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Evolution Metals & Technologies Corp. (EMAT) Financials

EMAT
FY2025 annual
Revenue Not reported for FY2025
Net Income -$1.8M -98.8% YoY
EPS (Diluted) Not reported for FY2025
Operating Cash Flow -$1.3M +9.0% YoY
Market Cap $2.5B as of Sep 18, 2026
Price / Sales n/m no revenue reported
Price / Earnings n/m net loss, so no earnings multiple, FY2025
Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

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 Sep 18, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the S-1 for Q2 FY2026, filed Sep 8, 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).

Rhea AI EMAT FY2025

Reported liabilities overwhelm assets, making balance-sheet financing the dominant mechanic despite a persistent operating cash outflow.

The business’s earnings quality is directionally consistent: in FY2025, net loss was -$1.8M while operating cash flow was -$1.3M, so reported losses were not accompanied by a larger operating cash shortfall. Yet solvency, not operating scale, defines the structure: liabilities of $677.4M against assets of $22.5M leave equity deeply negative, making the balance-sheet imbalance far larger than the annual loss.

Current assets of $13.2M versus current liabilities of $677.4M produce a current ratio of 0.0x. This indicates a severe working-capital mismatch, making near-term obligations more informative than conventional margin analysis.

From FY2023 through FY2025, operating cash flow remained negative at roughly $1.3M$1.5M annually, while investing cash flow was positive in FY2024 and FY2025. That pairing suggests reported cash movements were driven partly by asset or investment transactions rather than operations; the 105.6-month liquidity comparison should not be read as operating self-sufficiency.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Evolution Metals & Technologies Corp. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
2/6

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.

Earnings Quality No Cash Backing
N/A

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

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Earnings & Revenue

Revenue
$1.6M
QoQ-12.9%

Evolution Metals & Technologies Corp. generated $1.6M in revenue in Q2 2026. Against the prior quarter it is down 12.9%.

EBITDA
-$12.0M
QoQ+22.2%

Evolution Metals & Technologies Corp.'s EBITDA was -$12.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. Against the prior quarter it is up 22.2%.

Net Income
-$11.9M
YoY+70.9%

Evolution Metals & Technologies Corp. reported -$11.9M in net income in Q2 2026. This represents an increase of 70.9% from the same quarter a year earlier.

EPS (Diluted)
-$0.02
QoQ+97.2%

Evolution Metals & Technologies Corp. earned -$0.02 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 97.2%.

Cash & Balance Sheet

Free Cash Flow
-$17.0M
QoQ-203.3%

Evolution Metals & Technologies Corp. recorded an outflow of $17.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. Against the prior quarter it is down 203.3%.

Cash & Debt
$5.3M
YoY+2254835.6%
QoQ-2.5%

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.

Shares Outstanding
622M
QoQ+4.8%

Evolution Metals & Technologies Corp. had 622M shares outstanding in Q2 2026. Against the prior quarter it is up 4.8%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin
-7.0%
QoQ-30.7pp

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.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures
$7.7M
QoQ+32033.3%

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%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

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.

EMAT quarterly income statement
MetricQ2'26S-1Q1'26S-1Q4'25S-1Q3'2510-QQ2'25S-1Q1'25S-1Q4'2410-KQ3'2410-Q
Revenue$1.6M$1.9MN/AN/AN/AN/AN/AN/A
Cost of Revenue$1.8M$1.4MN/AN/AN/AN/AN/AN/A
Gross Profit-$115K$445KN/AN/AN/AN/AN/AN/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-$12.2M-320.2%-$15.7M-458.7%N/A-$467K-107.1%-$2.9M-785.1%-$2.8M-770.2%N/A-$226K+62.8%
EBITDA-$12.0M-$15.4MN/AN/AN/AN/AN/AN/A
Interest Expense$821K$768KN/AN/AN/AN/AN/AN/A
Income Tax-$51K-489.9%N/AN/A$10K-72.8%$13K-50.2%$13K+42.0%N/A$36K+113.6%
Net Income-$11.9M+70.9%N/AN/A-$436K-439.9%-$40.9M-42820.3%-$18.0M-25549.9%N/A-$81K-149.1%
EPS (Basic)-$0.02+77.8%-$0.72-1700.0%N/AN/A-$0.09-$0.04N/AN/A
EPS (Diluted)-$0.02-$0.72N/AN/A-$0.09-$0.04N/AN/A
Diluted Shares (Avg)622M612MN/AN/A455M455MN/AN/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.

EMAT quarterly balance sheet
MetricQ2'26S-1Q1'26S-1Q4'25S-1Q3'2510-QQ2'25S-1Q1'25S-1Q4'2410-KQ3'2410-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$0$0$0N/A$0$0$0$0
Inventory$1.5M$1.6MN/AN/AN/AN/AN/AN/A
Accounts Receivable$2.2M$2.3MN/AN/AN/AN/AN/AN/A
Long-Term Investments$0$0$0N/A$0$0$0$0
Goodwill$58.9M$60.1MN/AN/AN/AN/AN/AN/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$2.6MN/AN/AN/AN/AN/AN/A
Total Equity-$18.9M-56.7%-$24.8M-117.9%-$654.9M-5962.3%-$12.5M-22.9%-$12.0M-21.4%-$11.4M-19.3%-$10.8M-16.6%-$10.1M-12.8%
Retained Earnings-$1.1B-9293.6%-$1.1B-9749.7%-$678.8M-6183.8%-$12.5M-22.9%-$12.0M-21.4%-$11.4M-19.3%-$10.8M-16.6%-$10.1M-12.8%

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.

EMAT quarterly cash flow statement
MetricQ2'26S-1Q1'26S-1Q4'25S-1Q3'2510-QQ2'25S-1Q1'25S-1Q4'2410-KQ3'2410-Q
Operating Cash Flow-$9.2M-285.5%-$5.6M-169.9%-$256K+51.7%$3.4M+1037.7%-$2.4M-1132.9%-$2.1M-452.0%-$529K+18.2%-$361K-4.2%
Depreciation & Amortization$200K$252KN/AN/AN/AN/AN/AN/A
Stock-Based Compensation$1.9MN/AN/AN/AN/AN/AN/AN/A
Capital Expenditures$7.7M$24KN/AN/AN/AN/AN/AN/A
Free Cash Flow-$17.0M-$5.6MN/AN/AN/AN/AN/AN/A
Investing Cash Flow-$8.4M-9520.7%$1.0M+312.0%$0-100.0%$6.6M-45.7%-$87K-$474K$81K-99.5%$12.2M+8201.5%
Financing Cash Flow$18.2M+4854.8%-$1.7M-147.6%$260K-42.0%-$9.0M+25.0%$367K+106.4%$3.7M+878.0%$448K+102.9%-$12.0M-1736.6%
Share BuybacksN/AN/AN/AN/AN/AN/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.

EMAT quarterly financial ratios
MetricQ2'26S-1Q1'26S-1Q4'25S-1Q3'2510-QQ2'25S-1Q1'25S-1Q4'2410-KQ3'2410-Q
Gross Margin-7.0%23.7%N/AN/AN/AN/AN/AN/A
Operating Margin-744.9%-833.2%N/AN/AN/AN/AN/AN/A
Net Margin-728.0%N/AN/AN/AN/AN/AN/AN/A
Return on Assets-12.5%+317.4ppN/AN/A-6.6%-6.0pp-329.9%-329.5pp-145.4%-145.1ppN/A-0.7%-1.1pp
Current Ratio0.16+0.2x0.12+0.1x0.020.0x0.020.0x0.010.0x0.000.0x0.000.0x0.000.0x
Asset Turnover0.020.02N/AN/AN/AN/AN/AN/A
FCF Margin-1036.7%-297.7%N/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: Return on Equity, Debt-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 debt-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.

Frequently Asked Questions

Is Evolution Metals & Technologies Corp. profitable?

No, Evolution Metals & Technologies Corp. (EMAT) reported a net income of -$1.8M in fiscal year 2025.

What is Evolution Metals & Technologies Corp.'s operating cash flow?

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.

What are Evolution Metals & Technologies Corp.'s total assets?

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 593M shares outstanding as of fiscal year 2025.

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 $2.5B as of Sep 18, 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 $2.5B as of Sep 18, 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 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.

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