What is Trilogy Metals's earnings per share (EPS)?

Trilogy Metals (TMQ) reported diluted earnings per share of -$0.26 for fiscal year 2025. This represents a -420.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Trilogy Metals Financials

TMQ

FY2025 annual

Revenue Not reported for FY2025

Net Income -$42.2M -391.9% YoY

EPS (Diluted) -$0.26 -420.0% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended May 31, 2026 Reported Jul 8, 2026 Currency USD FYE November

This page shows Trilogy Metals (TMQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 TMQ FY2025 2026-07-08

FY2025 was a balance-sheet recapitalization year, with new obligations boosting cash faster than operations could fund themselves.

From FY2024 to FY2025, total assets rose to $157.3M while equity fell to $124.1M, a combination that points to funding coming from new liabilities rather than from internally generated capital. With cash at $51.6M and operating cash flow still negative at -$3.2M, the stronger asset base reflects a financing event more than a self-funding operating engine.

The FY2025 net loss of -$42.2M was far larger than operating cash burn of -$3.2M, so reported results weakened much faster than cash actually left the business. That gap suggests the year was shaped more by non-cash accounting effects than by a sharp jump in day-to-day spending, which matters because liquidity is governed by cash burn, not by the headline loss alone.

For several years the company carried very little in obligations, but total liabilities jumped to $33.2M from $903K in FY2025. Because nearly all of that balance is current, liquidity is still present but less effortless; cash remains larger than total liabilities, yet short-term claims now play a much bigger role in how the balance sheet works.

Financial Health Signals

Financial health score not available

Trilogy Metals 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

1/6

Trilogy Metals passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Trilogy Metals reported a net loss of $42.2M while operations used $3.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$42.2M

YoY-391.9%

Trilogy Metals reported -$42.2M in net income in fiscal year 2025. This represents a decrease of 391.9% from the prior year.

EPS (Diluted)

-$0.26

YoY-420.0%

Trilogy Metals earned -$0.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 420.0% from the prior year.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$51.6M

YoY+99.8%

5Y CAGR+35.9%

10Y CAGR+12.4%

Trilogy Metals held $51.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

173M

YoY+5.2%

5Y CAGR+3.7%

10Y CAGR+5.1%

Trilogy Metals had 173M shares outstanding in fiscal year 2025. This represents an increase of 5.2% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-34.0%

YoY-27.6pp

5Y CAGR-122.0pp

10Y CAGR-15.1pp

Trilogy Metals's ROE was -34.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

TMQ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TMQ quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$1.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$1.3M+9.2%	$1.2M-8.3%	$1.3M+3.2%	$1.3M-15.2%	$1.5M-8.1%	$1.6M-10.2%	$1.8M+20.0%	$1.5M+10.6%	$1.4M+3.6%	$1.3M-0.7%	$1.3M-9.3%	$1.5M-22.5%	$1.9M-15.9%	$2.3M+70.1%	$1.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$500K+44.5%	$346K+486.4%	$59K-3.3%	$61K+154.2%	$24K+1100.0%	$2K-95.0%	$40K-11.1%	$45K	$0
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	N/A	-$42.2M-391.9%	-$8.6M+42.6%	-$15.0M+38.4%	-$24.3M-12.0%	-$21.7M-113.4%	$161.8M+679.7%	-$27.9M-27.7%	-$21.8M-3.5%	-$21.1M-334.1%	-$4.9M+49.0%	-$9.5M+1.2%	-$9.6M+60.4%	-$24.4M+21.4%	-$31.0M-173.6%	-$11.3M
EPS (Diluted)	-$0.30	-$0.26-420.0%	-$0.05+50.0%	-$0.10+41.2%	-$0.17-13.3%	-$0.15-113.4%	$1.12+633.3%	-$0.21-16.7%	-$0.18	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
SG&A Expenses	$430K-24.2%	$567K	N/A	$214K-39.4%	$353K+2.9%	$343K	N/A	$293K
Net Income	-$6.3M+10.2%	-$7.1M	N/A	-$1.7M+19.8%	-$2.2M+39.9%	-$3.6M	N/A	-$1.6M
EPS (Diluted)	-$0.040.0%	-$0.04+81.0%	-$0.21-2000.0%	-$0.010.0%	-$0.01+50.0%	-$0.02-100.0%	-$0.010.0%	-$0.01

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, Interest Expense, Income Tax.

TMQ Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TMQ quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$157.3M+17.7%	$133.7M-3.1%	$138.0M-5.5%	$146.0M-12.7%	$167.3M-9.7%	$185.3M+258.9%	$51.6M-5.6%	$54.7M+35.7%	$40.3M-13.8%	$46.7M-8.7%	$51.2M+39.0%	$36.8M-5.3%	$38.9M-30.2%	$55.7M	N/A
Current Assets	$51.9M+99.4%	$26.0M+803.7%	$2.9M-1.0%	$2.9M-56.0%	$6.6M-42.2%	$11.4M-43.3%	$20.2M-14.7%	$23.6M+159.7%	$9.1M-41.8%	$15.6M-7.3%	$16.9M+189.9%	$5.8M-18.7%	$7.2M-69.1%	$23.2M	N/A
Cash & Equivalents	$51.6M+99.8%	$25.8M+897.5%	$2.6M+0.7%	$2.6M-59.2%	$6.3M-43.3%	$11.1M-42.0%	$19.2M-16.6%	$23.0M+326.5%	$5.4M-26.6%	$7.3M-54.3%	$16.1M+216.6%	$5.1M-21.7%	$6.5M-70.9%	$22.2M+2224300.0%	$1K
Accounts Receivable	$118K+637.5%	$16K-51.5%	$33K+94.1%	$17K-10.5%	$19K-85.3%	$129K-51.1%	$264K+1047.8%	$23K-95.1%	$470K+900.0%	$47K+20.5%	$39K-77.8%	$176K+95.6%	$90K-75.3%	$365K	N/A
Total Liabilities	$33.2M+3574.8%	$903K+94.2%	$465K-18.0%	$567K-55.2%	$1.3M-12.9%	$1.5M-95.6%	$33.4M+48.5%	$22.5M+53.7%	$14.6M+2364.4%	$593K-21.0%	$751K-23.3%	$979K-43.8%	$1.7M-11.7%	$2.0M	N/A
Current Liabilities	$33.1M+4075.7%	$793K+70.5%	$465K-12.9%	$534K-48.2%	$1.0M-1.4%	$1.0M-55.6%	$2.4M+42.1%	$1.7M-61.0%	$4.2M+616.5%	$593K	N/A	N/A	$1.7M-11.7%	$2.0M	N/A
Total Equity	$124.1M-6.5%	$132.8M-3.5%	$137.6M-5.4%	$145.4M-12.4%	$166.0M-9.7%	$183.8M+906.5%	$18.3M-43.3%	$32.2M+25.5%	$25.7M-44.4%	$46.2M-8.5%	$50.4M+40.7%	$35.8M-3.5%	$37.2M-30.8%	$53.7M+71.9%	$31.3M
Retained Earnings	-$132.6M-46.7%	-$90.4M-10.5%	-$81.8M-22.4%	-$66.9M-56.9%	-$42.6M-103.4%	-$20.9M+88.5%	-$182.7M-18.0%	-$154.8M-16.5%	-$132.9M-18.9%	-$111.8M-4.5%	-$106.9M	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$151.2M-2.2%	$154.5M-1.8%	$157.3M+21.8%	$129.1M-1.4%	$131.0M-1.1%	$132.4M-1.0%	$133.7M-0.5%	$134.4M
Current Assets	$39.0M-18.8%	$48.0M-7.5%	$51.9M+118.8%	$23.7M-3.9%	$24.7M-2.5%	$25.3M-2.7%	$26.0M-0.2%	$26.1M
Cash & Equivalents	$38.8M-18.7%	$47.8M-7.4%	$51.6M+120.8%	$23.4M-5.1%	$24.6M-2.4%	$25.2M-2.4%	$25.8M+0.4%	$25.7M
Accounts Receivable	$106K-5.4%	$112K-5.1%	$118K+594.1%	$17K-15.0%	$20K+5.3%	$19K+18.8%	$16K+100.0%	$8K
Total Liabilities	$35.3M+6.7%	$33.1M-0.4%	$33.2M+7193.0%	$455K-52.9%	$967K+20.9%	$800K-11.4%	$903K+63.3%	$553K
Current Liabilities	$35.2M+6.7%	$33.0M-0.3%	$33.1M+8777.5%	$373K-57.3%	$874K+24.5%	$702K-11.5%	$793K+85.3%	$428K
Total Equity	$115.9M-4.6%	$121.5M-2.1%	$124.1M-3.5%	$128.7M-1.0%	$130.0M-1.2%	$131.6M-0.9%	$132.8M-0.8%	$133.8M
Retained Earnings	-$146.0M-4.5%	-$139.7M-5.3%	-$132.6M-35.4%	-$97.9M-1.8%	-$96.2M-2.3%	-$94.0M-4.0%	-$90.4M-1.8%	-$88.8M

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

TMQ Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TMQ quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$5.6M	-$3.2M-77.7%	-$1.8M+40.9%	-$3.1M+21.4%	-$3.9M+23.1%	-$5.1M+38.0%	-$8.3M+64.9%	-$23.5M-6.4%	-$22.1M-43.2%	-$15.4M-77.3%	-$8.7M-3.0%	-$8.4M+2.4%	-$8.6M+43.2%	-$15.2M+23.5%	-$19.9M-105.6%	-$9.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$645K+9114.3%	$7K-97.7%	$300K+145.9%	$122K+154.2%	$48K+166.7%	$18K-92.3%	$233K-85.4%	$1.6M+13.0%	$1.4M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$24.1M-9.3%	-$22.1M-40.5%	-$15.7M-78.3%	-$8.8M-3.9%	-$8.5M+2.0%	-$8.7M+44.0%	-$15.5M+28.1%	-$21.5M-93.8%	-$11.1M
Investing Cash Flow	N/A	-$1.0M-104.0%	$25.0M	N/A	$142K+219.3%	-$119K	N/A	$9.6M-24.9%	$12.7M-6.0%	$13.5M+17464.1%	-$78K-100.4%	$19.4M+107644.4%	-$18K+92.3%	-$233K+85.7%	-$1.6M+69.8%	-$5.4M
Financing Cash Flow	$31.2M	$30.0M+40454.1%	$74K-97.6%	$3.1M+5668.5%	$54K-87.0%	$416K+91.7%	$217K-97.9%	$10.1M-62.4%	$26.9M+30038.9%	-$90K-210.3%	-$29K-120.4%	$142K-98.0%	$7.2M+2445.3%	-$309K-100.7%	$43.8M+190.1%	$15.1M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.0M+62.1%	-$2.7M-391.2%	-$558K+55.9%	-$1.3M-86.9%	-$677K+9.5%	-$748K-2976.9%	$26K+103.3%	-$785K
Investing Cash Flow	-$8.0M-220.0%	-$2.5M	N/A	N/A	N/A	N/A	$0-100.0%	$12.5M
Financing Cash Flow	$110K-91.7%	$1.3M-95.5%	$29.8M+135290.9%	$22K-69.0%	$71K-45.8%	$131K	N/A	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

TMQ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TMQ quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Return on Equity	-34.0%-27.6pp	-6.5%+4.4pp	-10.9%+5.8pp	-16.7%-3.6pp	-13.1%-101.1pp	88.0%+240.8pp	-152.8%-85.0pp	-67.8%+14.4pp	-82.2%-71.7pp	-10.5%+8.4pp	-18.9%+8.0pp	-26.9%+38.7pp	-65.6%-7.9pp	-57.7%-21.5pp	-36.3%
Return on Assets	-26.9%-20.4pp	-6.4%+4.4pp	-10.8%+5.8pp	-16.6%-3.7pp	-13.0%-100.3pp	87.3%+141.4pp	-54.1%-14.1pp	-40.0%+12.4pp	-52.4%-42.0pp	-10.4%+8.2pp	-18.6%+7.6pp	-26.2%+36.5pp	-62.7%-7.0pp	-55.7%	N/A
Current Ratio	1.57-31.3x	32.84+26.6x	6.20+0.7x	5.45-1.0x	6.41-4.5x	10.94+2.4x	8.56-5.7x	14.26+12.1x	2.14-24.2x	26.39	N/A	N/A	4.11-7.6x	11.74	N/A
Debt-to-Equity	0.27+0.3x	0.010.0x	0.000.0x	0.000.0x	0.010.0x	0.01-1.8x	1.83+1.1x	0.70+0.1x	0.57+0.6x	0.010.0x	0.010.0x	0.030.0x	0.050.0x	0.04	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-5.5%+0.3pp	-5.8%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.8%	N/A	-1.2%
Return on Assets	-4.2%+0.4pp	-4.6%	N/A	-1.4%+0.3pp	-1.7%+1.1pp	-2.7%	N/A	-1.2%
Current Ratio	1.11-0.3x	1.46-0.1x	1.57-62.1x	63.63+35.4x	28.26-7.8x	36.08+3.2x	32.84-28.1x	60.98
Debt-to-Equity	0.300.0x	0.270.0x	0.27+0.3x	0.000.0x	0.010.0x	0.010.0x	0.010.0x	0.00

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Where Trilogy Metals Ranks

Frequently Asked Questions

Is Trilogy Metals profitable?

No, Trilogy Metals (TMQ) reported a net income of -$42.2M in fiscal year 2025.

What is Trilogy Metals's return on equity (ROE)?

Trilogy Metals (TMQ) has a return on equity of -34.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Trilogy Metals's operating cash flow?

Trilogy Metals (TMQ) recorded an outflow of $3.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Trilogy Metals's total assets?

Trilogy Metals (TMQ) had $157.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Trilogy Metals have outstanding?

Trilogy Metals (TMQ) had 173M shares outstanding as of fiscal year 2025.

What is Trilogy Metals's current ratio?

Trilogy Metals (TMQ) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

What is Trilogy Metals's debt-to-equity ratio?

Trilogy Metals (TMQ) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Trilogy Metals's return on assets (ROA)?

Trilogy Metals (TMQ) had a return on assets of -26.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Trilogy Metals's Piotroski F-Score?

Trilogy Metals (TMQ) has a Piotroski F-Score of 1 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.

Are Trilogy Metals's earnings high quality?

Trilogy Metals (TMQ) reported a net loss of $42.2M while operations used $3.2M 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.