Dundee Sustainable Technologies (DST) AI Stock Analysis

• Market Cap: C$19.26M
• Dividend Yield: N/A
• Average Volume (3M): 9.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.46
• Revenue Growth: -27.49%
• EPS Growth: -32.97%
• Country: CA
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): >-0.01
• Shares Outstanding: 64,195,770
• 10 Day Avg. Volume: 6,781
• 30 Day Avg. Volume: 9,259
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.20
• Price to Sales (P/S): 2.44
• P/FCF Ratio: -3.51
• 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: 46 Neutral
• Price Target: C$0.19 ▲(55.00% Upside)

The score is held down primarily by weak financial performance—large ongoing losses, persistent cash burn, and a stressed balance sheet with negative equity and high leverage. Technicals provide some support with price above key moving averages and a positive MACD, but overbought indicators raise near-term risk. Valuation remains unfavorable due to negative earnings and no dividend.

Positive Factors

Proprietary hydrometallurgical technology

DST’s core technology is a proprietary hydrometallurgical platform for extracting and recovering metals and stabilizing waste. This IP-driven approach creates durable barriers to entry, supports licensing/service revenue, and aligns with long-term demand for cleaner metallurgical processes.

Positive gross margin

A ~33% TTM gross margin indicates the underlying process can generate favorable unit economics versus raw material costs. If operating expenses stabilize and commercial volumes rise, this margin provides a realistic path toward covering fixed costs and improving profitability over multiple quarters.

Recent top-line improvement

TTM revenue growth (~+7%) signals early commercial traction for licensing and technical services. For a technology-focused provider, sustained mid-single-digit to double-digit revenue growth supports scaling economics, stronger reference projects, and accelerating technology adoption over 2-6 months and beyond.

Negative Factors

Negative shareholders' equity

Negative equity reflects accumulated losses and a weakened capital base, limiting financial flexibility. This structural balance-sheet weakness raises refinancing and dilution risk, constrains the ability to fund projects internally, and undermines lender and partner confidence long term.

Persistent cash burn

Consistent negative operating and free cash flow creates ongoing dependence on external financing. Over multiple quarters this elevates liquidity risk, can force dilutive capital raises or costly debt, and limits resources for commercialization, scaling, and sustaining R&D investment.

Large operating and net losses

Substantial operating and net losses versus a small, volatile top line indicate the business has not demonstrated a sustainable path to profitability. Without material revenue scaling or cost restructuring, continued losses threaten long-term viability and heighten the need for external capital.

Dundee Sustainable Technologies Business Overview & Revenue Model

Company Description

Dundee Sustainable Technologies Inc. engages in the development and commercialization of technologies for the treatment of refractory materials in the mining industry in Canada and internationally. It focuses on the commercialization of CLEVR process, which extracts precious metals, as well as removes and stabilizes contaminants, such as arsenic, antimony, and cadmium; and GlassLock process, which stabilizes arsenic, forms scorodite, and produces an insoluble glass residue that meets environmental requirements. The company extracts precious and base metals from ores, concentrates, and tailings. It also provides technical services to customers in the mining industry to evaluate processing alternatives. The company was formerly known as Nichromet Extraction Inc. and changed its name to Dundee Sustainable Technologies Inc. in January 2014. The company was incorporated in 1997 and is headquartered in Montreal, Canada. Dundee Sustainable Technologies Inc. is a subsidiary of Dundee Corporation.

How the Company Makes Money

Dundee Sustainable Technologies makes money primarily through the licensing and commercialization of its proprietary technologies. The company generates revenue by partnering with mining companies who utilize DST's environmentally friendly extraction and stabilization processes. These partnerships often involve licensing agreements, where DST receives fees or royalties based on the usage or successful implementation of its technologies. Additionally, DST may engage in joint ventures or service agreements that contribute to its earnings, leveraging its expertise to assist mining operations in achieving more sustainable practices.

Dundee Sustainable Technologies Financial Statement Overview

Summary

Dundee Sustainable Technologies faces significant financial challenges with persistent losses and high leverage. The declining revenue and negative equity highlight operational and financial risks. While there is some success in managing gross profit, the overall outlook requires strategic changes to improve profitability and reduce financial risk.

Income Statement

The company demonstrates a declining revenue trend over the years, with a negative net profit margin indicating ongoing losses. The gross profit margin shows some efficiency in cost management but is overshadowed by the negative EBIT and EBITDA margins, suggesting operational inefficiencies and a need for restructuring.

Balance Sheet

The balance sheet reveals a concerning negative stockholders' equity, indicating financial instability and high leverage. The company has a high debt-to-equity ratio, which poses a risk to financial health. This is compounded by a negative return on equity, indicating unprofitable use of shareholders' funds.

Cash Flow

The cash flow statement highlights negative free cash flow and operating cash flow, reflecting liquidity challenges. However, the company shows some ability to raise financing, which temporarily supports cash flow but may increase financial risk in the long term.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.55M	2.05M	3.15M	3.86M	4.35M	3.22M
Gross Profit	510.54K	793.34K	145.51K	792.49K	964.74K	-1.06M
EBITDA	-4.02M	-4.13M	776.81K	-1.21M	-1.11M	1.46M
Net Income	-6.43M	-7.60M	-2.26M	-3.77M	-3.39M	-1.34M
Balance Sheet
Total Assets	441.35K	944.16K	3.72M	4.70M	5.21M	6.22M
Cash, Cash Equivalents and Short-Term Investments	43.92K	202.96K	433.43K	511.69K	457.72K	926.73K
Total Debt	26.31M	24.49M	20.21M	18.84M	16.09M	14.05M
Total Liabilities	27.58M	25.59M	21.21M	19.93M	17.40M	15.48M
Stockholders Equity	-27.14M	-24.64M	-17.49M	-15.23M	-12.19M	-9.26M
Cash Flow
Free Cash Flow	-802.99K	-1.42M	-1.61M	-1.61M	-1.09M	-1.13M
Operating Cash Flow	-802.99K	-1.42M	-1.61M	-1.61M	-1.09M	-1.13M
Investing Cash Flow	0.00	0.00	-75.00K	0.00	0.00	88.75K
Financing Cash Flow	97.90K	1.19M	1.61M	1.66M	618.29K	1.85M

Dundee Sustainable Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DST, the sentiment is Positive. The current price of 0.12 is below the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.11, and above the 200-day MA of 0.11, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 80.95 is Negative, neither overbought nor oversold. The STOCH value of 81.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DST.

Dundee Sustainable Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RGEN	47 Neutral	C$3.81M	-0.89	―	―	―	―
DST	46 Neutral	C$19.26M	-3.11	―	―	-27.49%	-32.97%
WATR	45 Neutral	C$4.93M	-2.94	―	―	-68.14%	-209.09%
QST	45 Neutral	C$11.39M	-7.11	-7.42%	―	87.15%	47.74%
TMG	45 Neutral	C$24.85M	-483.33	-1.51%	―	-3.45%	-104.92%
SHRC	42 Neutral	C$13.13M	-3.35	―	―	14.18%	-29.19%

Dundee Sustainable Technologies Corporate Events

Dundee Sustainable Technologies Settles Convertible Debenture, Aims for Financial Stability

Dundee Sustainable Technologies Inc. announced a partial settlement of its financial obligations, specifically resolving a $5.7 million convertible debenture with Dundee Corporation acting as guarantor. This settlement is part of DST’s efforts to restore financial flexibility and ensure business sustainability, with further updates expected as additional agreements are finalized.