First Graphene Ltd (FGR) AI Stock Analysis

• Market Cap: AU$67.80M
• Dividend Yield: N/A
• Average Volume (3M): 976.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• 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: 880,531,400
• 10 Day Avg. Volume: 824,445
• 30 Day Avg. Volume: 976,630
• 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: 45 Neutral
• Price Target: AU$0.07 ▲(5.71% Upside)

The score is held down primarily by weak financial performance—ongoing losses and negative operating/free cash flow—despite strong revenue growth. Technicals are moderately supportive with price above key moving averages, but momentum signals are mixed, and valuation is constrained by negative earnings and lack of dividend support.

Positive Factors

Revenue growth

Sustained top-line expansion indicates growing adoption of FGR's graphene products across end markets. Over a 2-6 month horizon, persistent revenue growth supports scaling of production, strengthens commercial validation, and improves prospects for margin recovery as volumes rise.

Partnerships and commercialization avenues

Formal partnerships, joint ventures and licensing arrangements provide distribution, R&D collaboration and market access that lower commercial execution risk. Structurally this aids faster adoption across construction, automotive and electronics and supports recurring revenue paths.

Conservative leverage profile

An improving debt-to-equity ratio and stable equity base give the company financial flexibility to fund operational needs or strategic investments without excessive leverage. This conservatism supports resilience through commercialization cycles and reduces refinancing risk.

Negative Factors

Persistent unprofitability

Ongoing negative EBIT and EBITDA margins show the business has not yet achieved scale or cost structure needed for profitability. Over months this limits internal funding for growth, forces reliance on external capital, and raises execution risk until margins improve.

Negative operating and free cash flow

Consistently negative operating and free cash flow constrain the company's ability to reinvest, service obligations or fund commercialization. Structurally this increases dependency on external financing and can slow product rollouts or scale-up initiatives over the medium term.

Negative return on equity

A negative ROE indicates that shareholder capital is not generating positive returns, reflecting pricing, cost or adoption gaps. Over 2-6 months this undermines investor confidence and suggests the company must improve operational efficiency or market traction to create lasting shareholder value.

First Graphene Ltd Business Overview & Revenue Model

Company Description

First Graphene Ltd (FGR) is an Australian-based company specializing in the production and commercialization of high-quality graphene products. Operating primarily in the advanced materials sector, FGR focuses on utilizing graphene's unique properties to enhance various applications, including composites, coatings, and energy storage solutions. The company aims to deliver innovative materials that improve performance and sustainability across multiple industries, including construction, automotive, and electronics.

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: 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: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 0.07, and above the 200-day MA of 0.05, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.30 is Neutral, neither overbought nor oversold. The STOCH value of 85.71 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%
SPN	55 Neutral	AU$23.64M	-8.66	-63.81%	―	―	52.66%
CG1	55 Neutral	AU$40.30M	-5.14	-67.76%	―	7.08%	33.70%
LMG	49 Neutral	AU$75.07M	-21.82	-5.89%	―	―	59.26%
VRC	48 Neutral	AU$46.37M	-16.67	-12.53%	―	―	40.00%
HZR	46 Neutral	AU$123.55M	-14.09	-55.86%	―	―	64.63%
FGR	45 Neutral	AU$67.80M	-10.00	-105.49%	―	-4.80%	23.76%

First Graphene Ltd Corporate Events

First Graphene Shareholders Back Capital Moves at General Meeting

First Graphene Limited has confirmed that shareholders overwhelmingly approved all resolutions put to its General Meeting held on 5 January 2026 in Henderson, Western Australia. Investors ratified a prior share placement conducted under Listing Rule 7.1 and the earlier grant of lead manager options, with both resolutions carried by significant majorities on a poll, effectively regularising recent capital-management actions and providing the company with a clean mandate to proceed under its existing funding and growth plans.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Achieves Milestone with 600-Tonne Graphene-Enhanced Cement Production

First Graphene has successfully produced 600 tonnes of low-carbon graphene-enhanced cement in collaboration with Breedon Group at Hope Cement Works, UK. This milestone highlights the scalability and environmental benefits of using the company’s PureGRAPH-CEM® additive, which reduces CO2 emissions by up to 16%. The cement will be deployed in several projects, including sustainable housing, and undergo performance testing to evaluate innovative applications like stronger roof tiles, signaling its potential impact on the construction industry and sustainable development.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Ltd Announces Director’s Interest Change

First Graphene Ltd has announced a change in the director’s interest, with Andrew James Goodwin acquiring 500,000 Performance Rights under the company’s Incentive Award Plan. This change reflects the company’s ongoing efforts to align its leadership’s interests with its strategic goals, potentially impacting its market positioning and shareholder value.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.

The most recent analyst rating on (AU:FGR) stock is a Sell with a A$0.07 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.