While it lost more than $5 million in the first quarter of 2026, lithium developer Stardust Power Inc. reported it is making headway in deploying capital toward engineering and readiness of its refining plant at Muskogee.
“We made meaningful progress this quarter advancing the Muskogee refinery across key workstreams, including permitting, financing and feedstock development,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power as he released the quarterly financial report.
The company released its quarterly report showing a net loss of $5.2 million compared to the $3.8 million in losses a year earlier. Stardust said the increase was primarily driven by changes in the fair value of warrant liabilities and expense related to “our Q4’25 debt financing, partially offset by lower general and administrative expenses.”
The loss amounted to 53 cents a share compared to 72 cents in the prior year period.
The company is a developer of battery-grade lithium carbonate and in the process of building its lithium refinery project in eastern Oklahoma. It says the refinery is “strategically located” and will have a capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually.
“With the project now permitted for construction and commissioning and continued momentum in building both our capital stack and domestic supply pipeline, we believe we are well positioned to move into the next phase. Our focus remains on executing a disciplined financing strategy and advancing this critical piece of U.S. energy infrastructure toward major construction,” added Pujari.
First Quarter 2026 Business Updates and Subsequent events
- Secured the key air quality construction permit for the Muskogee refinery, enabling construction and commissioning.
- Entered into an institutional investor Letter of Intent for up to $150 million in project-level financing for the Muskogee refinery.
- Entered into a Letter of Intent to secure up to 15,000 metric tons per annum of lithium chloride feedstock from a California-based brine project.
- Expanded further the domestic feedstock pipeline through additional supply arrangements and ongoing commercial discussions.
- Strengthened strategic positioning within the U.S. lithium ecosystem through membership in LRIC and the Cornerstone Consortium, supporting domestic supply chain development and national security priorities.
- Entered into an At Market Issuance Sales agreement (the “Sales Agreement”) with B. Riley Securities Inc (the “Agent”), pursuant to which, shares of the Company’s common stock, having an aggregate offering price of up to $5,000,000,may be sold from time to time through the Agent.
- Continued to advance the project-level financing strategy, including engagement with institutional, strategic and government-supported funding source