Going concern and financing risk
The company needs additional capital to fund development and working capital before commercial production.
- Scope
- Corporate funding and project completion
- Materiality
- high
Stardust Power Inc.
Stardust Power Inc. is a U.S.-based development-stage battery-grade lithium company organized around a planned large-scale lithium refinery in Oklahoma. The business is designed to process multiple lithium brine inputs into battery-grade lithium products for electric vehicle and other battery supply chains.
0.29
0.29
| % | |
|---|---|
| Battery-grade lithium products | 70% Refined lithium chemicals intended for use in battery cells and related applications. |
| Lithium brine processing | 15% Processing of lithium brine feedstock into a consistent refinery input stream. |
| Refinery development services | 15% Engineering, site development, and build-out of the planned Oklahoma refinery. |
Stardust Power targets electric vehicle manufacturers as its primary end market, with additional potential demand from...
- Electric vehicle manufacturersprimary
Primary target buyers for battery-grade lithium used in EV battery cells and supply chains.
- Battery manufacturerssecondary
Buy refined lithium inputs for cell production and value consistent chemical quality.
- Original equipment manufacturers (OEMs)secondary
Use lithium products indirectly through battery supply chains and domestic sourcing programs.
- U.S. government and defense-related buyersemerging
Potential strategic customers seeking secure domestic supply of critical minerals.
The company is based in the United States and is developing its refinery in Oklahoma, with the Muskogee site serving as...
- •United States is the core market and operating base
- •Oklahoma is the planned refinery location
- •Muskogee site anchors the facility build-out
- •Domestic supply positioning matters for EV and battery buyers
- •U.S. location supports industrial policy and security themes
Stardust Power’s strategy is to build a large central refinery that can accept multiple lithium brine inputs and...
01
Complete refinery development in phasesmedium-term
Scaled processing capacity is the core operating asset and the basis for future sales.
02
Secure lithium brine feedstockshort-term
Reliable input supply is necessary to run the refinery and support customer commitments.
03
Win long-term customer contractsmedium-term
Battery customers typically require stable supply and predictable pricing structures.
04
Position as a domestic critical-minerals supplierlong-term
U.S.-based sourcing can be a commercial advantage for EV and strategic buyers.
The company faces development-stage execution risk because its refinery is not yet in commercial production and...
Project execution risk
A first-of-its-kind refinery build requires engineering, permitting, and construction success.
- Scope
- Facility development in Oklahoma
- Materiality
- high
Feedstock supply risk
The refinery depends on third-party lithium brine inputs and supplier negotiations.
- Scope
- Brine sourcing and contract terms
- Materiality
- high
EV market demand risk
Planned sales are concentrated in EV and battery supply chains that can be cyclical.
- Scope
- End-market demand for battery-grade lithium
- Materiality
- medium
Commodity and contract pricing risk
Future contracts are expected to use capped and variable pricing tied to market conditions.
- Scope
- Lithium product pricing
- Materiality
- medium
Deferred offering costs
Balances sheet and equity presentation
Fair value of common shares
Operating expense and equity valuation
Capitalization of development and engineering costs
Property, plant and equipment and expense timing
Going concern disclosures
Disclosure and financial statement context
: 29.4.2026