Stardust Power
Planned Oklahoma refiner of battery-grade lithium carbonate.
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Profile
Plans to buy aqueous lithium-chloride feedstock, convert it into battery-grade lithium carbonate in Oklahoma, and sell the output to battery, defense and equipment customers. The pre-revenue business rests on developing and financing one refinery rather than operating a captive mine.
Plans to convert third-party aqueous lithium-chloride feedstock into battery-grade lithium carbonate at a refinery in Muskogee, Oklahoma. The intended output would serve battery manufacturers, defense users and Western equipment makers; the company is a converter rather than a lithium miner.
Builds a U.S.-centered supply chain around external brine producers, site infrastructure and future customer qualification. Its disclosed commercial frameworks cover feedstock, project financing and offtake, while the refinery remains in development and has not produced material or generated revenue.
Executes engineering, permitting, utility planning and site-readiness work for a single refinery project. Commercial operation depends on final investment, construction funding, definitive feedstock and offtake contracts, utility infrastructure, and compliance with construction and environmental permit conditions.
Company facts
Key statistics
Year to date −88.8% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| May 20, 2025 | Maxim Group | Downgrade | Buy | Hold |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.39 | −$0.35 | +10.3% | $1.0M | — | — | −1.12% |
| Aug 12, 2026Q2 FY26 | −$0.39 | −$0.35 | +10.3% | $1.0M | — | — | +0.92% |
| May 14, 2026Q1 FY26 | −$0.39 | −$0.53 | −35.9% | $1.0M | — | — | −1.75% |
| Mar 17, 2026Q4 FY25 | −$0.46 | −$0.34 | +25.3% | $666.7K | — | — | −15.55% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | −$764 | −$772 | −$781 | −$849 | −$992 | $0 | |
| Operating income | −$5.7M | −$3.0M | −$3.8M | −$3.5M | −$4.0M | −$3.9M | |
| Net income | −$3.8M | −$3.7M | −$4.5M | −$3.7M | −$5.2M | −$3.9M | |
| Diluted EPS | −$0.72 | −$0.59 | −$0.53 | −$0.38 | −$0.53 | −$0.35 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $540.3K · Total debt $90.5K · Total assets $9.1M · Shareholders' equity −$8.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 10.58M · Float 5.68M · 53.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Roshen Pujari · director, 10 percent owner, officer: CEO and Chairman | 1.68M | 15.87% | Form 4 | Jun 17, 2026 |
| Pablo Cortegoso · officer: Chief Technical Officer | 631.0K | 5.96% | Form 4 | Mar 24, 2026 |
| Vanguard Capital Management LLC | 199.2K | 1.88% | 13F | Aug 13, 2026 |
| Cetera Investment Advisers | 144.3K | 1.36% | 13F | Aug 12, 2026 |
| Luminus Management LLC | 138.1K | 1.31% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Roshen Pujari | director, 10 percent owner, officer: CEO and Chairman | −861 | $1.91 |
| Jun 15, 2026 | Udaychandra Devasper | officer: Chief Financial Officer | −3,554 | $1.95 |
| Jun 15, 2026 | Chris Edward Celano | officer: Chief Operating Officer | −640 | $1.95 |
| Jun 11, 2026 | Charlotte Nanguloshi Nangolo | director | −10,000 | $1.74 |
| May 26, 2026 | Roshen Pujari | director, 10 percent owner, officer: CEO and Chairman | −102,427 | $2.18 |
Peers
- Albemarle
Scaled battery-grade carbonate incumbent with U.S. conversion and offtake.
- SQM (ADR)
Large Chilean lithium producer with operating carbonate scale and a U.S. ADR.
- Lithium Americas
Thacker Pass targets large-scale U.S. battery-quality lithium carbonate.
- Standard Lithium
U.S. brine project targets battery-quality carbonate with binding offtake.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Stardust Power | $0.4000 | +4.71% | $4.0M | — | — | — | — |
| Albemarle | $137.96 | +0.45% | $16.20B | — | 13.9 | 2.7 | +31.1% |
| SQM (ADR) | $78.54 | −0.17% | $22.46B | 16.2 | 9.8 | 3.3 | +136.7% |
| Lithium Americas | $3.09 | +0.82% | $685.5M | — | — | — | — |
| Standard Lithium | $2.57 | +0.98% | $621.8M | — | — | — | — |
| Median | 16.2 | 11.8 | 3.0 | +83.9% |