Cuộc họp báo cáo kết quả kinh doanh Quý 2 năm 2026 của Stardust Power (SDST): Trọng tâm là thanh khoản và tài trợ vốn cho nhà máy lọc dầu

Điểm tin chính

• Stardust Power vẫn chưa ghi nhận doanh thu trong quý 2 năm 2026 do tiếp tục phát triển nhà máy lọc lithium Muskogee. Việc thu xếp vốn cho dự án xây dựng vẫn là ưu tiên hàng đầu của ban lãnh đạo công ty.
• Công ty báo cáo khoản lỗ ròng quý 2 là 3,9 triệu USD, so với 3,7 triệu USD cùng kỳ năm ngoái. Lỗ trên mỗi cổ phiếu giảm xuống còn 0,35 USD từ mức 0,59 USD, chủ yếu do số lượng cổ phiếu bình quân lưu hành tăng lên sau các đợt huy động vốn.
• Tiền và các khoản tương đương tiền giảm xuống còn khoảng 0,5 triệu USD tại ngày 30 tháng 6 năm 2026, từ mức 3,5 triệu USD vào ngày 31 tháng 12 năm 2025. Công ty cho biết nhu cầu vốn lưu động và chi phí vốn trong 12 tháng tới phụ thuộc vào việc huy động thêm vốn.
• Stardust Power đã thiết lập chương trình phát hành cổ phiếu theo giá thị trường (ATM) trị giá 5 triệu USD trong quý 2. Tính đến ngày nộp báo cáo 10-Q, chương trình ATM đã mang lại khoảng 2,9 triệu USD tiền thu ròng bổ sung sau khi kết thúc quý.
• Các công việc của dự án bao gồm khảo sát địa chất kỹ thuật và địa tầng nhằm hỗ trợ thiết kế chi tiết cũng như lập kế hoạch thi công. Ban lãnh đạo cho biết các giấy phép quan trọng, bao gồm cả những giấy phép cần thiết cho việc xây dựng và đưa vào vận hành, đều đã được hoàn tất.
• Công ty tiếp tục đàm phán với các nhà cung cấp nguyên liệu tiềm năng, đối tác bao tiêu sản phẩm, các cơ quan chính phủ và các đối tác tài trợ chiến lược, tuy nhiên ban lãnh đạo cho biết chưa có tiến triển đáng chú ý nào để công bố.

Dữ liệu tài chính cốt lõi

Kết quả Hoạt động và Kinh doanh

Các hoạt động trong quý 2 năm 2026 của Stardust Power tập trung vào việc chuẩn bị cho dự án, giảm thiểu rủi ro thực thi và chuẩn bị tài chính cho nhà máy lọc Muskogee. Các nhà thầu bên thứ ba đã tiến hành khảo sát địa chất kỹ thuật và địa tầng để hỗ trợ thiết kế kỹ thuật chi tiết và lập kế hoạch thi công.

Công ty cũng được chọn làm đối tác công nghiệp trong một sáng kiến nghiên cứu do Bộ Năng lượng Mỹ tài trợ, do Đại học Ohio dẫn dắt. Chương trình tập trung vào các công nghệ chiết xuất lithium thế hệ mới và đánh giá các nguồn nguyên liệu tiềm năng trong nước trong tương lai.

Ban lãnh đạo tiếp tục duy trì kết nối với nguồn nhân lực, cơ quan quản lý và cộng đồng tại Muskogee cũng như trên toàn bang Oklahoma. Sau khi kết thúc quý, các lãnh đạo cấp cao đã có cuộc gặp với đoàn đại biểu quốc hội của bang Oklahoma và đại diện từ các cơ quan liên bang tại Washington, D.C.

Các cuộc đàm phán thương mại với các nhà cung cấp nguyên liệu tiềm năng, đối tác bao tiêu và đối tác tài trợ chiến lược vẫn diễn ra tích cực. Ưu tiên của ban lãnh đạo là củng cố nền tảng thương mại của dự án, đẩy mạnh thiết kế kỹ thuật và sự sẵn sàng của mặt bằng, đồng thời mở rộng mối quan hệ trong toàn bộ hệ sinh thái khoáng sản thiết yếu trong nước.

Tài chính và Thanh khoản

Stardust Power đã thành lập một hạn mức tín dụng cổ phần trị giá 10 triệu USD với B. Riley Principal Capital II trong quý 1 năm 2026. Tính đến thời điểm diễn ra cuộc họp báo cáo kết quả kinh doanh, công ty đã thu về khoảng 1,35 triệu USD từ hạn mức này.

Trong quý 2, công ty đã thiết lập chương trình phát hành cổ phiếu ATM trị giá 5 triệu USD với B. Riley Securities và huy động được khoảng 151.000 USD tổng tiền thu trong quý. Sau đó, công ty đã thu thêm khoảng 2,9 triệu USD tiền thu ròng bổ sung thông qua chương trình ATM tính đến ngày nộp báo cáo 10-Q.

Ban lãnh đạo cho biết các công cụ này mang lại sự linh hoạt về tài chính, nhưng việc thu xếp vốn dự án quy mô lớn hơn vẫn là điều cần thiết trước khi có thể tiến hành xây dựng nhà máy lọc.

Rủi ro và Các lĩnh vực trọng tâm

• Stardust Power vẫn chưa ghi nhận doanh thu và cho biết khả năng tài trợ vốn lưu động cũng như chi phí vốn trong 12 tháng tới phụ thuộc vào việc huy động thêm vốn cổ phần, tài trợ nợ hoặc các hình thức tài trợ khác.
• Việc thu xếp vốn xây dựng vẫn là ưu tiên hàng đầu của công ty, trong khi các cuộc thảo luận thương mại và chiến lược vẫn chưa đưa ra công bố chính thức nào đáng chú ý.
• Công ty đang đánh giá các phương án thay thế nhằm đáp ứng yêu cầu duy trì niêm yết của Nasdaq, bao gồm ngưỡng giá trị thị trường tối thiểu.
• Các công cụ huy động vốn cổ phần giúp tăng khả năng tiếp cận nguồn vốn nhưng cũng góp phần làm tăng số lượng cổ phiếu bình quân lưu hành.
• Ban lãnh đạo từ chối đưa ra các dự báo hoặc ước tính triển vọng trong cuộc họp.

Điểm tin Hỏi & Đáp của các chuyên gia phân tích

Không có câu hỏi nào được gửi trong phiên Hỏi & Đáp.

Toàn văn Biên bản Cuộc họp Báo cáo Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Thank you. Good afternoon and welcome to Stardust Power, Inc's Q2 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 ended June 30, 2026. Joining us on today's call are Startups Powers founder and CEO, Roshan Pajari, and CFO, Uday Devasper. their remarks we will open the call for questions. Before we begin, Joanna Gonzalez, Starters Powers Director of Investor Relations and Communications, will make a brief introductory statement. Ms. Gonzalez, please proceed.

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're 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. 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. 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. 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 on 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 Status Power website.

Roshan Pujari

I will turn the call over to Status Power CEO Roshan Pujari. Thank you, Joanna, and good afternoon everyone. Thank you for joining us today. During the second quarter, we continue 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 U.S. 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 discipline process that progresses through a series of technical, commercial and financing milestones.

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 Mississauga site to identify and test specific locations. for verification efforts. 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 continue to strengthen our engagement across the Muskogee community and the state of Oklahoma through a range of workforce, regulatory and community initiatives. We were proud to sponsor and participate in events, including the public service recognition week and the 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.

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 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. to meet with Oklahoma's congressional delegation and representatives from key federal agencies. These discussions reinforced the strategic importance of expanding domestic critical capacity and the role Stardust Power can play in supporting a more secure U.S. battery materials 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. 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 in 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. 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. While those milestones are not always visible quarter to quarter, our attention remains on the work meaningfully improves the project's readiness and position 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. And with that, I'll hand over to our CFO, Uday Devaspur.

Udaychandra 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 26, we continue 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 project opportunities in q126 we established a 10 million equity line of credit or eloc with b riley principal capital 2 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 26, we also established a $5 million at the market or ATM equity program with BID Securities, giving us an additional capital raising tool to support working capital and project advancement. Since establishing the E-Lock 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 151,000 gross proceeds, while subsequent to quarter end, we have continued to access our available capital market facilities. And as of the date of our 10Q 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 for the second quarter of 2026. The company remains free revenue as we continue to advance development of the Muscogee 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 30, 2026, we had cash and cash equivalents of approximately $0.5 million compared to $3.5 million as of December 31, 2025. 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 libraries. General and administrative expenses continue to support engineering, commercial, and corporate activities as we advance the process. Our basic and diluted loss per share was 35 cents compared to 59 cents in the prior year quarter, primarily reflecting the higher weighted average shares of selling 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 2035, 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.

With several important project developments, my source achieved, including completion of final major permitting and FPL pre 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, part partially offset by debt-free things. The prior year period benefited from increased proceeds from public offerings, during the first half of 2025. Regarding our compliance with NASDAQ listing requirements, we continue to actively evaluate all available alternatives to address our continued listing requirements, including those related to minimum market value threshold. We remain committed to maintaining our NASDAQ listing while acting in the best interest of our shareholders. To conclude, while we remain a free revenue company, our financial priorities remain clear. engineering discipline, liquidity management, advancing product readiness, and supporting broader financing strategy for our findings.

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 discipline 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.

Roshan Pujari

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 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

Thank you. Ladies and gentlemen, to ask the question, please press star 11 on your telephone, then wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. That's star 1-1 to ask the question. I'm sure no questions in the queue. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

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[Call has ended.]