The firm faces a precarious financial structure with total liabilities of $17.3 million significantly exceeding total assets of $9.4 million 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 |
Insolvent capital structure risk
As reported in financial statements, Stardust Power's equity position has remained consistently negative over the last ten quarters, reaching -$7.9 million in 2026Q1, which highlights a structural inability to generate retained earnings while the company attempts to fund its capital-intensive refinery development through external financing.
The persistent negative equity suggests that the company is effectively operating on borrowed time and capital, with no internal buffer to absorb operational setbacks. Investors should monitor the widening gap between liabilities and assets, as this trajectory indicates that the business model has yet to achieve the scale required for self-sustainability.
Based on the most recent quarterly data, the company's current ratio has plummeted to 0.12, indicating that Stardust Power possesses minimal liquid assets to cover its immediate obligations, a situation that appears increasingly precarious given the $3.48 million cash balance reported at the end of 2025Q4.
A current ratio well below 1.0 suggests that the company may struggle to meet short-term liabilities without immediate capital injections or debt restructuring. This liquidity profile implies that the firm is highly susceptible to even minor operational delays, which could rapidly exhaust the remaining cash runway.
According to the provided balance sheet data, the company's total assets of $9.4 million in 2026Q1 are heavily concentrated in non-productive or early-stage capital, with net PPE fluctuating significantly, suggesting that the firm has yet to establish a meaningful physical footprint to support its refining operations.
The volatility in net PPE, which dropped from $7.0 million in 2025Q2 to $1.8 million in 2025Q4, warrants further investigation into potential asset impairments or changes in project scope. This lack of stable, productive assets implies that the company remains in a high-risk development phase with limited tangible collateral.
As indicated by the company's reported figures, total liabilities of $17.3 million significantly outweigh total assets, creating a balance sheet distortion where the company's obligations appear to be growing faster than its ability to deploy capital into revenue-generating infrastructure, signaling a high risk of insolvency.
The reliance on debt and other liabilities to fund operations in the absence of revenue suggests that the company is accumulating obligations that may become difficult to service. Investors should be wary of the potential for future equity dilution, as the current liability structure appears unsustainable without a major shift in the company's funding strategy.
Quick answers to the most common questions about buying SDSTW stock.
As of 2025, Stardust Power Inc. (SDSTW) had total assets of $11.8M including $4.1M in current assets.
Stardust Power Inc. (SDSTW) 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. (SDSTW) 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. (SDSTW) 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.