The capital structure appears increasingly vulnerable, characterized by a negative equity position of $7.9 million and a critically low current ratio of 0.12 as of 2026Q1.
| Total Current Assets | 1.71M | 4.05M | 2.14M | 2.7M | 109K | 1.02M |
| Cash & Short-Term Investments | 1.24M | 3.48M | 912.57K | 1.27M | 101K | 842K |
| Cash Only | 1.24M | 3.48M | 912.57K | 1.27M | 101K | 842K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 502.84K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 479.11K | 25.31K | 117.89K | 1.01M | 0 | 0 |
| Total Non-Current Assets | 7.72M | 7.72M | 6.89M | 320.52K | 304.68M | 300.07M |
| Property, Plant & Equipment | 7.13M | 1.76M | 1.76M | 1.97K | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 144.49K | 37.37K | 1.5M | 218.56K | 304.68M | 300.07M |
| Other Non-Current Assets | 550.11K | 5.93M | 3.63M | 100K | 0 | 0 |
| Total Assets | 9.44M | 11.78M | 9.02M | 3.02M | 304.78M | 301.1M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 583.51% | 30.5% | 198.39% | -99.01% | 1.22% | - |
| Total Current Liabilities | 13.86M | 14.28M | 25M | 1.54M | 3.88M | 2.81M |
| Accounts Payable | 0 | 0 | 10.26M | 1.26M | 0 | 0 |
| Days Payables Outstanding | 284.59K | - | 1000K | 1000K | - | - |
| Short-Term Debt | 1.93M | 1.14M | 10.01M | 72.97K | 785K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 11.27M | 11.48M | 2.9M | 2.99K | 3.09M | 2.81M |
| Current Ratio | 0.12x | 0.28x | 0.09x | 1.75x | 0.03x | 0.37x |
| Quick Ratio | 0.12x | 0.28x | 0.09x | 1.75x | 0.03x | 0.37x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.44M | 3.31M | 3.41M | 5.22M | 10.97M | 23.42M |
| Long-Term Debt | 1.73M | 2.26M | 0 | 5.21M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.71M | 1.05M | 3.41M | 5.66K | 10.97M | 23.42M |
| Total Liabilities | 17.3M | 17.59M | 28.41M | 6.76M | 14.84M | 26.23M |
| Total Debt | 3.66M | 3.4M | 10.01M | 5.29M | 785K | 0 |
| Net Debt | 2.42M | -81.74K | 9.1M | 4.01M | 684K | -842K |
| Debt / Equity | -0.47x | - | - | - | 0.00x | - |
| Debt / EBITDA | -0.26x | - | - | - | 0.05x | - |
| Net Debt / EBITDA | -0.17x | - | - | - | 0.05x | -0.18x |
| Interest Coverage | -19.22x | -30.93x | -2.11x | -483.62x | - | - |
| Total Equity | -7.87M | -5.81M | -19.39M | -3.73M | 289.94M | 274.87M |
| Equity Growth % | 252.77% | 70.01% | -419.06% | -101.29% | 5.48% | - |
| Book Value per Share | -0.79 | -0.79 | -4.53 | -0.86 | 77.32 | 73.30 |
| Total Shareholders' Equity | -7.87M | -5.81M | -19.39M | -3.73M | 289.94M | 274.87M |
| Common Stock | 985 | 975 | 4.6K | 4.02K | 304.68M | 300M |
| Retained Earnings | -73.58M | -68.34M | -52.62M | -3.79M | -14.73M | -25.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital funding shortfall
As reported in financial statements, SDST's equity position has consistently remained in negative territory, reaching -$7.9 million in 2026Q1, which reflects the persistent accumulation of losses and the absence of any revenue-generating activities to offset the ongoing development-stage cash burn during this critical pre-operational period.
The persistent negative equity suggests that the company is effectively operating on borrowed time and capital, with no internal mechanism for value creation yet established. Investors should monitor the widening deficit in retained earnings, which indicates that the business model is currently consuming rather than building shareholder value.
According to recent SEC filings, the company's current ratio has plummeted to 0.12 as of 2026Q1, signaling a severe inability to cover short-term obligations with existing liquid assets and highlighting the extreme pressure on the company's cash reserves to sustain even basic administrative and development operations.
A current ratio well below 1.0 is a significant red flag, suggesting that the company may struggle to meet its immediate liabilities without an urgent capital injection. This liquidity profile leaves virtually no buffer for operational delays or unforeseen cost overruns in the Muskogee refinery project.
Based on the provided balance sheet data, SDST's net PPE has fluctuated significantly, peaking at $7.1 million in 2026Q1, which underscores the early-stage nature of the Muskogee facility and the lack of a substantial, revenue-producing asset base to support the company's long-term industrial ambitions.
The volatility in PPE suggests that the company is still in the early phases of capital deployment, with the asset base not yet reflecting the scale required for commercial lithium refining. The lack of significant tangible assets relative to liabilities warrants further investigation into the company's ability to secure the necessary infrastructure for production.
As indicated by the quarterly data, the company's reliance on debt, which stood at $3.7 million in 2026Q1, combined with a negative equity position, creates a precarious capital structure that may necessitate highly dilutive equity financing to avoid a potential default on existing obligations.
The presence of debt in a pre-revenue company is particularly concerning, as it introduces interest obligations that further drain limited cash reserves. This structure suggests that the company is highly sensitive to interest rate fluctuations and the availability of capital markets, which could jeopardize the project's viability if funding conditions tighten.
Quick answers to the most common questions about buying SDST stock.
As of 2025, Stardust Power Inc. (SDST) had total assets of $11.8M including $4.1M in current assets.
Stardust Power Inc. (SDST) carries total debt of $3.4M, offset by $3.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Stardust Power Inc. (SDST) has total shareholders' equity (book value) of $-5.8M ($-0.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Stardust Power Inc. (SDST) reported a current ratio of 0.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.