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Electra Battery Materials Corp
(ELBM)
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Rating:41Neutral
Price Target:
C$0.54
▼(-35.24% Downside)
Action:Reiterated
Date:10/24/26
The score is primarily held down by weak financial performance (pre-revenue status, large and worsening losses, and continued negative operating/free cash flow). Technicals also detract due to a clear downtrend and negative momentum indicators. Valuation provides limited support because the negative P/E reflects ongoing losses and there is no dividend yield data.
Positive Factors
North American battery supply chain
Electra is targeting a strategically important role in the North American EV battery supply chain through cobalt sulfate production and related refining capabilities. If developed successfully, this focus could align the company with durable demand for regionally sourced critical minerals and battery materials.
Negative Factors
Pre-revenue business
The absence of reported revenue means Electra has not yet demonstrated commercial production or a recurring sales base. Until revenue begins and scales, the business remains dependent on completing development and converting its battery-material strategy into sustainable customer shipments.
Read all positive and negative factors
Positive Factors
Negative Factors
North American battery supply chain
Electra is targeting a strategically important role in the North American EV battery supply chain through cobalt sulfate production and related refining capabilities. If developed successfully, this focus could align the company with durable demand for regionally sourced critical minerals and battery materials.
Read all positive factors
Electra Battery Materials Corp (ELBM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$60.96M
Dividend YieldN/A
Average Volume (3M)110.82K
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue GrowthN/A
EPS Growth21.84%
CountryCA
Employees23
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.37
Shares Outstanding106,950,140
10 Day Avg. Volume179,690
30 Day Avg. Volume110,824
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$2.50Price Target Upside197.33% 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 revenue model is centered on selling processed, battery-grade materials to customers in the lithium-ion battery supply chain. The primary intended revenue stream is the production and sale of cobalt sulfate (a key cathode precursor input...
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
0.73
Negative
0.77
Negative
0.88
Negative
Market Momentum
-0.04
Positive
34.49
Neutral
48.00
Neutral
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 0.66, above the 50-day MA of 0.73, and below the 200-day MA of 0.88, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 34.49 is Neutral, neither overbought nor oversold. The STOCH value of 48.00 is Neutral, 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% | |
45 Neutral | C$74.82M | 25.00 | 5.73% | ― | ― | 51.81% | |
43 Neutral | C$26.16M | -1.85 | -142.56% | ― | ― | -138.94% | |
43 Neutral | C$37.54M | -5.94 | -10.46% | ― | ― | 21.18% | |
41 Neutral | C$60.96M | -0.41 | -118.80% | ― | ― | 21.84% | |
40 Underperform | C$28.45M | -6.30 | -71.25% | ― | ― | 74.25% | |
40 Underperform | C$3.49M | -7.94 | -21.92% | ― | ― | 35.30% |
* General Sector Average
TSE:ELBM
Electra Battery Materials Corp
0.57
-1.19
-67.61%
TSE:NBM
NEO Battery Materials Ltd
0.15
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TSE:LBNK
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0.45
0.04
8.54%
TSE:AVE
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0.37
-3.58
-90.63%
Electra Battery Materials Corp Corporate Events
Business Operations and Strategy
Electra Keeps Cobalt Refinery on Budget as Build Accelerates
Positive
Oct 26, 2026
Electra Battery Materials Corp. reports that construction of its cobalt sulfate refinery in Temiskaming Shores, Ontario, remains on track with its US$73 million budget as the site workforce has more than doubled to 130. Work has progressed from fo...
Business Operations and StrategyPrivate Placements and Financing
Electra Battery Materials Seals Strategic Term Sheet With WMC for Cobalt Refinery Support
Positive
Oct 13, 2026
Electra Battery Materials has signed a non-binding term sheet with global commodities trader WMC Group AG for a five-year working-capital and commercial partnership tied to its Canadian cobalt refinery. The arrangement is designed to finance cobal...
Business Operations and StrategyPrivate Placements and Financing
Electra Details Quarterly Equity Issuance and Insider Share Participation
Positive
Oct 2, 2026
Electra Battery Materials reported its latest quarter’s capital markets activity, highlighting employee and director participation in equity programs and modest use of its at-the-market share issuance facility. Employees acquired tens of tho...
Business Operations and Strategy
Electra Steps Up Investor, Industry Outreach as Cobalt Refinery Advances
Positive
Sep 3, 2026
Electra Battery Materials Corp., which is developing a cobalt sulfate refinery in Ontario and holds significant cobalt and copper assets in Idaho, is building a vertically integrated role in the North American battery materials supply chain. The c...
Business Operations and StrategyExecutive/Board Changes
Electra bolsters commercial push as it advances North American cobalt refinery build-out
Positive
Sep 1, 2026
Electra Battery Materials has appointed veteran cobalt and nickel trader Douglas Geniti as Senior Advisor, Commercial Strategy, to support commercial planning as it advances construction of its North American cobalt sulfate refinery toward a 2027 ...
Business Operations and StrategyPrivate Placements and Financing
Electra Secures Ontario Funding to Advance North America’s First Cobalt Sulfate Refinery
Positive
Aug 26, 2026
Electra Battery Materials Corp., a North America-focused critical minerals processor, is building what is expected to be the region’s only battery-grade cobalt sulfate refinery in Temiskaming Shores, Ontario. The facility is designed to prod...
Business Operations and Strategy
Electra Locks In Long-Term Cobalt Supply for Ontario Refinery
Positive
Aug 20, 2026
Electra Battery Materials has extended its cobalt hydroxide feed purchase agreement with Glencore to secure 100% of the feedstock needed to commission and ramp up its Canadian cobalt sulfate refinery through 2027. The deal, which runs to the end o...
Business Operations and Strategy
Electra Advances Construction at Ontario Cobalt Sulfate Refinery
Positive
Aug 18, 2026
Electra Battery Materials Corp., a critical minerals producer focused on battery-grade materials for the North American lithium-ion battery, energy storage, defense and industrial markets, is advancing construction of its cobalt sulfate refinery i...
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.