Berkeley Energia (BKY) AI Stock Analysis

• Market Cap: AU$258.85M
• Dividend Yield: N/A
• Average Volume (3M): 181.33K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.25
• Revenue Growth: N/A
• EPS Growth: -67.12%
• Country: US
• Employees: 33
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): -0.01
• Shares Outstanding: 446,293,150
• 10 Day Avg. Volume: 280,768
• 30 Day Avg. Volume: 181,333
• PEG Ratio: -0.72
• Price to Book (P/B): 3.23
• Price to Sales (P/S): 86.98
• P/FCF Ratio: -57.05K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: AU$0.57 ▲(13.60% Upside)

The score is driven primarily by weak financial performance (persistent operating losses and negative free cash flow despite a stronger, low-debt balance sheet). Technicals add a modest headwind with the stock trading below major moving averages and only neutral momentum. Valuation provides limited support given the negative P/E (loss-making) and no dividend yield.

Positive Factors

Low financial leverage

Reported zero debt and sizeable equity give Berkeley financial flexibility to fund project development without interest burdens. For a development-stage uranium company, low leverage reduces bankruptcy risk and preserves optionality for financing permits, exploration and staged capex over the medium term.

Moderating cash burn

Operating and free cash outflows have narrowed by 2025 relative to prior years, indicating improving cash efficiency. A materially moderating cash burn extends runway for permitting and development activities, lowering immediate refinancing pressure while still requiring external funding to reach production.

Strategic uranium development asset

As a developer of the Salamanca uranium project in Spain and participant in the nuclear fuel supply chain, Berkeley sits in a structurally distinct commodity market. Development-stage positioning in a developed-market jurisdiction supports long-term project viability versus higher geopolitical-risk jurisdictions.

Negative Factors

Persistent operating losses

Consistent negative gross profit and operating losses through 2023–2025 show the business is not yet operationally profitable. Ongoing losses constrain reinvestment, increase reliance on external capital, and lengthen the timeline to sustainable cash generation even as revenues try to recover.

Negative free cash flow and small revenues

Consistently negative operating and free cash flow, paired with a tiny, volatile revenue base, mean the company cannot self-fund development. Small revenue magnifies financing needs for capital-intensive mine development and increases dilution or debt risk if external funding is required.

Historical balance-sheet stress risk

Although leverage is low today, prior episodes of high debt and negative equity in 2021 demonstrate vulnerability to capital stress. Continued losses could erode equity again, forcing dilutive financings or higher-cost borrowing that would hamper long-term project advancement and shareholder value.

Berkeley Energia Business Overview & Revenue Model

Company Description

Berkeley Energia Limited engages in the exploration and development of uranium properties in Spain. It primarily holds interest in the Salamanca project located in western Spain. The company was formerly known as Berkeley Energy Limited and changed its name to Berkeley Energia Limited in November 2015. Berkeley Energia Limited was incorporated in 1991 and is based in Perth, Australia.

How the Company Makes Money

Berkeley Energia Limited makes money through its efforts to develop and potentially produce uranium concentrate from its Salamanca Project. The company plans to generate revenue by extracting uranium ore and processing it into uranium concentrate, which it would then sell to utility companies and other entities in the nuclear energy sector. Key revenue streams include sales contracts with nuclear power operators and other end-users of uranium. Significant factors contributing to its earnings potential include the global demand for clean energy, which drives the need for nuclear power and, consequently, uranium as a fuel source. Additionally, partnerships with industry stakeholders and investment in efficient mining and processing technologies are crucial to its financial success.

Berkeley Energia Financial Statement Overview

Summary

Operating profile remains weak: revenue has improved but is volatile, gross profit is negative in 2023–2025, EBIT is negative in every year shown, and net income is loss-making in most years (with 2022 appearing non-recurring). Balance sheet is a relative strength recently (no reported debt and sizable equity), but persistent losses and ongoing negative free cash flow (though moderating in 2025) keep overall financial performance below average.

Income Statement

Revenue is small and volatile (A$1.48m in 2020, down to A$23k–A$32k in 2021–2022, then recovering to A$1.05m in 2023 and A$3.55m in 2024 before slipping to A$3.02m in 2025). Profitability remains weak: gross profit is negative in 2023–2025 and operating losses persist (EBIT negative every year shown). Net income is generally loss-making in most years (2020, 2021, 2023–2025), with 2022 showing an outsized profit that appears non-recurring versus the broader loss trend. Overall, the income statement reflects a pre-profit business with improving revenue scale but no consistent path to operating profitability yet.

Balance Sheet

The balance sheet is a relative strength recently: total debt is reported at A$0 from 2022–2025 and equity is substantial (roughly A$81m–A$88m) with assets around A$85m–A$90m, indicating low financial leverage. However, returns on equity are negative in 2023–2025 (consistent with ongoing losses), and the company previously showed elevated leverage and negative equity in 2021 (high debt and stockholders’ equity below zero), highlighting historical balance-sheet stress and the risk that continued losses could pressure equity again over time.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are below zero in every year provided (including a very small outflow in 2025 versus much larger outflows in prior years). While the cash burn appears to be moderating materially by 2025, the business is still not self-funding and remains dependent on external capital or existing liquidity to sustain operations. Cash flow versus accounting earnings is not a current positive signal because free cash flow remains negative despite net income being negative in most years.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	3.02M	3.55M	1.05M	32.00K	23.00K
Gross Profit	0.00	-1.13M	-279.00K	-2.32M	-62.00K	-460.00K
EBITDA	-1.49M	0.00	-2.52M	-4.77M	65.05M	-48.64M
Net Income	-5.43M	-5.43M	-3.26M	-1.37M	65.04M	-49.12M
Balance Sheet
Total Assets	84.53M	84.53M	87.38M	89.36M	89.89M	90.06M
Cash, Cash Equivalents and Short-Term Investments	73.59M	73.59M	77.34M	78.78M	79.94M	79.07M
Total Debt	0.00	0.00	0.00	0.00	0.00	96.49M
Total Liabilities	3.16M	3.16M	2.48M	2.04M	2.26M	103.40M
Stockholders Equity	81.37M	81.37M	84.90M	87.32M	87.63M	-13.33M
Cash Flow
Free Cash Flow	-4.61K	-4.61K	-1.50M	-4.14M	-5.79M	-5.69M
Operating Cash Flow	-4.61K	-4.61K	-1.50M	-4.14M	-5.79M	-5.59M
Investing Cash Flow	0.00	0.00	0.00	0.00	5.88M	-95.00K
Financing Cash Flow	0.00	0.00	0.00	0.00	-93.00K	-5.00K

Berkeley Energia Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BKY, the sentiment is Positive. The current price of 0.5 is below the 20-day moving average (MA) of 0.54, below the 50-day MA of 0.53, and below the 200-day MA of 0.55, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 64.44 is Neutral, neither overbought nor oversold. The STOCH value of 94.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BKY.

Berkeley Energia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BMN	56 Neutral	$838.99M	-192.28	-2.73%	―	―	60.83%
PDN	55 Neutral	$5.94B	-79.38	-6.47%	―	―	-163.65%
PEN	54 Neutral	AU$399.47M	-11.32	-7.01%	―	-100.00%	49.49%
AEE	52 Neutral	£206.97M	-13.28	-26.26%	―	―	-75.25%
EL8	50 Neutral	AU$186.39M	-12.71	-69.11%	―	―	1.38%
BKY	46 Neutral	AU$258.85M	-49.18	-6.30%	―	―	-67.12%

Berkeley Energia Corporate Events

Berkeley Energia Issues 496,428 New Shares Under ASX Quoted Class

Berkeley Energia Limited has issued 496,428 fully paid ordinary shares, which form part of its existing quoted class of securities on the ASX, as it continues to manage its capital structure. The company confirmed that the share issue was conducted without a prospectus under the relevant provisions of the Corporations Act, and that it remains compliant with its financial reporting and continuous disclosure obligations, with no excluded information that would need to be disclosed to the market.

Berkeley Energia Seeks ASX Quotation for Additional Ordinary Shares

Berkeley Energia Limited has applied for quotation on the ASX of 496,428 new fully paid ordinary shares, to be issued on 24 December 2025. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, will modestly increase the company’s free float and may provide incremental funding flexibility and liquidity for shareholders, although the scale of the issuance is relatively small in the context of the overall capital structure.

Berkeley Energia Reports A$184,945 in Spanish Government Payments for Salamanca Project

Berkeley Energia has published its annual report on payments to governments for the year to 30 June 2025, as required under UK disclosure and transparency rules. The filing shows that the group’s wholly owned Spanish subsidiaries made total payments of A$184,945 in permit and licence fees to Spanish federal, local and municipal authorities linked to the Salamanca project, with no reported production entitlements, royalties, income taxes or other categories of payments, underscoring the project’s current pre-production and permitting-focused stage.

Berkeley Energia Successfully Passes All Resolutions at AGM

Berkeley Energia Limited held its Annual General Meeting on November 28, 2025, where all proposed resolutions were passed by a poll. The resolutions included the approval of the remuneration report, re-election of a director, renewal of the employee incentive plan, and participation of management personnel in incentive programs, indicating strong shareholder support for the company’s governance and strategic initiatives.

Berkeley Energia Issues New Incentive Options to Boost Employee Engagement

Berkeley Energia Limited announced the issuance of 3,300,000 unlisted incentive options, each priced at A$0.80 and exercisable by September 30, 2028. This move is part of an employee incentive scheme, aimed at aligning the interests of the company’s workforce with its strategic goals, potentially enhancing operational performance and stakeholder value.

Berkeley Energia Reports Positive Test Results and Pursues Arbitration Against Spain

Berkeley Energia Limited announced positive preliminary metallurgical test results from its Conchas Project in Spain, highlighting significant recoveries of lithium and rubidium, which are critical for high-tech applications. The company is also involved in an international arbitration against Spain, seeking compensation for alleged violations related to its Salamanca Project, while maintaining a strong financial position with substantial cash reserves and no debt.