First Graphene Ltd (FGR) AI Stock Analysis

• Market Cap: AU$65.16M
• Dividend Yield: N/A
• Average Volume (3M): 976.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• 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: 880,532,100
• 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: 52 Neutral
• Price Target: AU$0.07 ▼(-4.29% Downside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is held back primarily by weak financial performance (ongoing losses and negative operating/free cash flow), partly offset by strong technical momentum with price trading above major moving averages and positive MACD. Valuation is constrained by negative earnings and no dividend yield data.

Positive Factors

Strong revenue growth

Sustained top-line expansion indicates growing commercial traction for graphene products and formulations. Strong revenue growth supports longer-term scaling, increases the addressable opportunity for repeat orders, and improves the runway for converting trials into recurring industrial contracts.

Improving leverage & stable equity base

Slightly improved debt metrics and a stable equity ratio provide financial flexibility versus highly leveraged peers. This structural balance-sheet stability reduces refinancing risk, helps fund commercialization phases, and preserves optionality for strategic investments or partnerships.

Product and commercial diversification

A diversified business model selling raw graphene, formulations, and project services spreads revenue exposure across end-markets. Multiple routes-to-market and solution offerings improve long-term resilience versus single-product firms and increase chances to capture recurring industrial deployments.

Negative Factors

Persistent unprofitability

Ongoing negative margins indicate the company still hasn't demonstrated sustainable unit economics. Persistent losses constrain reinvestment, necessitate external funding for growth, and raise execution risk until operational efficiencies or pricing power materially improve.

Negative operating and free cash flow

Consistent negative operating and free cash flows reduce self-funding capacity, increasing reliance on equity or debt issuance. Over months this elevates dilution and refinancing risk, limiting ability to invest in scale-up, commercial trials, or larger supply contracts without external capital.

Customer qualification & scaling risk

Revenue depends on converting trials into repeat industrial orders and navigating performance/regulatory qualification. Long qualification cycles and partner-dependent commercialization create structural execution risk that can delay steady, high-margin revenue streams.

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 makes money primarily by selling graphene materials and graphene-enhanced products to commercial and industrial customers. Its key revenue streams include: (1) sales of graphene (notably its PureGRAPH graphene products) supplied as an input material for customers’ R&D, product development, and, where adopted, production use; (2) revenue from graphene-enhanced formulations and application-specific products where the company supplies a formulated additive or works with partners/customers to incorporate graphene into end-use materials (e.g., concrete/cement additives, composites, coatings); and (3) project-based income associated with trials, validation programs, and collaborative development work that supports customer qualification and adoption (to the extent such arrangements include paid work). The company’s earnings are influenced by its ability to scale repeat orders from initial trials to ongoing supply, the pace of customer qualification in regulated or performance-critical markets, and commercial relationships/partnerships with industry participants involved in developing and distributing graphene-enabled solutions. null

First Graphene Ltd Financial Statement Overview

Summary

Revenue grew strongly (+29.27%), but profitability remains weak with negative net profit and EBIT/EBITDA margins. Cash flow is a key risk due to negative operating and free cash flows, despite a relatively stable balance sheet and slightly improved leverage.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	576.62K	468.40K	492.00K	861.17K	723.32K	341.87K
Gross Profit	-489.72K	17.86K	100.74K	-542.17K	-103.61K	-18.59K
EBITDA	-3.20M	-3.72M	-5.07M	-5.01M	-5.71M	-6.19M
Net Income	-5.90M	-5.48M	-5.75M	-5.42M	-5.02M	-6.30M
Balance Sheet
Total Assets	9.79M	8.08M	9.64M	11.71M	15.42M	15.99M
Cash, Cash Equivalents and Short-Term Investments	4.90M	2.61M	3.16M	3.23M	7.00M	7.08M
Total Debt	670.22K	3.07M	3.55M	4.59M	6.31M	5.29M
Total Liabilities	971.20K	3.59M	4.04M	4.86M	7.04M	6.77M
Stockholders Equity	8.82M	4.49M	5.50M	6.66M	8.19M	9.05M
Cash Flow
Free Cash Flow	-1.84M	-2.78M	-2.87M	-3.54M	-4.49M	-8.62M
Operating Cash Flow	-1.80M	-2.72M	-2.82M	-3.40M	-4.40M	-7.07M
Investing Cash Flow	-141.21K	-163.47K	-52.48K	-139.80K	-90.58K	-1.52M
Financing Cash Flow	5.58M	2.37M	2.81M	-236.67K	4.42M	7.62M

First Graphene Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FGR, the sentiment is Negative. The current price of 0.07 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.08, and above the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.21 is Neutral, neither overbought nor oversold. The STOCH value of 28.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$35.97M	-2.92	-82.31%	―	7.08%	33.70%
FGR	52 Neutral	AU$65.16M	-4.25	-88.71%	―	-4.80%	23.76%
VRC	48 Neutral	AU$28.34M	-12.76	-11.53%	―	―	40.00%
LMG	47 Neutral	AU$56.30M	-5.83	-6.35%	―	―	59.26%
SPN	46 Neutral	AU$19.50M	-2.95	-97.12%	―	―	52.66%
HZR	46 Neutral	AU$98.31M	-6.61	-47.73%	―	―	64.63%

First Graphene Ltd Corporate Events

First Graphene extends PureGRAPH distribution into Canada via SuperGrafeno

First Graphene has expanded its partnership with SuperGrafeno Inc. by signing a new distribution agreement that extends sales of its PureGRAPH graphene products to Canada. SuperGrafeno will focus on supplying graphene-enhanced cement, concrete, bitumen and asphalt solutions, aligning with Canada’s heavy infrastructure needs and drive toward more durable, sustainable construction materials.

The deal builds on the parties’ existing Brazil distribution arrangement and is a central plank in First Graphene’s broader North American growth strategy. Access to Polytechnique de Montréal’s Propolys incubator program is expected to speed up product validation and commercial trials, reinforcing the company’s bid to establish PureGRAPH as a globally recognised additive in an industry that contributes tens of billions of dollars annually to the Canadian economy.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene files interim financial report and updates corporate directory

First Graphene Limited has released its consolidated interim financial report for the half year ended 31 December 2025, which is to be read in conjunction with its 30 June 2025 annual report. The filing confirms the company’s compliance with ASX listing requirements and details recent corporate updates, including changes to the company secretary position and the reaffirmation of its multi-market listings, underscoring its ongoing engagement with global capital markets and stakeholders.

The report also outlines the company’s current corporate directory, including its board of directors and key advisers, as well as the operational base and share registry arrangements in Australia. By formalising these mid-year disclosures, First Graphene reinforces governance transparency and regulatory alignment, providing investors with updated information on its leadership, governance framework and capital market footprint.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Says No Undisclosed News Behind Share Price Spike

First Graphene Limited has responded to an ASX price and volume query after its share price rose from $0.085 to an intraday high of $0.11 on 5 February 2026 amid unusually high trading volumes. The company stated it is not aware of any undisclosed information or other reasons that would explain the recent trading activity, confirmed it remains in full compliance with ASX Listing Rule 3.1 on continuous disclosure, and noted that its response to the query was authorised by an appropriately delegated officer, signalling no known internal catalyst behind the market move from management’s perspective.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 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 India and UAE Distribution Deal for PureGRAPH

First Graphene has signed a three-year distribution agreement and a memorandum of understanding with India-based Syron GreenThrust Dynamics to supply its PureGRAPH graphene products across India, SAARC nations and the UAE, opening access to some of the world’s largest and fastest-growing industrial markets. The deal sets a structured volume ramp-up from 0.25 tonnes in year one to 20 tonnes annually thereafter, with the achievement of 20 tonnes per year triggering an option to negotiate local manufacturing in India, positioning First Graphene for both near-term revenue and longer-term strategic growth in construction, energy, advanced composites and other industrial sectors across these new regions.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Applies for Quotation of Additional Ordinary Shares

First Graphene Limited has applied to the ASX for quotation of 712 new fully paid ordinary shares, issued following the exercise or conversion of existing options or other convertible securities. The modest share issuance slightly increases the company’s quoted capital base but does not signal a major capital-raising event or strategic shift, instead representing routine capital markets activity with limited immediate impact on existing shareholders or the company’s overall market positioning.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Nears Cashflow Neutral as Graphene Products Gain Traction

First Graphene reported its strongest quarter to date for the three months to 31 December 2025, driven by accelerating commercial adoption of its graphene products. Customer cash receipts rose 156% quarter-on-quarter to $271,000, overall operating cash inflows increased 423% to $853,000, and net cash used in operating activities narrowed to $73,000, leaving the company close to cashflow neutral. Supported by a $3.5 million capital raise that lifted its cash balance to $4.9 million, the company is prioritising commercial execution without further capital raisings, highlighted by the production of 600 tonnes of graphene-enhanced cement with Breedon for real-world construction and infrastructure projects, as well as a landmark mining order and new opportunities in perovskite solar cell and defence-related applications, positioning it for continued momentum in the next quarter.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

First Graphene Enters Concrete Roof Tile Market With UK Trial Production Run

First Graphene has announced the first production run of graphene-enhanced concrete roof tiles in the UK, manufactured by FP McCann using 10 tonnes of graphene-enhanced cement supplied by Breedon Group from a 600-tonne batch produced in December 2025. The initial trial batch comprised 2,500 roof tiles made using standard production processes, confirming that First Graphene’s PureGRAPH product can be integrated without operational changes, and positioning the company and its partners at the forefront of the emerging graphene-enhanced roof tile segment of the US$7.67 billion global concrete roof tile market. FP McCann plans further trial runs totalling around 10,000 tiles over the next five months, with up to 40 tonnes of graphene-enhanced cement to be used, while additional projects are under way with other concrete product manufacturers, underscoring First Graphene’s push to supply low-carbon, high-performance cement and concrete solutions to meet the UK government-supported demand for over one million new sustainable homes and to expand engagement across Australia, South Africa, Thailand and Europe.

The most recent analyst rating on (AU:FGR) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on First Graphene Ltd stock, see the AU:FGR Stock Forecast page.

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.