Here are the 10-K annual reports from Welsbach Tech Metals RTS (WTMAR) 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-K covers the audited annual report, with the full financial statements, so if you follow WTMAR 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 WTMAR filings page.
Evolution Metals & Technologies Corp. (EMAT), formerly Welsbach Technology Metals Acquisition Corp., filed its annual report after completing a SPAC business combination with Evolution Metals LLC on January 5, 2026. The deal turned the former blank-check company into a holding company owning EM and several South Korean operating subsidiaries focused on rare earth magnets, battery materials, and e‑waste recycling.
The report explains that the transaction will be accounted for as a reverse recapitalization, with EM treated as the accounting acquirer, so 2025 financials reflect only the pre‑merger SPAC. EMAT outlines a vertically integrated, recycling‑centric platform, a planned U.S. industrial campus, and extensive Korean operations, supported by an $80,000,000 unsecured bridge loan at 6.00% interest. It also highlights complex pre‑closing restructuring steps, multi‑year lock‑ups for key holders, significant execution and funding risks, and a long list of business risks, including limited operating history as a consolidated company, dependence on securing battery and e‑scrap feedstock, integration challenges, commodity price volatility, and the possibility investors could lose all or a significant portion of their investment.