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Electra Battery Materials Corp
(ELBM)
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Rating:45Neutral
Price Target:
C$0.79
▼(-5.95% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance (pre-revenue status, large and worsening losses, and ongoing negative operating/free cash flow), partially offset by an improved balance sheet versus prior periods. Technicals are neutral with modest near-term stabilization but a weaker longer-term trend, and valuation remains challenged due to negative earnings and no dividend support.
Positive Factors
Improved Balance Sheet
Lower leverage and a larger equity base improve financial resilience relative to prior periods. This may give Electra more flexibility to fund refinery development and absorb operating volatility, although ongoing losses could erode that support.
Negative Factors
Pre-Revenue Operating Model
Electra has not yet demonstrated recurring product sales from its intended cobalt sulfate business. Without operating revenue, commercial execution, customer acceptance, and refinery throughput remain unproven, increasing dependence on financing and delaying the path to self-funded growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Balance Sheet
Lower leverage and a larger equity base improve financial resilience relative to prior periods. This may give Electra more flexibility to fund refinery development and absorb operating volatility, although ongoing losses could erode that support.
Read all positive factors
Electra Battery Materials Corp (ELBM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$83.30M
Dividend YieldN/A
Average Volume (3M)82.09K
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue GrowthN/A
EPS Growth21.84%
CountryCA
Employees23
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.37
Shares Outstanding106,800,140
10 Day Avg. Volume59,594
30 Day Avg. Volume82,087
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.77
Price to Sales (P/S)0.00
P/FCF Ratio-1.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.48Price Target Upside195.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.54
Revenue Forecast (FY)C$31.70M
Electra Battery Materials Corp Business Overview & Revenue Model
Company Description
Electra Battery Materials Corporation concentrates on the acquisition and exploration of mineral resource properties across the United States and Canada. Its primary focus is on uncovering cobalt and silver deposits, notably through its flagship I...
How the Company Makes Money
Electra’s intended primary revenue model is to sell refined, battery-grade cobalt sulfate (and potentially other battery materials) to customers in the lithium-ion battery ecosystem, such as cathode material producers and battery manufacturers. Re...
Electra Battery Materials Corp Earnings Call Summary
Earnings Call Date:May 13, 2024
(Q4-2023)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant progress in partnerships, debt restructuring, and technical advancements in black mass processing. However, financial concerns were noted with a decrease in cash reserves and dependency on external funding. Overall, the sentiment leans positive due to the strategic achievements and future potential in the battery materials market.Positive Updates
Successful Partnerships and Agreements
Electra secured a feedstock agreement with Eurasian Resources Group, one of the largest cobalt miners globally, and strengthened its relationship with LG Energy Solution, increasing the offtake agreement for cobalt sulfate.
Negative Updates
Decreased Cash Reserves
Cash and marketable securities decreased from $15.7 million to $8.2 million due to capital and trial costs, despite pending government commitments.
Read all updates
Q4-2023 Updates
Positive
Negative
Successful Partnerships and Agreements
Electra secured a feedstock agreement with Eurasian Resources Group, one of the largest cobalt miners globally, and strengthened its relationship with LG Energy Solution, increasing the offtake agreement for cobalt sulfate.
Read all positive updates
Company Guidance
During the Electra Battery Materials Corporation's Q4 2023 earnings call, the company provided key guidance metrics and strategic updates. Electra held $8.2 million in cash and marketable securities at the end of Q4, down from $15.7 million the previous quarter, attributed to capital costs for refinery construction and the black mass trial. A $5 million government grant and $5.1 million in pending government commitments were highlighted as future financial contributions. The company’s debt restructuring led to a private placement of USD 51 million in senior secured convertible notes, resulting in net proceeds of USD 13.7 million. Electra's refinery project is approximately 40% constructed, with facilities expanded to 105,000 square feet. The company achieved significant milestones in its black mass trial, producing 28 tonnes of nickel-cobalt MHP and advancing lithium carbonate purity to 96-97%. Looking ahead, Electra requires approximately USD 60 million to complete construction for commissioning, with a focus on non-dilutive funding solutions. They also emphasized strategic partnerships, including agreements with Glencore and Eurasian Resources Group for feedstock, and LG Energy Solution for offtake, which will purchase 80% of production.Electra Battery Materials Corp Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -132.00K | -96.00K | -65.00K | -56.00K | -48.00K | -2.00K |
| EBITDA | 17.60M | -122.64M | -22.11M | 42.65K | 12.60M | -18.34M |
| Net Income | -81.61M | -133.47M | -29.45M | -64.67M | 12.55M | -34.92M |
Balance Sheet | ||||||
| Total Assets | 196.26M | 185.56M | 151.45M | 148.69M | 187.52M | 167.61M |
| Cash, Cash Equivalents and Short-Term Investments | 35.87M | 39.02M | 3.73M | 8.15M | 8.38M | 60.39M |
| Total Debt | 49.45M | 45.78M | 73.20M | 45.43M | 29.66M | 23.29M |
| Total Liabilities | 98.96M | 136.19M | 87.13M | 65.39M | 61.02M | 67.65M |
| Stockholders Equity | 97.30M | 46.25M | 64.32M | 83.30M | 126.51M | 99.96M |
Cash Flow | ||||||
| Free Cash Flow | -30.41M | -20.40M | -17.53M | -36.75M | -63.47M | -18.97M |
| Operating Cash Flow | -18.98M | -15.91M | -17.01M | -23.05M | -15.85M | -16.88M |
| Investing Cash Flow | -11.42M | -4.47M | 1.26M | -14.05M | -43.55M | -8.08M |
| Financing Cash Flow | 63.38M | 55.70M | 11.90M | 36.54M | 8.48M | 78.88M |
Electra Battery Materials Corp Technical Analysis
Negative
0.84
Price Trends
0.80
Negative
0.82
Negative
0.99
Negative
Market Momentum
>-0.01
Positive
41.21
Neutral
18.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELBM, the sentiment is Negative. The current price of 0.84 is above the 20-day moving average (MA) of 0.81, above the 50-day MA of 0.80, and below the 200-day MA of 0.99, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.21 is Neutral, neither overbought nor oversold. The STOCH value of 18.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ELBM.
Electra Battery Materials Corp Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | C$46.68M | -10.06 | -71.25% | ― | ― | 74.25% | |
45 Neutral | C$83.30M | -0.55 | -118.80% | ― | ― | 21.84% | |
45 Neutral | C$61.25M | -9.38 | -10.46% | ― | ― | 21.18% | |
44 Neutral | C$93.80M | 30.97 | 5.73% | ― | ― | 51.81% | |
40 Underperform | C$5.18M | -7.94 | -21.92% | ― | ― | 6.64% | |
33 Underperform | C$25.47M | -2.09 | -168.02% | ― | ― | -140.23% |
* General Sector Average
TSE:ELBM
Electra Battery Materials Corp
0.76
-0.42
-35.59%
TSE:NBM
NEO Battery Materials Ltd
0.17
-0.39
-69.64%
TSE:LITH
Lithium Chile Inc
0.42
-0.18
-29.66%
TSE:DEFN
Defense Metals
0.15
-0.05
-23.08%
TSE:LBNK
LithiumBank Resources Corp.
0.71
0.40
129.03%
TSE:AVE
Vital Battery Metals, Inc.
0.05
-0.23
-82.14%
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.