Stardust Power (NASDAQ:SDST) held its first-quarter earnings conference call on Thursday. Below is the complete transcript from the call.
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Summary
Stardust Power’s Q1 2026 marks a transition to advancing project financing and execution, focusing on the Muscogee Refinery to address US lithium refining capacity constraints.
The company secured a minor source air quality construction permit, completed FEL3 engineering studies, and established multiple LOIs for feedstock supply, positioning itself for the next project phase.
Financially, the company remains pre-revenue, reporting a net loss of $5.2 million, with disciplined cash management to support long-term shareholder value creation.
Stardust Power enhanced its liquidity through various financing facilities and programs, securing an equity financing facility of up to $15 million and a $150 million project-level financing LOI.
Strategic initiatives include expanding government engagement, joining industry consortia, and focusing on domestic lithium ecosystem development, aligning with US energy policy initiatives.
Full Transcript
OPERATOR
Good afternoon and welcome to Stardust power Inc. S Q1 2026 earnings call. My name is Tawanda and I’ll be your operator today. Before this call, Stardust Power issued its financial results for the quarter ending March 31, 2026. Joining us on today’s call are Stardust Power founder and CEO Roshan Pajari and CFO Uday DeVasper. Following their remarks, we will open the call for questions. Before we begin, Joanna Gonzalez, Stardust Power Director of Investor Relations and Communications, will make a brief introductory statement. Ms. Gonzalez, please proceed. 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 today may be considered forward looking statements and the 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 relating 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, 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 this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Stardust Power’s website. Now I will turn the call over to Status Power CEO Roshan Pajari.
Roshan Pajari (Founder and CEO)
Thank you Joanna and thank you everyone for joining us today. Q1 marks a clear transition for Stardust Power from materially de risking the project to advancing financing and execution. The core dynamic hasn’t changed. The constraint in the US Lithium supply chain is not resource availability, it’s refining capacity. That’s the critical gap our Muskogee Refinery will address. Let me briefly frame where we are today. The project is now advanced across key areas that matter for financing and execution. From a permitting standpoint, we have received our air quality construction permit which enables construction of the refinery to start Once financed, this is a critical milestone that provides clarity on the regulatory path forward. On engineering, we have completed our FEL3 study which defines the technical scope, cost framework and execution plan for the project. That work has also been supported by an independent third party review validating the design approach and overall project readiness. On the commercial side, we have advanced feedstock supply with multiple LOI agreements in place and ongoing discussions to further build out a diversified supply base. A strength of our model is to aggregate supply to limit dependence on single asset supply risk and from a site and infrastructure perspective, we have secured key elements required to support construction and operations, including utility support at our Muskogee location. Taken together, these milestones position the project to move into the next phase with a clear focus on financing and execution. With that context, let me highlight some of the key developments and work streams advanced during the quarter and into the subsequent period. During the quarter, we continued to advance the Muskogee Lithium Refinery across financing, project development and strategic positioning. A key milestone was securing our minor source Air quality construction permit, representing the final major permit required for construction and commissioning to start alongside completion of FEL3 engineering and third party validation last year. The permit was only required to be a minor source permit. Speaking to the limited emissions we shall produce. Our design does not require any smokestacks. In parallel, we expanded our government engagement efforts …
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