NGX Limited (NGX) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 46.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.41
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 90,611,840
• 10 Day Avg. Volume: 85,654
• 30 Day Avg. Volume: 46,767
• PEG Ratio: -0.34
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 51.77
• P/FCF Ratio: -5.38
• 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: 44 Neutral
• Price Target: AU$0.13 ▼(-25.88% Downside)

The score is driven primarily by weak financial performance—persistent losses and negative free cash flow—despite a relatively cleaner, low-debt balance sheet. Technicals also weigh on the score, with the price below key moving averages and negative MACD. Valuation impact is limited because P/E and dividend yield were not provided.

NGX Limited Business Overview & Revenue Model

Company Description

NGX Limited focuses on the exploration, development of graphite projects in Malawi. It holds 100% interest in the the Nanzeka Project, the Duwi Project, the Malingunde Project, and the Mabuwa project located in Malawi. The Company was incorporated in 2021 and is based in Perth, Australia. NGX Limited was formerly a subsidiary of Sovereign Metals Limited

How the Company Makes Money

NGX Limited Financial Statement Overview

Summary

Overall fundamentals are weak: the company is loss-making with a very large 2025 net loss relative to revenue and limited revenue history (zero revenue reported in 2022–2024). Cash flow is also materially negative in 2023–2025, indicating ongoing cash burn. The balance sheet is a relative positive with zero debt and positive equity in 2024–2025, but equity has declined and returns remain meaningfully negative.

Income Statement

Profitability is weak and worsening: the company remains loss-making across all reported years, with 2025 showing a sizable net loss relative to revenue (net margin about -1,071%). Revenue visibility is also limited—revenue is reported as zero in 2022–2024 and only appears in 2025, making trend analysis unreliable. A positive is that 2025 shows recorded revenue and full gross profit (gross margin 100%), but operating losses are so large that overall earnings quality remains very poor.

Balance Sheet

The balance sheet is a relative strength in the most recent periods: 2024–2025 show zero debt and solid positive equity (about 10.3M in 2025), suggesting low financial leverage and reduced solvency risk. However, equity has declined over time (from ~15.0M in 2023 to ~10.3M in 2025) and returns on equity are meaningfully negative in 2024–2025, indicating ongoing value erosion from losses. Earlier years also show instability (negative equity in 2021–2022), highlighting a history of balance-sheet stress.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are materially negative in 2023–2025, indicating the core business is consuming cash rather than funding itself. While 2025 free cash flow improved versus 2024 (positive growth off a negative base), the absolute cash burn remains large. The relationship between cash flow and net income does not signal strong quality here because both are negative, and ongoing cash outflows raise funding and sustainability concerns if they persist.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	233.18K	233.18K	0.00	0.00	0.00	0.00
Gross Profit	233.18K	233.18K	0.00	0.00	-135.92K	0.00
EBITDA	-3.23M	-2.47M	-2.69M	-1.51M	-449.18K	0.00
Net Income	-3.21M	-2.50M	-2.39M	-3.49M	-585.10K	-656.00
Balance Sheet
Total Assets	10.50M	10.50M	12.82M	15.36M	40.00	0.00
Cash, Cash Equivalents and Short-Term Investments	3.81M	3.81M	5.98M	8.75M	0.00	0.00
Total Debt	0.00	0.00	0.00	34.85K	549.72K	106.41K
Total Liabilities	167.26K	167.26K	139.49K	350.21K	694.54K	109.41K
Stockholders Equity	10.34M	10.34M	12.68M	15.01M	-694.50K	-109.41K
Cash Flow
Free Cash Flow	-2.83M	-2.24M	-2.72M	-932.05K	0.00	0.00
Operating Cash Flow	-2.83M	-2.24M	-2.55M	-929.88K	0.00	0.00
Investing Cash Flow	70.43K	70.43K	-170.65K	142.02K	0.00	0.00
Financing Cash Flow	0.00	0.00	-34.85K	9.54M	0.00	0.00

NGX Limited 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%
OKJ	46 Neutral	AU$6.95M	-13.10	-38.56%	―	―	21.62%
NGX	44 Neutral	―	―	―	―	―	―
KLR	44 Neutral	AU$23.58M	-51.61	―	―	―	―
SLZ	44 Neutral	AU$8.78M	-0.63	-78.12%	―	―	-349.06%
AIV	44 Neutral	AU$5.98M	-4.58	-38.30%	―	―	61.60%
PRL	38 Underperform	AU$5.91M	-5.45	-26.98%	―	―	4.35%

NGX Limited Corporate Events

NGX Limited’s AGM Resolutions Passed with Strong Support

NGX Limited held its Annual General Meeting on November 18, 2025, where shareholders voted on several resolutions. All resolutions were carried by way of poll, including the approval of the remuneration report, re-election of Mr. Mark Pearce as Director, and the approval of a 10% placement facility. This outcome indicates strong shareholder support for the company’s current management and strategic direction.