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First Graphene Ltd (FGR) AI Stock Analysis

AU:FGR

First Graphene Ltd

(ASX:FGR)

Select Model
Rating:42Neutral
Price Target:AUD 0.04â–¼(-5.13% Downside)
Action:upgraded
Date:09/11/26

The overall score is heavily dragged down by continuous fundamental losses and poor technical momentum. The primary risks are severe operational unprofitability, negative cash flow generation, and an unfavorable valuation profile. Technically, the stock remains in a confirmed downtrend below key long-term moving averages. The only redeeming factor is a highly deleveraged balance sheet, which provides marginal stability but cannot offset the overarching performance and momentum challenges.

Positive Factors
Lower leverageThe sharp reduction in leverage lowers solvency pressure and improves financial flexibility compared with the prior year. A stronger capital structure can help First Graphene withstand operating volatility and preserve capacity to support commercial development while it works toward profitability.
Negative Factors
Persistent lossesPersistent operating and net losses show that the current revenue base does not yet cover the company’s cost structure. Continued losses can erode equity over time, limit internally funded investment, and make the path to durable profitability dependent on stronger sales or further cost improvement.

First Graphene Ltd (FGR) vs. iShares MSCI Australia ETF (EWA)

-60%-40%-20%0%20%AU:FGR-59.38%EWA+13.51%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
AUD 29.29M
Dividend Yield
―
Average Volume (3M)
354.19K
Price to Earnings (P/E)
-6.4
Beta (1Y)
0.74
Revenue Growth
14.77%
EPS Growth
16.88%
Country
Australia
Employees
195
Sector
Basic Materials
Sector Strength
61
Industry
Chemicals

First Graphene Ltd Business Overview & Revenue Model

Company Description

First Graphene Limited, an Australian enterprise, is actively engaged in the comprehensive lifecycle of graphene products, from initial research, development, and mining to their manufacture and global distribution. The company organizes its operatio...

How the Company Makes Money

First Graphene makes money primarily by selling graphene materials and related product solutions to customers and partners for use in industrial formulations. Its main revenue stream is the sale of its graphene products (including PureGRAPH® graphene...

First Graphene Ltd Financial Statement Overview

Summary

First Graphene maintains a highly conservative balance sheet with minimal debt and positive equity. However, this is overshadowed by massive operating losses relative to its small revenue base and persistent negative cash flow, highlighting major operational sustainability risks.

Income Statement

25Negative

Balance Sheet

75Positive

Cash Flow

30Negative
Financial statement breakdown
BreakdownTTMJun 2026Jun 2025Jun 2024Jun 2023Jun 2022
Income Statement
Total Revenue537.59K537.59K468.40K492.00K861.17K723.32K
Gross Profit-144.03K220.56K17.86K100.74K-542.17K-103.61K
EBITDA-4.39M-4.07M-3.72M-5.07M-5.01M-5.71M
Net Income-5.40M-5.40M-5.48M-5.75M-5.42M-5.02M
Balance Sheet
Total Assets8.08M8.08M8.08M9.64M11.71M15.42M
Cash, Cash Equivalents and Short-Term Investments2.87M2.87M2.61M3.16M3.23M7.00M
Total Debt339.36K339.36K3.07M3.55M4.59M6.31M
Total Liabilities1.01M1.01M3.59M4.04M4.86M7.04M
Stockholders Equity7.07M7.07M4.49M5.50M6.66M8.19M
Cash Flow
Free Cash Flow-2.78M-2.78M-2.78M-2.87M-3.54M-4.49M
Operating Cash Flow-2.39M-2.39M-2.72M-2.82M-3.40M-4.40M
Investing Cash Flow-383.84K-383.84K-163.47K-52.48K-139.80K-90.58K
Financing Cash Flow3.05M3.05M2.37M2.81M-236.67K4.42M

First Graphene Ltd Technical Analysis

Technical Analysis SentimentNegative
Last Price0.04

Price Trends

50DMA0.05Negative
100DMA0.06Negative
200DMA0.06Negative

Market Momentum

MACD-0.00Positive
RSI23.55Positive
STOCH2.22Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FGR, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.05, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of -0.00 indicates Positive momentum. The RSI at 23.55 is Positive, neither overbought nor oversold. The STOCH value of 2.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:FGR.

First Graphene Ltd Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

AU:FGR against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
AU:RDXAU:RDX68NeutralAUD 1.82B19.8316.51%3.75%6.95%19.21%
Sector *61Neutral$10.43B7.12-0.05%2.87%2.86%-36.73%
AU:HZRAU:HZR49NeutralAUD 73.66M-7.00-87.35%―-96.81%-19.09%
AU:ATCAU:ATC43NeutralAUD 4.00M-0.10-174.71%――-107.04%
AU:FGRAU:FGR42NeutralAUD 34.62M-6.39-67.92%―14.77%16.88%
AU:FGHAU:FGH41NeutralAUD 37.16M-3.93-1186.33%――-84.62%
AU:CG1AU:CG139UnderperformAUD 28.60M-6.05-75.44%―-3.10%39.78%

* Basic Materials Sector Average

Performance Comparison

-50%0%50%AU:FGRAU:FGHAU:HZRAU:CG1AU:ATCAU:RDXDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
AU:FGR and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AU:FGRFirst Graphene Ltd0.04-0.05-55.17%
AU:FGHLeaf Resources Limited0.01-0.02-61.76%
AU:HZRHazer Group Ltd.0.28-0.29-51.33%
AU:CG1Carbonxt Group Ltd.0.07-0.03-34.00%
AU:ATCAltech Chemicals Limited0.01-0.03-75.00%
AU:RDXRedox Limited3.470.8230.70%

First Graphene Ltd Corporate Events

First Graphene Seeks ASX Quotation for Additional Ordinary Shares

Oct 26, 2026

First Graphene Limited, trading on the ASX as FGR, is an Australia-registered entity that offers ordinary fully paid shares to investors. The company sits within the advanced materials sector, with its equity securities providing a vehicle for partic...

First Graphene Sets November Date for Digitally Focused AGM

Oct 23, 2026

First Graphene Limited has announced details of its upcoming Annual General Meeting, which will be held at the company’s Henderson, Western Australia premises at 1:00pm AWST on Friday, 27 November 2026. Shareholders can access the Notice of Mee...

First Graphene lifts quarterly income and expands global PureGRAPH partnerships

Oct 20, 2026

First Graphene reported unaudited combined income of about A$201,000 for the first quarter of FY2027, reflecting a 21% increase on the prior year period and driven by graphene sales and collaborative R&D programs. Revenue was split roughly evenly...

First Graphene Director Increases Shareholding via Performance Rights Conversion

Oct 14, 2026

First Graphene Ltd has disclosed a change in the interests of director Michael Quinert, reflecting the conversion of performance rights into fully paid ordinary shares. The transaction, executed through the company’s Incentive Award Plan, resul...

First Graphene Seeks Quotation for Additional ASX Shares

Oct 13, 2026

First Graphene Ltd is an ASX-listed company operating in the advanced materials sector, focused on the development and commercialisation of graphene-based products. The company targets industrial applications where high-performance materials can enha...

First Graphene wins first sports footwear production order with Flux Footwear

Oct 6, 2026

First Graphene has secured its first production order in the global sports footwear market, with US-based Flux Footwear set to incorporate PureGRAPH into its athletic and leisure shoes. Flux will use the graphene-enhanced material to strengthen its G...

First Graphene seals Aeropreg deal to commercialise graphene carbon fibre prepregs

Oct 4, 2026

First Graphene has entered a three-year Development and Commercialisation Agreement with Turkish prepreg producer Aeropreg to create graphene-enhanced carbon fibre prepreg using its PureGRAPH additives and proprietary epoxy concentrates. The collabor...

First Graphene expands UK partnership as PureGRAPH sensors enter heat flux market

Sep 29, 2026

First Graphene has signed a three-year Strategic Partner Agreement with UK-based Vector Companies Group to expand commercial opportunities for its PureGRAPH graphene products. The deal allows Vector to introduce end-users to First Graphene and purcha...

First Graphene files 2026 corporate governance statement with ASX

Sep 25, 2026

First Graphene has lodged its corporate governance statement for the year ended 30 June 2026 within its annual report, detailing how it complies with ASX Corporate Governance Council principles. The statement, current as at 25 September 2026 and boar...

First Graphene’s 2026 Annual Report Underscores Global Footprint and Governance Framework

Sep 25, 2026

First Graphene Ltd’s 2026 annual report highlights its corporate structure and governance, led by a board chaired by non-executive chairman Warwick Grigor and managed by CEO Michael Bell. The report details the company’s registered office...

First Graphene Wins First Production Order for Fire-Safe Mining Polyurethane

Sep 10, 2026

First Graphene Ltd has secured its first production purchase order from Australian polyurethane specialist Pacific Urethanes for the use of its PureGRAPH graphene additive in fire-retardant polyurethane systems for mining. The deal introduces a new c...

First Graphene Director Converts Performance Rights Into Shares

Sep 9, 2026

First Graphene Limited, an advanced materials company specialising in graphene-based solutions, continues to use equity incentives such as performance rights and listed options to align its leadership team with shareholder returns. The company’...

First Graphene seeks quotation of additional ASX shares after option conversions

Sep 9, 2026

First Graphene Ltd, an advanced materials producer specialising in graphene-based products, trades on the Australian Securities Exchange under the ticker FGR and aims to supply high-performance materials for industrial markets. The company has applie...

First Graphene Updates Director Equity Holdings After Performance Rights Conversion

Sep 7, 2026

First Graphene Limited has disclosed a change in the securities held by director Dr Andrew James Goodwin, reflecting adjustments in his direct and indirect interests in the company. The notice details movements in fully paid ordinary shares, performa...

First Graphene Expands ASX Quoted Shares with Modest New Issue

Sep 7, 2026

First Graphene Ltd has applied to the ASX for quotation of 120,222 new ordinary fully paid shares, to be issued on 7 September 2026. The modest increase in quoted securities slightly expands the company’s equity base and free float, signalling...

First Graphene Narrows Annual Loss as Revenue and Asset Backing Improve

Aug 28, 2026

First Graphene Limited reported a 14.8% increase in revenue from ordinary activities to $537,594 for the year ended 30 June 2026, while narrowing its loss after tax attributable to members to $5,396,082 from $5,483,025 a year earlier. Net tangible as...

First Graphene Seeks ASX Quotation for Additional Ordinary Shares

Aug 24, 2026

First Graphene Limited has lodged an application with the Australian Securities Exchange for quotation of 855,843 new ordinary fully paid shares, issued following the exercise of options or conversion of other securities. The new FGR shares, dated 20...

First Graphene director equity adjusted as performance rights lapse

Aug 6, 2026

First Graphene Ltd has reported a change in the holdings of director Michael Quinert, following the lapse of certain performance rights after vesting conditions were tested as at 30 June 2026. The update, lodged with the ASX, details the cancellation...

First Graphene Issues New Performance Rights Under Employee Incentive Scheme

Aug 5, 2026

First Graphene Ltd has notified the market of the issuance of unquoted performance rights under its employee incentive scheme. The company has allocated 436,769 FGRAC performance rights, with an issue date of 30 June 2026, which are not intended to b...

First Graphene Announces Lapse of Performance Rights

Aug 5, 2026

First Graphene Ltd is an ASX-listed advanced materials company focused on the development and commercialisation of graphene-based products. The company’s securities trade under the ticker FGR on the Australian Securities Exchange, reflecting it...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 11, 2026