Evolution Metals & Technologies (EMAT) Financials
Ticker history: WTMA became EMAT (Evolution Metals & Technologies Corp.) on . Earlier news and filings retain their original names and dates. View WTMA history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the S-1 for Q2 FY2026, filed Oct 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EMAT SEC filings page.
This page shows Evolution Metals & Technologies Corp. (EMAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The latest balance sheet is dominated by liabilities, while recurring operations still consume cash and produce continuing losses.
Liabilities expanded from$23.1M in FY2024 to$677.4M in FY2025, a change far larger than the asset base could absorb. Equity was-$654.9M ; with nearly all liabilities current, the reported current ratio was 0.0x, describing a balance sheet not funded by book capital.
FY2025’s cash conversion followed the accounting result: a net loss of
Selling, general and administrative expense rose to
Financial Health Signals
We do not publish a peer-relative financial health score for Evolution Metals & Technologies Corp., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Evolution Metals & Technologies Corp. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Evolution Metals & Technologies Corp. reported a net loss of $1.8M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Evolution Metals & Technologies Corp. generated $1.6M in revenue in Q2 2026. Against the prior quarter it is down 12.9%.
Evolution Metals & Technologies Corp.'s EBITDA was -$11.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Evolution Metals & Technologies Corp. reported a net loss of $11.9M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Evolution Metals & Technologies Corp. earned -$0.02 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Evolution Metals & Technologies Corp. recorded an outflow of $17.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Evolution Metals & Technologies Corp. held $5.3M in cash against $2.3M in long-term debt as of Q2 2026, with $93.5M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
Evolution Metals & Technologies Corp.'s gross margin was -7.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is down 30.7 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Evolution Metals & Technologies Corp. invested $7.7M in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 32033.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
EMAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1 | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'25S-1 | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $1.9M | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $1.8M | $1.4M | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | -$115K | $445K | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.1M+316.3% | $16.1M+474.6% | N/A | $472K+119.5% | $2.9M+944.4% | $2.8M+930.2% | N/A | $215K-60.5% |
| Operating Income | -$12.2Mn/m | -$15.7Mn/m | N/A | -$467Kn/m | -$2.9Mn/m | -$2.8Mn/m | -$708K | -$226Kn/m |
| EBITDA | -$11.9M | -$15.4M | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $821K | $768K | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$51K-489.9% | N/A | $3K-94.0% | $10K-72.8% | $13K-50.2% | $13K+42.0% | $55K | $36Kn/m |
| Net Income | -$11.9Mn/m | N/A | N/A | -$436Kn/m | -$40.9Mn/m | -$18.0Mn/m | -$654Kn/m | -$81K-149.1% |
| EPS (Basic) | -$0.02 | -$0.72 | N/A | N/A | -$0.09 | -$0.04 | N/A | N/A |
| EPS (Diluted) | -$0.02 | -$0.72 | N/A | N/A | -$0.09 | -$0.04 | N/A | N/A |
| Diluted Shares (Avg) | 622M | 612M | N/A | N/A | 455M | 455M | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
EMAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1 | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'25S-1 | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $95.1M+667.1% | $85.6M+591.7% | $22.5M+83.3% | $6.6M-46.3% | $12.4M-49.4% | $12.4M-48.8% | $12.3M-48.7% | $12.3M-69.3% |
| Current Assets | $14.7M+10022.4% | $11.3M+50069.2% | $13.2M+86559.7% | $150K+598.4% | $145K+237.2% | $22K+232.2% | $15K+101.0% | $21K-84.3% |
| Cash & Equivalents | $5.3M+2254835.6% | $5.4M+730116.8% | $11.7M+985975.9% | N/A | $233-90.9% | $738-89.1% | $1K-82.5% | $1K-98.7% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $1.5M | $1.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.2M | $2.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $58.9M | $60.1M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $113.9M+385.9% | $96.4M+306.3% | $677.4M+2835.4% | $19.0M-15.0% | $23.4M-31.8% | $23.7M-29.6% | $23.1M-30.5% | $22.4M-54.3% |
| Current Liabilities | $93.5M+350.6% | $93.1M+951.9% | $677.4M+8134.9% | $9.9M+31.5% | $20.7M+5.3% | $8.9M+26.8% | $8.2M+23.7% | $7.6M-66.7% |
| Non-Current Liabilities | $20.5M+656.8% | $3.3M-77.5% | $0-100.0% | $9.1M-38.7% | $2.7M-81.6% | $14.9M-44.3% | $14.8M-44.1% | $14.8M-43.6% |
| Long-Term Debt | $2.3M | $2.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$18.9Mn/m | -$24.8Mn/m | -$654.9Mn/m | -$12.5Mn/m | -$12.0Mn/m | -$11.4Mn/m | -$10.8Mn/m | -$10.1Mn/m |
| Retained Earnings | -$1.1Bn/m | -$1.1Bn/m | -$678.8Mn/m | -$12.5Mn/m | -$12.0Mn/m | -$11.4Mn/m | -$10.8Mn/m | -$10.1Mn/m |
EMAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1 | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'25S-1 | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2Mn/m | -$5.6Mn/m | -$256Kn/m | $3.4Mn/m | -$2.4Mn/m | -$2.1Mn/m | -$529Kn/m | -$361Kn/m |
| Depreciation & Amortization | $289K | $252K | N/A | N/A | N/A | N/A | N/A | N/A |
| Stock-Based Compensation | $1.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | $7.7M | $24K | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$17.0M | -$5.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$8.4Mn/m | $1.0Mn/m | $0-100.0% | $6.6M-45.7% | -$87K | -$474K | $81K-99.5% | $12.2Mn/m |
| Financing Cash Flow | $18.2M+4854.8% | -$1.7M-147.6% | $260K-42.0% | -$9.0Mn/m | $367K+106.4% | $3.7M+878.0% | $448Kn/m | -$12.0M-1736.6% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
EMAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26S-1 | Q1'26S-1 | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'25S-1 | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -7.0% | 23.7% | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -744.9% | -833.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -728.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -12.5%+317.4pp | N/A | N/A | -6.6%-6.0pp | -329.9%-329.5pp | -145.4%-145.1pp | -5.3%-5.3pp | -0.7%-1.1pp |
| Current Ratio | 0.16+0.2x | 0.12+0.1x | 0.020.0x | 0.020.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.000.0x |
| Asset Turnover | 0.02 | 0.02 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -1036.7% | -297.7% | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$654.9M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.02), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Evolution Metals & Technologies Corp. EMAT | FY2025 | N/A | -$1.8M | N/A | $959.6M | — |
| TMC the metals company Inc. TMC | FY2025 | N/A | -$319.8M | N/A | $1.0B | — |
| Critical Metals Corp. CRML | FY2026 | N/A | -$228.2M | N/A | $1.0B | — |
| Compass Minerals International, Inc. CMP | FY2025 | $1.2B | -$79.8M | -6.4% | $973.5M | 31/100 |
| Vizsla Silver Corp. VZLA | FY2026 | N/A | -$38.7M | N/A | $1.1B | — |
| Americas Gold and Silver Corporation USAS | FY2025 | $117.9M | -$87.4M | -74.2% | $973.9M | 33/100 |
Where Evolution Metals & Technologies Corp. Ranks
Frequently Asked Questions
No, Evolution Metals & Technologies Corp. (EMAT) reported a net loss of $1.8M in fiscal year 2025.
Evolution Metals & Technologies Corp. (EMAT) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Evolution Metals & Technologies Corp. (EMAT) had $22.5M in total assets as of fiscal year 2025, including both current and long-term assets.
Evolution Metals & Technologies Corp. (EMAT) had a current ratio of 0.02 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Evolution Metals & Technologies Corp. (EMAT) had a return on assets of -8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Evolution Metals & Technologies Corp. (EMAT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $959.6M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Evolution Metals & Technologies Corp. (EMAT) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $959.6M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, Evolution Metals & Technologies Corp. (EMAT) held $11.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.3M over that year. Dividing the one by the other, the reported balance equals about 106 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Evolution Metals & Technologies Corp. (EMAT) has negative shareholder equity of -$654.9M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Evolution Metals & Technologies Corp. (EMAT) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Evolution Metals & Technologies Corp. (EMAT) reported a net loss of $1.8M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.