Here are the 10-Q quarterly reports from Evolution Metals & Technologies Corp. (EMAT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow EMAT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EMAT filings page.
Evolution Metals & Technologies Corp. completed a Business Combination on January 5, 2026, in which EM LLC became the accounting acquirer in a reverse recapitalization of the former SPAC Welsbach Technology Metals Acquisition Corp. The company is building a midstream critical minerals and materials supply chain, anchored by four acquired Korean entities involved in battery recycling and advanced magnet materials.
For the six months ended June 30, 2026, EMAT generated $3.5 million in revenue, its first reported sales, but recorded a net loss of $452.2 million, driven largely by a $423.6 million loss from changes in the fair value of financial instruments and high selling, general and administrative expenses. Cash and cash equivalents were $5.3 million with a net working capital deficit of $78.8 million, and total stockholders’ deficit was $18.9 million despite recognizing $58.9 million of goodwill from acquisitions.
Management states that these losses, limited cash, and the working capital deficit raise substantial doubt about EMAT’s ability to continue as a going concern for at least twelve months. The company plans to pursue additional equity and debt financing while integrating its Korean operations and scaling production, but no new capital arrangements are described.
Evolution Metals & Technologies Corp. reported its first post‑merger quarter as a public company, focusing on midstream processing of critical materials. For the three months ended March 31, 2026, the company generated $1.9 million in revenue but recorded a net loss of $440.3 million, driven largely by a $425.2 million loss from changes in fair value of financial instruments.
Cash and cash equivalents were $5.4 million with a net working capital deficit of $81.8 million, and management concluded these conditions raise substantial doubt about the company’s ability to continue as a going concern for at least one year. During the quarter, EMAT completed a reverse recapitalization with a SPAC and acquired four Korean operating companies for total estimated consideration of $71.3 million, recording $63.2 million of goodwill and $6.8 million of intangible assets. Following these transactions, 593,349,852 common shares were outstanding as of May 21, 2026.