the next 12 months remains dependent on our ability to raise additional capital to equity , debt or other financing sources As of June 30th , 2026 , we had cash and cash equivalents of approximately $0.5 million , compared to $3.5 million as of December 31st , 2025 .

Speaker #2: The change reflects funding , operating activities and continued investment in advancing the Muskogee refinery . During the first half of the year Throughout the quarter , we remain disciplined in managing , operating expenditures while continuing to invest in activities that support engineering , commercial development and long term project value For the second quarter , we reported a net loss of $3.9 million , compared to $3.7 million in the prior year period The year over year increase primarily reflects financing related costs associated with our capital structure , partially offset by favorable changes in the fair value of our warrant liability General and administrative expenses continue to support engineering , commercial and corporate activities as we advance the project .

Uday Devasper: For the second quarter, we report a net loss of $3.9 million, compared to $3.7 million in the prior year period. The year-over-year increase primarily reflects financing-related costs associated with our capital structure, partially offset by favorable changes in the fair value of our warrant liability. General and administrative expenses continue to support engineering, commercial, and corporate activities as we advance the project. Our basic and diluted loss per share was $0.35, compared to $0.59 in the prior year quarter, primarily reflecting the higher weighted average shares outstanding following capital raises completed over the past year. For the first six months of 2026, net cash used in operating activities was $4 million, compared to $4.5 million during the same period in 2025, reflecting continued investment in advancing the business while maintaining disciplined cash management.

Speaker #2: Our basic and diluted loss per share was $0.35, compared to $0.59 in the prior year quarter, primarily reflecting the higher weighted average shares outstanding.

Speaker #2: Following capital raises completed over the past year For the first six months of 2026 , net cash used in operating activities was $4 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 totaled $0.2 million for the first six months of 2026 , compared to $2.2 million in the prior year period , primarily reflecting a more disciplined and phased deployment of capital as the project continues to advance to engineering validation .

Uday Devasper: Net cash used in investing activities totaled $0.2 million for the first six months of 2026, compared to $2.2 million in the prior year period, primarily reflecting a more disciplined and phased deployment of capital as the project continues to advance through engineering validation. With several important project development milestones achieved, including completion of final major permitting and FEL3 engineering, our current investment profile is increasingly focused on targeted pre-construction and strategic development activities as we position the Muskogee refinery for construction. Net cash provided by financing activities was $1.3 million, compared to $8.4 million in the first six months of 2025, reflecting proceeds from our equity facilities, partially offset by debt repayments. The prior year period benefited from increased proceeds from public offerings completed during the first half of 2025.

Speaker #2: With several important project development milestones achieved, including completion of final major permitting and FEL engineering, our current investment profile is increasingly focused on targeted preconstruction and strategic development activities.

Speaker #2: As we position the Muskogee refinery for construction, net cash provided by financing activities was $1.3 million, compared to $8.4 million in the first six months of 2020.

Speaker #2: Five, reflecting proceeds from our equity facility, partially offset by debt repayments. The prior year period benefited from increased proceeds from public offerings completed during the first half of 2025.

Speaker #2: Regarding our compliance with Nasdaq listing requirements, we continue to actively evaluate all available alternatives to address our continued listing requirements, including those relating to minimum market value thresholds. We remain committed to our Nasdaq listing while acting in the best interest of our shareholders.

Uday Devasper: Regarding our compliance with Nasdaq listing requirements, we continue to actively evaluate all available alternatives to address our continued listing requirements, including those relating to minimum market value thresholds. We remain committed to maintaining our Nasdaq listing while acting in the best interest of our shareholders. To conclude, while we remain a pre-revenue company, our financial priorities remain clear: maintaining disciplined liquidity management, advancing project readiness, and supporting broader financing strategy for our refinery. We believe the financing tools now in place, together with continued commercial execution and project execution, provide a solid foundation as we pursue the next stage of development. As always, we remain committed to disciplined capital allocation, prudent liquidity management, and creating long-term value for our shareholders. With that, I conclude my remarks and now turn it back to Roshan.

Speaker #2: To conclude , while we remain a pre-revenue company , our financial priorities remain clear . Maintaining disciplined liquidity management , advancing project readiness and supporting broader financing strategy for our refinery We believe the financing tools now in place , together with continued commercial execution and project execution , provide a solid foundation as we pursue the next stage of development .

Speaker #2: As always , we remain committed to disciplined capital allocation , prudent liquidity management and creating long term value for our shareholders With that , I conclude my remarks .

Speaker #2: And now, I'll turn it back to Rosha.

Speaker #1: Thanks, Uday. Before we conclude, I'd like to reiterate that our focus remains on disciplined execution and advancing the work that meaningfully strengthens the project's path toward financing and construction. Thank you to our shareholders for your continued support and to Stardust Power Inc.

Roshan Pujari: Thanks, Uday. Before we conclude, I would like to reiterate that our focus remains on disciplined execution and advancing the work that meaningfully strengthens the project's path toward financing and construction. Thank you to our shareholders for your continued support in Stardust Power. We appreciate your time today and look forward to updating you on our progress next quarter. With that, we are happy to take your questions. Operator?

Speaker #1: We appreciate your time today and look forward to updating you on our progress next quarter. With that, we are happy to take your questions. Operator?

Speaker #3: Thank you , ladies and gentlemen , to ask the question , please press star one one on your telephone . Then wait for your name to be announced .

Operator: Thank you. Ladies and gentlemen, to ask the question, please press star 1 1 on your telephone, then wait for your name to be announced. To withdraw your question, please press star 1 1 again. Please stand by while we compile the Q&A roster. That is star 1 1 to ask the question. I am showing no questions in the queue. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

Speaker #3: To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. That's star one one to ask a question. I'm showing no questions in the queue. Ladies and gentlemen, that concludes today's conference call.