NioCorp Developments (NB) AI Stock Analysis

• Market Cap: $897.69M
• Dividend Yield: N/A
• Average Volume (3M): 3.40M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 7
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 122,971,170
• 10 Day Avg. Volume: 3,344,742
• 30 Day Avg. Volume: 3,402,532
• PEG Ratio: -0.40
• Price to Book (P/B): 3.71
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.85
• Enterprise Value/Market Cap: 0.33
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -295.62K
• Enterprise Value/Ebitda: -5.05
• 1Y Price Target: $13.13
• Price Target Upside: 103.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $6.50 ▲(0.62% Upside)

The score is held down primarily by weak financial performance (pre-revenue, large losses, and ongoing cash burn), only partly offset by a low-debt balance sheet. Technicals are neutral with mixed moving-average signals, while valuation remains difficult to justify with negative earnings and no dividend support. Corporate events are a modest positive due to strategic acquisition and capital access efforts, but execution and funding needs remain key risks.

Positive Factors

Vertical integration via FEA Materials acquisition

Acquiring FEA Materials' assets/IP creates a vertically integrated Al-Sc supply capability, reducing reliance on third-party alloy makers and shortening the path from mined scandium to finished alloy. This bolsters long-term strategic positioning in defense/commercial markets and strengthens capture of downstream value.

Low leverage and current capitalization

Minimal reported debt materially lowers solvency risk as the company advances project development. A light leverage profile preserves financial flexibility for funding construction or absorbing setbacks, making future capital raises less urgent to service debt and improving resilience through development stages.

Established access to equity financing (S-3 filings)

Maintaining a shelf registration and documented standby equity arrangements institutionalizes access to capital, a structural advantage for a pre-revenue developer. This reduces execution risk over the medium term by allowing opportunistic raises to fund permitting, engineering and construction when market conditions permit.

Negative Factors

Pre-revenue and persistent operating losses

Being pre-commercial with recurring material losses means the company cannot self-fund operations from operations. Over 2–6 months this structural profile necessitates external funding for execution and limits ability to demonstrate sustainable margins until production and sales commence.

Weak cash generation and ongoing cash burn

Negative operating and free cash flow indicate the company consumes capital to progress the project. This ongoing burn is a durable risk: repeated financings may dilute shareholders, and reliance on external capital raises elevates execution risk if markets or financing terms deteriorate during development.

Historic balance-sheet volatility and governance of funding

Past episodes of high leverage and even negative equity demonstrate structural funding and execution challenges. Such a track record suggests the company may again face tight financing windows during project milestones, creating long-term uncertainty around timely construction and commercialization.

NioCorp Developments Business Overview & Revenue Model

Company Description

NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project that owns one 226.43-acre parcel of land and associated mineral rights, and an additional 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,396 acres located in Johnson County, southeast Nebraska. The company was formerly known as Quantum Rare Earth Developments Corp. and changed its name to NioCorp Developments Ltd. in March 2013. NioCorp Developments Ltd. was incorporated in 1987 and is headquartered in Centennial, Colorado.

How the Company Makes Money

NioCorp Developments Financial Statement Overview

Summary

Overall financial quality is weak due to a pre-revenue model and sizeable ongoing losses (TTM EBIT -$10.6M; net loss -$58.0M) alongside continued cash burn (TTM operating cash flow -$16.7M; free cash flow -$30.7M). The main offset is a currently strong capital position with minimal leverage (TTM debt ~$0.1M vs equity ~$151.5M), but execution risk remains elevated until commercialization and cash outflows improve.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and sizeable losses (EBIT of -$10.6M and net loss of -$58.0M), indicating the business is still pre-commercial and heavily loss-making. Annual figures also show persistent net losses across multiple years, with losses widening materially in some periods (notably 2023) and remaining negative in 2024–2025. Strength is limited to the apparent reduction in losses versus the 2023 peak, but overall profitability and operating momentum remain weak given the absence of revenue.

Balance Sheet

Leverage is currently very low, with TTM (Trailing-Twelve-Months) debt of ~$0.1M against equity of ~$151.5M (debt-to-equity near zero), which materially reduces near-term balance-sheet risk. However, the company has produced consistently negative returns on equity (TTM return on equity roughly -120%), reflecting ongoing losses relative to the capital base. The balance sheet has also been volatile historically, including periods of very high leverage and even negative equity (2023), so while today’s capitalization looks stronger, execution risk remains elevated.

Cash Flow

Cash generation remains weak: TTM (Trailing-Twelve-Months) operating cash flow is -$16.7M and free cash flow is -$30.7M, indicating continued cash burn to fund operations and investment. A positive point is that free cash flow has improved versus the prior annual period (strong positive free cash flow growth off a low base), but the company still relies on external funding until it can generate meaningful revenue and reduce operating losses.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.00K	-3.00K	-4.16M	0.00	-3.00K	0.00
EBITDA	-58.57M	-17.93M	-7.54M	-38.27M	-8.06M	-3.28M
Net Income	-55.29M	-16.30M	-11.44M	-40.08M	-10.89M	-4.82M
Balance Sheet
Total Assets	194.69M	43.82M	20.07M	20.93M	22.76M	24.47M
Cash, Cash Equivalents and Short-Term Investments	162.76M	25.55M	2.01M	2.34M	5.28M	7.32M
Total Debt	112.00K	131.00K	7.86M	10.80M	4.27M	10.85M
Total Liabilities	43.24M	14.66M	17.54M	29.80M	5.09M	11.26M
Stockholders Equity	151.51M	28.32M	1.00M	-10.97M	17.66M	13.21M
Cash Flow
Free Cash Flow	-30.69M	-10.66M	-11.73M	-17.30M	-6.17M	-11.03M
Operating Cash Flow	-16.66M	-10.66M	-11.73M	-17.30M	-6.15M	-4.73M
Investing Cash Flow	-14.08M	-7.00K	0.00	21.00K	-16.00K	-6.30M
Financing Cash Flow	193.38M	34.21M	11.40M	14.64M	4.30M	18.07M

NioCorp Developments 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%
NEXA	61 Neutral	$1.87B	-113.14	-1.64%	1.14%	7.92%	91.83%
IONR	58 Neutral	$393.07M	―	-4.25%	―	―	-10.45%
GSM	55 Neutral	$912.60M	―	-16.00%	1.17%	-16.89%	-403.77%
CMP	54 Neutral	$1.08B	-13.47	-28.98%	―	11.32%	61.60%
ABAT	53 Neutral	$595.26M	-8.48	-58.41%	―	821.40%	44.70%
NB	48 Neutral	$897.69M	-7.61	-71.07%	―	―	―

NioCorp Developments Corporate Events

NioCorp Developments Advances Capital Access with S-3 Filings

NioCorp Developments Ltd. has filed several key exhibits in connection with its Registration Statement on Form S-3, including a Standby Equity Purchase Agreement dated January 26, 2023 with YA II PN, Ltd., an Amendment No. 1 to that agreement dated May 3, 2024, and a legal opinion and consent from Blake, Cassels & Graydon LLP. These filings outline the company’s equity financing arrangements and provide requisite legal support for its shelf registration, signaling ongoing efforts to secure flexible access to capital and maintain compliance with U.S. securities regulations.

The most recent analyst rating on (NB) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on NioCorp Developments stock, see the NB Stock Forecast page.

NioCorp Developments Completes Acquisition of FEA Materials

On December 4, 2025, NioCorp Advanced Metals and Alloys, a subsidiary of NioCorp Developments, acquired the manufacturing assets and intellectual property of FEA Materials for $8.4 million. This acquisition is expected to enable NioCorp to produce aluminum-scandium master alloy in the U.S., positioning the company to establish the first vertically integrated scandium supply chain in the country. The move is part of NioCorp’s broader strategy to support growing defense and commercial market demand and to potentially produce finished Al-Sc alloy parts in the U.S. This strategic acquisition aligns with NioCorp’s plans to mine scandium-containing ore and produce scandium oxide at its Elk Creek Project in Nebraska, contingent on final financing and construction.

The most recent analyst rating on (NB) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on NioCorp Developments stock, see the NB Stock Forecast page.