Stardust Power Inc. (NASDAQ: SDST) reported a net loss of $15.7 million for 2025, an improvement from the $23.8 million loss in 2024, according to preliminary results announced by the Greenwich, Connecticut-based lithium carbonate developer.

The company completed several development milestones for its planned lithium refinery in Muskogee, Oklahoma, including a Front-End Loading Level 3 engineering study that established an estimated capital cost of approximately $500 million for Phase I construction. The refinery is designed to produce up to 25,000 metric tons per year of battery-grade lithium carbonate in its first phase, with plans to expand to 50,000 metric tons annually.

Stardust Power raised $13.2 million in equity capital during 2025 and secured up to $10 million in debt financing. The company also entered into non-binding lithium chloride feedstock supply arrangements with Mandrake Resources and Prairie Lithium totaling up to 13,500 metric tons per year of lithium carbonate equivalent.

As of December 31, 2025, the company held approximately $3.5 million in cash and cash equivalents. Loss per share improved to $2.13 from $5.55 in the prior year, driven primarily by decreased finance charges and lower general and administrative expenses.

Following year-end, Stardust Power received its air quality construction permit from the Oklahoma Department of Environmental Quality and established a $10 million synthetic ATM equity facility with B. Riley Principal Capital II.

The company disclosed substantial doubt about its ability to continue as a going concern, stating that current cash and potential additional equity will likely be inadequate to meet working capital and capital expenditure requirements for the next twelve months. The company expects to file its Annual Report on Form 10-K by March 25, 2026.