Stardust Power raises $13M, completes FEL-3 study, but going-concern risk deepens on $68M deficit

Filed March 25, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Accumulated deficit widened from $52.6M to $68.3M; company states cash on hand and potential equity issuance will be inadequate for the next twelve months, explicitly linking capital access to going-concern status.

  Risk Factors: Going Concern verify on EDGAR →
• high

  FEL-3 engineering study completed in August 2025, estimating Phase 1 capital cost at $500M for 25,000 mtpa capacity with 24-month construction timeline; federal grant applications now in 'plans to submit' status (down from 'under review'), removing prior $27.5M DoD and $150M DoE figures.

  MD&A: FEL-3 Completion & Federal Grants verify on EDGAR →
• high

  Company raised ~$13M gross via three public offerings and warrant inducement (January $5.75M at $12/share, March $3M at $6.20, June $4.3M at $2/share pre-split), executed 1-for-10 reverse stock split in September to regain Nasdaq compliance, and drew $4M from new Lind convertible note ($4.8M face, 20% OID, 43.2% effective rate).

  MD&A: Equity Raises & Convertible Debt verify on EDGAR →