First Graphene Ltd (FGR) AI Stock Analysis

• Market Cap: AU$60.76M
• Dividend Yield: N/A
• Average Volume (3M): 958.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: -4.80%
• EPS Growth: 23.76%
• Country: AU
• Employees: 195
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): >-0.01
• Shares Outstanding: 880,522,640
• 10 Day Avg. Volume: 780,933
• 30 Day Avg. Volume: 958,948
• PEG Ratio: 0.20
• Price to Book (P/B): 3.80
• Price to Sales (P/S): 36.47
• P/FCF Ratio: -6.14
• 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: 42 Neutral
• Price Target: AU$0.07 ▼(-5.71% Downside)

First Graphene Ltd faces significant financial challenges, particularly in profitability and cash flow management, which heavily impact its overall score. Technical indicators suggest a neutral market sentiment, while valuation metrics are unattractive due to negative earnings. The lack of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Revenue Growth Potential

The company's strong revenue growth rate indicates its ability to capture market demand and expand its market presence, which is crucial for long-term success in the advanced materials sector.

Partnerships and Collaborations

Strategic partnerships enhance First Graphene's market reach and innovation capacity, facilitating the integration of graphene into diverse applications and driving sustainable growth.

Industry Positioning

Positioning in the advanced materials sector aligns with industry trends towards sustainability and performance enhancement, providing a robust foundation for future growth.

Negative Factors

Profitability Challenges

Ongoing profitability issues indicate operational inefficiencies, which could hinder the company's ability to reinvest in growth and innovation, impacting long-term competitiveness.

Cash Flow Concerns

Negative cash flows limit the company's ability to fund operations and strategic initiatives, posing a risk to financial stability and growth prospects.

Return on Equity

Negative return on equity suggests inefficiencies in utilizing shareholder capital, which could deter investment and affect long-term shareholder value creation.

First Graphene Ltd Business Overview & Revenue Model

Company Description

First Graphene Limited engages in the research, development, mining, exploration, manufacture, and sale of graphene products in Australia. It operates through Graphene Production, Research and Development, and Mining Asset Maintenance segments. The company offers MB-LDPE graphene enhanced masterbatch, MB-EVA graphene enhanced masterbatch, MB-EVA bitumen graphene enhanced masterbatch, aqua pre-dispersed graphene additives, and nanoplatelet additives under the PureGRAPH brand. The company also develops and sells VFD, TTF, and other 2D devices and materials. Its products are used in the coating and inks, composite, elastomer, fire retardancy, concrete, textile, and energy storage applications. First Graphene Limited is headquartered in Henderson, Australia.

How the Company Makes Money

First Graphene Ltd generates revenue primarily through the sale of its graphene products, which are marketed to various industries looking to enhance their materials with graphene's superior qualities. The company has established key partnerships and collaborations with manufacturers and research organizations to promote the integration of graphene into their products. Additionally, FGR explores joint ventures and licensing agreements that allow other companies to utilize its proprietary graphene technologies. The revenue model is supported by the growing demand for advanced materials that offer improved performance and sustainability, positioning FGR to capitalize on emerging market trends.

First Graphene Ltd Financial Statement Overview

Summary

First Graphene Ltd is experiencing revenue growth but faces significant challenges in profitability and cash flow management. The balance sheet shows some stability, but the company needs to address its operational inefficiencies and improve cash flow to ensure long-term sustainability.

Income Statement

First Graphene Ltd has shown a positive revenue growth rate of 29.27% in the latest period, indicating potential for future growth. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The consistent negative EBIT and EBITDA margins highlight ongoing operational challenges.

Balance Sheet

The company's debt-to-equity ratio has improved slightly over the years, suggesting a cautious approach to leveraging. However, the return on equity remains negative, indicating that the company is not generating sufficient returns on shareholders' investments. The equity ratio is stable, reflecting a balanced asset structure.

Cash Flow

First Graphene Ltd's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow challenges. The company needs to improve its cash generation capabilities to support operations and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	468.40K	468.40K	492.00K	861.17K	723.32K	341.87K
Gross Profit	-338.28K	17.86K	100.74K	-542.17K	-103.61K	-18.59K
EBITDA	-3.71M	-3.72M	-5.07M	-5.01M	-5.71M	-6.19M
Net Income	-5.40M	-5.48M	-5.75M	-5.42M	-5.02M	-6.30M
Balance Sheet
Total Assets	8.08M	8.08M	9.64M	11.71M	15.42M	15.99M
Cash, Cash Equivalents and Short-Term Investments	2.61M	2.61M	3.16M	3.23M	7.00M	7.08M
Total Debt	3.07M	3.07M	3.55M	4.59M	6.31M	5.29M
Total Liabilities	3.59M	3.59M	4.04M	4.86M	7.04M	6.77M
Stockholders Equity	4.49M	4.49M	5.50M	6.66M	8.19M	9.05M
Cash Flow
Free Cash Flow	-2.78M	-2.78M	-2.87M	-3.54M	-4.49M	-8.62M
Operating Cash Flow	-2.72M	-2.72M	-2.82M	-3.40M	-4.40M	-7.07M
Investing Cash Flow	-163.47K	-163.47K	-52.48K	-139.80K	-90.58K	-1.52M
Financing Cash Flow	2.37M	2.37M	2.81M	-236.67K	4.42M	7.62M

First Graphene Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.07
• 50DMA: Negative
• 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:FGR, the sentiment is Positive. The current price of 0.07 is above the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.08, and above the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.42 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:FGR.

First Graphene Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CG1	55 Neutral	AU$40.96M	-5.19	-67.76%	―	7.08%	33.70%
SPN	53 Neutral	AU$22.45M	-8.66	-63.81%	―	―	52.66%
HZR	46 Neutral	AU$122.22M	-15.45	-55.86%	―	―	64.63%
FGR	42 Neutral	AU$60.76M	-9.09	-105.49%	―	-4.80%	23.76%
VRC	33 Underperform	AU$56.68M	-16.67	-12.53%	―	―	40.00%
LMG	32 Underperform	AU$59.43M	-18.18	-5.89%	―	―	59.26%

First Graphene Ltd Corporate Events

First Graphene Announces Director’s Interest Change

First Graphene Limited announced a change in the director’s interest, specifically involving Michael Quinert. The change includes the acquisition of 500,000 Performance Rights by Quinert under the company’s Incentive Award Plan. This adjustment in the director’s securities holdings reflects the company’s ongoing efforts to align management interests with its strategic goals, potentially impacting its governance and stakeholder engagement.

First Graphene Director Acquires Additional Performance Rights

First Graphene Ltd has announced a change in the interest of its director, Michael Bell, with the acquisition of 2,000,000 additional Performance Rights under the company’s Incentive Award Plan. This change reflects the company’s ongoing commitment to aligning its leadership incentives with its strategic goals, potentially impacting its market positioning and stakeholder interests by reinforcing confidence in its future growth and operational strategies.

First Graphene Announces Director’s Interest Change

First Graphene Ltd has announced a change in the director’s interest, specifically regarding Warwick Robert Grigor’s indirect interests in securities. The announcement details the acquisition of 1,000,000 Performance Rights by Gregorach Pty Ltd , increasing the total Performance Rights held by this entity. This change reflects ongoing adjustments in the company’s internal governance and may influence stakeholder perceptions regarding the company’s strategic direction and management stability.

First Graphene Issues 4 Million Performance Rights

First Graphene Limited has announced the issuance of 4,000,000 performance rights as part of an employee incentive scheme. This move is aimed at aligning employee interests with company goals, potentially enhancing productivity and commitment, and solidifying its position in the advanced materials market.

First Graphene Secures Exclusive Rights for Graphene Carbon Paste

First Graphene Limited has secured an exclusive global agreement with Halocell Australia to develop, produce, market, and sell graphene-based carbon paste products. This agreement grants First Graphene the rights to manufacture and sell the PureGRAPH® containing product, which is already used in Halocell’s perovskite solar cells, enhancing efficiency and reducing production costs. The graphene-enhanced carbon paste is expected to have significant implications for the electronics and renewable energy sectors, with potential applications in various devices and industries, including aerospace and IoT. The partnership aims to leverage existing intellectual property to bring advanced solar technology to global markets.

First Graphene Ltd Announces New Securities Quotation on ASX

First Graphene Ltd has announced a new application for the quotation of securities on the Australian Securities Exchange (ASX). This move involves the issuance of a small number of fully paid ordinary shares, which could potentially impact the company’s market operations by increasing its liquidity and visibility among investors.

First Graphene Ltd Announces General Meeting and Strategic Market Focus

First Graphene Limited has announced its upcoming General Meeting, scheduled for January 5, 2026, in Henderson, WA. Shareholders are encouraged to participate in the meeting, either in person or by proxy, to influence decisions affecting their shareholding. The company’s focus on advanced materials positions it strategically in high-growth markets, potentially impacting its operations and stakeholder interests positively.

First Graphene Schedules General Meeting to Discuss Strategic Resolutions

First Graphene Limited has announced a General Meeting for its shareholders, scheduled for January 5, 2026, in Henderson, WA. This meeting is significant as it involves important resolutions that could impact shareholder interests and the company’s strategic direction. Shareholders are encouraged to participate either in person or by proxy to ensure their voices are heard in decisions that may influence the company’s future operations and market positioning.

First Graphene Addresses Late Lodgement of Appendix 3G

First Graphene Limited announced a late lodgement of Appendix 3G related to unlisted broker options issued on April 14, 2025, due to an administrative oversight. The company reassures stakeholders of its commitment to improving compliance practices, despite considering its current practices adequate. This announcement highlights the company’s ongoing efforts to maintain transparency and accountability in its operations, which is crucial for its industry positioning and stakeholder trust.

First Graphene Expands Capital Through Strategic Share Placement

First Graphene Limited has issued 43,750,000 shares at $0.08 each to sophisticated and professional investors through a private placement, first announced on November 11, 2025. This move, which includes options for additional shares, is part of the company’s strategy to enhance its financial position and support its growth in high-demand markets. The announcement indicates compliance with relevant corporate regulations and suggests no undisclosed information affecting the company, potentially reinforcing stakeholder confidence.

First Graphene Issues New Unlisted Options to Bolster Financial Strategy

First Graphene Limited has announced the issuance of 21,875,000 unlisted options with an exercise price of $0.12, set to expire on November 19, 2027. This move is part of a previously announced transaction and is not intended to be quoted on the ASX, potentially impacting the company’s financial strategy and stakeholder interests by providing additional capital and investment opportunities.

First Graphene Ltd Announces Quotation of New Securities on ASX

First Graphene Ltd has announced the quotation of 15,975 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of November 18, 2025. This move is part of the company’s strategy to enhance its market presence and provide liquidity for its securities, potentially impacting its financial standing and offering new opportunities for stakeholders.

First Graphene Ltd Issues 15 Million Unlisted Options

First Graphene Ltd has announced the issuance of 15,000,000 unlisted options with an exercise price of 12.0 cents, set to expire two years from the grant date. This strategic move is part of previously announced transactions and reflects the company’s ongoing efforts to strengthen its financial position and enhance shareholder value.

First Graphene Issues 6 Million Unlisted Options to Bolster Market Position

First Graphene Limited announced the issuance of 6,000,000 unlisted options with an exercise price of 8.75 cents, set to expire two years from the grant date. This move is part of a previously announced transaction, indicating strategic financial maneuvers to strengthen its market position and potentially enhance shareholder value.

First Graphene Ltd Announces Quotation of New Securities on ASX

First Graphene Ltd has announced the quotation of 22,297 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of November 13, 2025. This move is part of the company’s strategy to enhance its market presence and provide additional value to its stakeholders by expanding its financial instruments available for trading.

First Graphene Extends Agreement with Breedon Group for Graphene-Enhanced Cement

First Graphene Ltd has extended its Joint Development and Commercialisation Agreement with Breedon Group by an additional 12 months, following successful trials of graphene-enhanced cement. The trials demonstrated significant improvements in strength and reductions in CO2 emissions, showcasing the potential for graphene to transform the global construction industry. This extension will facilitate further production and application opportunities, with real-world applications already underway in infrastructure projects.

First Graphene Announces Proposed Issue of Unlisted Options

First Graphene Limited has announced a proposed issue of 21,875,000 unlisted options as part of a placement or other type of securities issue. This move is expected to enhance the company’s financial flexibility and potentially strengthen its market position by providing additional capital for growth initiatives.

First Graphene Announces Proposed Issue of 15 Million Unlisted Options

First Graphene Limited announced a proposed issue of 15 million unlisted options as part of a new securities placement. This move is expected to enhance the company’s financial flexibility and support its strategic initiatives in the graphene market, potentially impacting its industry positioning and offering new opportunities for stakeholders.

First Graphene Announces Proposed Issue of Securities

First Graphene Limited has announced a proposed issue of 43,750,000 ordinary fully paid securities, scheduled for issuance on November 19, 2025. This move is part of the company’s strategic efforts to raise capital, which could potentially strengthen its market position and support its ongoing projects in the advanced materials sector.

First Graphene Secures A$3.5 Million for Strategic Growth

First Graphene Limited has secured commitments to raise A$3.5 million through a placement of shares to support its strategic growth and operational expenses. The funds will be used to accelerate the commercial adoption of its PureGRAPH® products, capitalizing on the expanding applications by existing clients, thereby enhancing the company’s market position and growth prospects.

First Graphene Ltd Initiates Trading Halt Ahead of Capital Raising Announcement

First Graphene Ltd has requested a trading halt on its securities pending an announcement regarding a capital raising. This halt will remain in effect until the announcement is made or normal trading resumes on 11 November 2025. The trading halt is a strategic move to manage the release of significant financial information, which could impact the company’s market position and investor relations.

First Graphene Ltd Secures Shareholder Support at AGM

First Graphene Ltd held its Annual General Meeting on November 6, 2025, where several key resolutions were passed. These included the adoption of the remuneration report, the re-election of Warwick Grigor as a director, and the approval of performance rights for several directors. Additionally, the appointment of a new auditor was confirmed. The successful passing of these resolutions indicates strong shareholder support for the company’s strategic direction and governance.

First Graphene Ltd Unveils Strategic Growth and Innovation Plans

First Graphene Ltd’s recent investor presentation highlights their financial performance for FY25, updates on manufacturing, and research and development initiatives, including grant programs. The company is focusing on the commercial adoption of graphene, particularly in the cement and concrete segments, and outlines key growth opportunities and pathways for future expansion.

First Graphene Ltd: Progress and Strategic Outlook at 2025 AGM

First Graphene Ltd has made significant progress in its operations and sales over the past year, positioning itself at the forefront of the graphene industry. Despite not yet achieving profitability, the company is on a growth trajectory, emphasizing sustainable performance over speculative share price increases. The company is focused on expanding the demand for graphene by showcasing its advantages to potential customers, aiming for long-term growth and industry adoption.

First Graphene Completes Initial Industrial-Scale Graphene TPU Shipment

First Graphene Limited has successfully fulfilled its first significant order of 500kg of PureGRAPH 10 Masterbatch, marking the initial industrial-scale shipment of graphene-enhanced TPU material under a commercial agreement with PT Alasmas Berkat Utama. This shipment, produced by Duromer in Vietnam, is set to be integrated into the soles of KRUSHERS work boots for the Southeast Asian market, with potential expansion into other work and safety boot ranges. The successful integration of PureGRAPH into TPU products demonstrates its non-intrusive application, de-risking its use for other industries and paving the way for broader adoption without requiring changes to existing processing technologies.

First Graphene Ltd Announces Quotation of New Securities on ASX

First Graphene Ltd has announced the quotation of 103,616 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective November 4, 2025. This move signifies the company’s ongoing efforts to strengthen its market presence and potentially attract more investors, reflecting its strategic initiatives to expand its operations and influence within the advanced materials sector.

First Graphene Achieves Record Q1 Sales and Expands Product Offerings

First Graphene Limited reported its strongest first quarter on record for PureGRAPH® sales, driven by growth in its commercial pipeline and the launch of new products, including a waterproofing additive for the South African market and enhanced perovskite solar cells. The company also filed a patent for fire-resistant construction materials and signed an MOU with Hazer Group to explore synergies in carbon-based materials. Despite a minor delay in a significant order, First Graphene achieved record low cash burn, reflecting its commitment to fiscal control and efficiency improvements.

First Graphene Expands Market Presence with New Securities Quotation

First Graphene Limited has announced the quotation of 90,000 new fully paid ordinary securities on the Australian Securities Exchange (ASX), effective October 22, 2025. This move is part of the company’s strategy to enhance its market presence and operational capacity, potentially impacting its positioning within the advanced materials industry by providing additional capital for growth initiatives.

First Graphene Limited Announces Quotation of New Securities

First Graphene Limited has announced the quotation of 32,699 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 20, 2025. This move is part of the company’s strategy to enhance its market presence and provide additional value to its stakeholders by leveraging its advanced graphene technology.

First Graphene Limited Announces New Securities Issuance

First Graphene Limited has announced the issuance of 5,000 fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX) under the code FGR. This move is part of the company’s strategy to strengthen its financial position and enhance its market presence, potentially impacting its operations and stakeholder interests positively.

First Graphene Limited Announces 2025 Annual General Meeting

First Graphene Limited has announced its 2025 Annual General Meeting, scheduled for November 6, 2025, at its Henderson, WA location. The meeting will address important shareholder matters, including voting on resolutions and discussing the company’s strategic direction. Shareholders are encouraged to participate either in person or by proxy, as their votes are crucial to the company’s governance and future plans.

First Graphene Expands into South African Market with Innovative Waterproofing Additive

First Graphene Ltd has introduced a new waterproofing additive containing PureGRAPH® to the South African cement and concrete market through a partnership with Glade Chemicals. This product significantly improves the durability and longevity of concrete by reducing water absorption and oxygen penetration. The successful trials and initial orders reflect the growing global interest in graphene-enhanced construction materials, positioning First Graphene to expand its market presence and capture new opportunities.

First Graphene’s PureGRAPH® Powers New Solar and Automotive Innovations

First Graphene Limited has announced the release of a new solar thermal product range by Senergy Innovations to the UK market, featuring their PureGRAPH® technology. This development is expected to enhance the efficiency and sustainability of energy solutions, with Senergy planning to expand production to 250,000 homes in the UK. The release aligns with the anticipated growth of the UK solar market, driven by upcoming regulatory standards. Additionally, Senergy has developed novel conductive polymer materials for automotive applications, offering significant advantages over traditional metal components in electric vehicles, such as improved thermal management and reduced weight.

First Graphene Ltd Releases Corporate Governance Statement for FY2025

First Graphene Ltd has released its corporate governance statement for the financial year ending June 30, 2025, which is available on their website. The statement outlines the company’s adherence to the ASX Corporate Governance Council’s principles and recommendations, emphasizing their commitment to transparency and accountability in management and oversight. This disclosure is part of their annual reporting obligations and serves to assure stakeholders of their governance practices.

First Graphene Ltd Releases 2025 Corporate Governance Statement

First Graphene Ltd has released its 2025 Corporate Governance Statement, detailing its adherence to the ASX Corporate Governance Council’s Principles and Recommendations. The company has adopted a Board Charter that outlines the roles and responsibilities of the board and management, ensuring appropriate checks are undertaken before appointing directors or senior executives. This statement reflects the company’s commitment to high governance standards, potentially enhancing its credibility and trust with stakeholders.

First Graphene Ltd Announces Director’s Interest Change

First Graphene Ltd announced a change in the director’s interest, specifically involving Michael Quinert. The change involved the conversion of 50,000 performance rights into ordinary shares, increasing Quinert’s holding to 442,500 ordinary shares. This adjustment reflects the company’s ongoing commitment to aligning director interests with shareholder value, potentially impacting stakeholder confidence and market perception.

First Graphene Ltd Announces Director’s Interest Change

First Graphene Ltd has announced a change in the director’s interest, specifically involving Warwick Robert Grigor. The change entails the acquisition of 419,073 ordinary shares and the cancellation of an equivalent number of performance rights, with no cash consideration involved. This adjustment in shareholding reflects internal strategic decisions and may impact stakeholder perceptions of the company’s governance and director alignment with shareholder interests.

First Graphene Announces Director’s Interest Change

First Graphene Ltd has announced a change in the director’s interest, specifically involving Andrew James Goodwin. The change involves the conversion of 39,315 performance rights into ordinary shares, increasing Goodwin’s total holdings of fully paid ordinary shares to 1,898,308. This adjustment reflects the company’s ongoing commitment to aligning director incentives with shareholder interests through its Incentive Award Plan.

First Graphene Announces Director’s Interest Change

First Graphene Limited announced a change in the director’s interest in securities, specifically involving Michael Bell. The change involved the conversion of 1,567,323 performance rights into ordinary shares, increasing Bell’s holding to 5,389,886 ordinary shares. This adjustment reflects the company’s ongoing commitment to aligning director incentives with shareholder interests, potentially impacting the company’s governance and stakeholder confidence.

First Graphene Ltd Releases 2025 Annual Report

First Graphene Ltd has released its annual report for 2025, highlighting its position as the world’s largest producer of pure graphene. The report underscores the company’s strategic market positioning and its commitment to maintaining leadership in the graphene industry, which could have significant implications for stakeholders and the broader market.

First Graphene Ltd Issues New Securities to Boost Market Position

First Graphene Ltd has announced the issuance of 2,489,108 fully paid ordinary securities, which will be quoted on the Australian Securities Exchange. This move is part of the company’s strategy to enhance its market presence and provide additional liquidity for its stakeholders, potentially strengthening its position in the advanced materials industry.

Hazer Group and First Graphene Collaborate to Explore High-Value Graphite Applications

Hazer Group Ltd has entered into a non-binding Memorandum of Understanding with First Graphene Ltd to explore high-value applications for Hazer’s graphite, produced via the proprietary Hazer® Process. This collaboration aims to assess the suitability of Hazer graphite in First Graphene’s product development, potentially leading to supply and offtake agreements. The partnership is strategically significant as it aligns with the growing global demand and supply constraints in the graphite market, particularly given the concentration of supply chains in China. This collaboration could enhance Hazer’s market positioning by opening up new opportunities in high-value markets and supporting its graphite marketing and offtake strategy.