SDST earnings analysis
What we found in SDST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Stardust Power reported a diluted EPS loss of $0.35, slightly ahead of the -$0.36 estimate, but the filing indicates no revenue and provides no operating-margin, segment, or cash-flow detail in the supplied disclosure. Liquidity is severely constrained, with $540,264 of unrestricted cash and a $8,240,860 stockholders’ deficit, while management states funding will be inadequate for at least the next twelve months. The August 11 market-capitalization trigger placed the approximately $3.84 million convertible note in default, creating an approximately $4.22 million obligation, 10% default interest, acceleration, collateral remedies, and substantial dilution risk.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS modestly beats consensus
- Reported diluted EPS was -$0.35 versus the -$0.36 consensus estimate, a $0.01 beat. The filing states the Company has not generated any revenue.
- Very limited liquidity
- Unrestricted cash was only $540,264 as of June 30, 2026, while accumulated deficit was $77,480,170 and stockholders’ deficit was $8,240,860.
- Convertible-note default escalates obligations
- The 2025 Convertible Note had outstanding principal of approximately $3.84 million when the August 11, 2026 Triggering Event occurred; the Mandatory Default Amount is approximately $4.22 million, or 110% of principal.
- Disclosure controls remain effective
- The Company’s disclosure controls and procedures were concluded to be effective as of June 30, 2026, and management reported no material changes in internal control during the quarter.
- Nasdaq compliance period established
- The Company received a Nasdaq notice requiring it to regain the $35 million market value of listed securities threshold by October 21, 2026, with compliance requiring at least 10 consecutive business days above the threshold.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Senior secured note is in default
- On August 11, 2026, market capitalization remained below $15.0 million for 10 consecutive trading days, triggering a default. Default interest accrues at 10% per annum, and Lind may accelerate the note or exercise remedies against substantially all Company assets.
- Going-concern financing risk
- The filing states substantial doubt exists about continuing as a going concern: unrestricted cash was $540,264, accumulated deficit was $77,480,170, and stockholders’ deficit was $8,240,860. Management says existing cash and available investments will not satisfy requirements for at least the next 12 months.
- Nasdaq delisting could accelerate debt
- Failure to regain Nasdaq compliance by October 21, 2026 could lead to delisting. Delisting would be an event of default under the 2025 Convertible Note and could accelerate approximately $4.22 million of Mandatory Default Amount obligations.
- External financing dependence
- The Company has no substantial credit lines and relies on future equity or debt financing; the filing states there is no assurance that financing will be available on satisfactory terms.
- Potentially severe equity dilution
- Conversion after the Triggering Event may occur at the lower of the existing conversion price or 80% of the average of the three lowest daily volume-weighted average prices over the prior 20 trading days, creating substantial dilution risk.
- Concentrated banking exposure
- The Company has credit exposure to cash balances above the $250,000 FDIC-insured amount and maintains cash with only one financial banking institution.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.35
What they said about what is next.
The filing provides no quantitative revenue or EPS outlook; management states that cash on hand and available investments will be inadequate to meet working-capital and capital-expenditure requirements for at least the next twelve months.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 14, 2026
- Stardust Power Inc. reported a net loss of $5.23 million for Q1 2026, an increase of 37% compared to a loss of $3.81 million in Q1 2025. The company continues to have no revenue, as it has not yet commenced commercial…
- 10-K · March 25, 2026
- Stardust Power is an early-stage developer of a battery-grade lithium carbonate (BGLC) refinery in Muskogee, Oklahoma targeting up to 50,000 metric tpa capacity once fully operational. The company remains pre-revenue…
- 10-Q · November 13, 2025
- Stardust Power (SDST) remains a pre-revenue developer of battery-grade lithium with no reported revenue for the quarter. Q3 results show a narrower net loss of $4,459,764 (EPS $(0.53)) versus a loss of $10,092,312 (EPS…
- 10-Q · August 13, 2025
- Stardust Power reported no revenue for the quarter and continues as a development-stage company. Q2 net loss was $(3,704,438) (EPS $(0.06)), worsening vs. Q2 2024 net loss of $(2,694,362) (EPS $(0.07)) in absolute…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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