Electra Battery Materials Corp (ELBM) AI Stock Analysis

• Market Cap: C$120.60M
• Dividend Yield: N/A
• Average Volume (3M): 555.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.06
• Revenue Growth: N/A
• EPS Growth: 62.30%
• Country: CA
• Employees: 23
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.27
• Shares Outstanding: 96,480,000
• 10 Day Avg. Volume: 1,332,317
• 30 Day Avg. Volume: 555,731
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.11
• 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: C$2.92
• Price Target Upside: 133.60% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: C$1.50 ▲(20.00% Upside)

The score is primarily held down by weak financial performance (no revenue, ongoing losses, and negative free cash flow) and a bearish technical setup with the stock trading below key moving averages. Positive corporate milestones around refinery financing/construction and partnerships provide some support, but valuation is not meaningfully supported given negative earnings and no dividend data.

Positive Factors

Project financing secured and construction resumed

Securing ~$82M and restarting construction materially reduces execution and funding uncertainty, advancing the refinery toward commissioning and the company’s first commercial product. This moves Electra from pre-commercial to near-operational status, shortening the path to future revenue and cash generation.

Government backing and sizable refinery capacity

Government funding and a 6,500 tpa design underpin strategic onshoring of cobalt sulfate supply, aligning with North American EV and defense priorities. This structural support reduces political and market risk, strengthens long-term demand visibility, and positions Electra as a differentiated non-China source for battery supply chains.

Strengthened project leadership

Adding a seasoned projects executive increases the company’s capacity to manage complex construction and commissioning phases, improving odds of on-time, on-budget completion. Durable execution capability is critical for industrial projects where managerial experience materially reduces delivery and operational risk over months to years.

Negative Factors

No revenue and material operating losses

Electra remains pre-commercial and loss-making, meaning intrinsic business metrics (margins, cash generation) are unproven. Persistent net losses increase reliance on external capital and create execution risk if commissioning or customer contracts are delayed, undermining sustainable profitability until sales commence.

Sustained negative operating and free cash flow

Ongoing cash burn requires continual financing to fund operations and capital projects. Negative FCF over trailing periods elevates dilution and refinancing risk, reduces financial flexibility, and can pressure project timelines if capital markets tighten or planned funding sources shift over the next several months.

Rising leverage after debt-funded rebuild

Material increase in leverage tightens covenant and interest obligations and limits financial flexibility during the critical construction-to-operations transition. If revenues are delayed, higher debt amplifies refinancing risk and could force further restructuring or dilutive financing to sustain project completion and working capital needs.

Electra Battery Materials Corp Business Overview & Revenue Model

Company Description

Electra Battery Materials Corporation acquires and explores for resource properties in the United States and Canada. It primarily explores for cobalt and silver deposits. The company's flagship project is the Iron Creek cobalt-copper project, which covers an area of approximately 5,900 acres located in Lemhi County, Idaho. It also operates a cobalt refinery for producing battery materials for the electric vehicle supply chain. The company was formerly known as First Cobalt Corp. and changed its name to Electra Battery Materials Corporation in December 2021. Electra Battery Materials Corporation was incorporated in 2011 and is headquartered in Toronto, Canada.

How the Company Makes Money

Electra Battery Materials Corp makes money through the production and sale of high-purity battery-grade materials, primarily cobalt and nickel, to manufacturers in the electric vehicle and energy storage industries. The company's revenue model is centered around refining these critical minerals, which are essential components in the production of lithium-ion batteries. Electra capitalizes on its strategic partnerships with automotive and battery manufacturers, leveraging its expertise in material processing and recycling to ensure a reliable and sustainable supply of these materials. The company's earnings are also influenced by market demand for electric vehicles, government policies promoting renewable energy, and technological advancements in battery production and recycling.

Electra Battery Materials Corp Financial Statement Overview

Summary

Electra Battery Materials Corp faces significant financial challenges with zero revenue and high net losses. The balance sheet indicates moderate leverage but increasing liabilities, while cash flow remains negative, pointing to ongoing operational inefficiencies.

Income Statement

Electra Battery Materials Corp has consistently reported zero revenue over the years, which is a significant concern for the income statement. There is a pattern of high net losses, with a TTM net income of -$67.63 million, indicating ongoing operational challenges. The gross profit margin is negative due to the lack of revenue, while EBIT and EBITDA margins are also negative, highlighting inefficiencies in operations and cost management.

Balance Sheet

The balance sheet shows a moderately leveraged position with a debt-to-equity ratio of approximately 0.83 in the TTM period, reflecting a reliance on debt but not excessively so. However, the equity ratio has declined over time, from 92.23% in 2020 to 45.25% in the TTM, indicating increasing liabilities relative to assets. The return on equity has been negative due to continuous losses, impacting shareholder value.

Cash Flow

Cash flow analysis reveals negative free cash flow in all periods, with a TTM free cash flow of -$16.7 million. This suggests the company is not generating sufficient cash to cover capital expenditures or operational costs. The operating cash flow to net income ratio is negative, underlying operational inefficiencies, and there is no free cash flow growth, indicating persistent cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-51.00K	-65.00K	-56.00K	-48.00K	-2.00K	0.00
EBITDA	-21.04M	-22.11M	42.65K	12.60M	-18.34M	-1.76M
Net Income	-26.78M	-29.45M	-64.67M	12.55M	-34.92M	-2.39M
Balance Sheet
Total Assets	148.08M	151.45M	148.69M	187.52M	167.61M	103.68M
Cash, Cash Equivalents and Short-Term Investments	3.04M	3.73M	8.15M	8.38M	60.39M	4.17M
Total Debt	73.75M	73.20M	45.43M	29.66M	23.29M	6.66M
Total Liabilities	100.05M	87.13M	65.39M	61.02M	67.65M	11.53M
Stockholders Equity	48.03M	64.32M	83.30M	126.51M	99.96M	92.15M
Cash Flow
Free Cash Flow	-14.35M	-17.53M	-36.75M	-63.47M	-18.97M	-5.68M
Operating Cash Flow	-13.04M	-17.01M	-23.05M	-15.85M	-16.88M	-5.68M
Investing Cash Flow	-1.20M	1.26M	-14.05M	-43.55M	-8.08M	11.50K
Financing Cash Flow	14.04M	11.90M	36.54M	8.48M	78.88M	5.54M

Electra Battery Materials Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELBM, the sentiment is Negative. The current price of 1.25 is above the 20-day moving average (MA) of 1.24, below the 50-day MA of 1.31, and below the 200-day MA of 1.54, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 46.70 is Neutral, neither overbought nor oversold. The STOCH value of 51.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ELBM.

Electra Battery Materials Corp 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%
LITH	56 Neutral	C$129.47M	-247.83	-0.96%	―	―	-107.23%
NBM	53 Neutral	C$96.45M	-18.59	-450.88%	―	―	-38.68%
DEFN	52 Neutral	C$111.78M	-15.26	-11.39%	―	―	-42.86%
ELBM	44 Neutral	C$120.60M	-0.69	-49.48%	―	―	62.30%
AVE	40 Underperform	C$22.86M	-8.92	-24.93%	―	―	-6.45%
LBNK	39 Underperform	C$43.66M	-2.63	-122.87%	―	―	-692.49%

Electra Battery Materials Corp Corporate Events

Electra and Positive Materials Forge Partnership to Strengthen North American Battery Supply Chain

Electra Battery Materials Corporation has signed a Supply Chain Cooperation Agreement with Positive Materials Inc., aiming to bolster North America’s lithium-ion battery and energy storage industries. This partnership focuses on integrating Electra’s battery-grade cobalt sulfate with Positive’s planned pCAM operations, enhancing the resilience and sustainability of the critical minerals supply chain. The collaboration is expected to align product specifications and support downstream processing for North American and European markets, contributing to a fully integrated domestic battery supply chain.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.10 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Battery Materials to Engage in Global Industry Forums

Electra Battery Materials Corporation announced its participation in several upcoming global industry forums to engage with investors, policymakers, and industry partners. These events aim to strengthen relationships and explore opportunities for developing a secure, domestic critical minerals supply chain. The company’s involvement in these forums underscores its commitment to onshoring refining capacity and reducing reliance on offshore supply chains, thereby enhancing its industry positioning and stakeholder engagement.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Advances Cobalt Refinery Construction with Major Tender

Electra Battery Materials Corporation has issued a major tender package for mechanical, piping, electrical, and instrumentation work as part of its cobalt refinery construction in Temiskaming Shores, Ontario. This marks a significant step towards full construction mobilization, with the refinery set to be North America’s first cobalt sulfate refinery. The tender issuance indicates Electra’s readiness to advance construction, supported by project financing and completed equipment procurement, with commissioning targeted for 2027.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Resumes Construction on North America’s First Cobalt Sulfate Refinery

Electra Battery Materials Corporation has resumed construction on its cobalt sulfate refinery, securing approximately US$82 million in project financing, including US$48 million from U.S., Canadian, and Ontario governments. This development marks a significant milestone in Electra’s strategy to onshore North America’s critical minerals supply chain, positioning the refinery as the only facility of its kind in the region and one of two major facilities outside China. The refinery is expected to produce 6,500 tonnes of battery-grade cobalt annually, enhancing supply chain resilience for lithium-ion battery manufacturing and related industries.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Appoints New VP to Lead Cobalt Refinery Project

Electra Battery Materials Corporation has appointed Paolo Toscano as Vice President, Projects and Engineering, to lead the construction of North America’s first cobalt sulfate refinery in Ontario. With extensive experience in mining and metals projects, Toscano’s leadership is expected to drive the project to completion with technical excellence and operational discipline. Additionally, Electra has decided not to proceed with a proposed reverse stock split at this time but remains committed to strengthening its presence in the U.S. capital markets. The company has also issued long-term incentive awards to align the interests of its personnel with those of shareholders.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Advances Idaho Cobalt-Copper Project to Bolster U.S. Mineral Independence

Electra Battery Materials Corporation has initiated a new program to advance its Iron Creek cobalt-copper project in Idaho, aiming to support U.S. efforts to reduce reliance on foreign mineral supply chains. With its North American cobalt refinery fully financed, Electra is focusing on integrating domestic mining capabilities to meet the rising demand for critical minerals. The company is conducting a bench-scale lab program to evaluate cobalt feedstocks from North American deposits and is collaborating with the Colorado School of Mines to refine its geological model and guide future drilling. This initiative positions Electra to contribute significantly to a fully domestic North American critical minerals supply chain, enhancing its industry positioning and offering exploration upside in Idaho.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Battery Materials Secures Funding for North America’s First Cobalt Sulfate Refinery

Electra Battery Materials Corporation has successfully completed a US$34.5 million financing and US$40 million debt equitization, securing over US$80 million to fully fund the construction and commissioning of North America’s first cobalt sulfate refinery in Ontario. This development marks a significant transformation in Electra’s financial standing and positions the company as a crucial player in reshoring cobalt processing, enhancing North American supply chain security for critical industries. The refinery is expected to produce up to 6,500 tonnes of cobalt sulfate annually, supporting the production of batteries for approximately 1 million vehicles. Electra’s strategic initiatives, including expanding its Idaho cobalt project and advancing its black mass recycling program, further reinforce its role in supporting a secure and sustainable critical minerals supply chain in North America.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.

Electra Battery Materials Announces Shareholder Meeting Results and Strategic Board Appointments

Electra Battery Materials Corporation announced the results of its special meeting of shareholders where all matters, including the election of seven board nominees, were approved. Notably, Jody Thomas and Gerard Hueber were elected to the board, and David Stetson was appointed as Chair. The meeting also approved restructuring transactions, the creation of a ‘Control Person’, and a reverse stock split. These developments are part of Electra’s strategy to transform into a leading North American supplier of critical battery materials, enhancing its industry positioning and operational capabilities.

The most recent analyst rating on (TSE:ELBM) stock is a Buy with a C$2.20 price target. To see the full list of analyst forecasts on Electra Battery Materials Corp stock, see the TSE:ELBM Stock Forecast page.