Electra Battery Materials Corp (ELBM) AI Stock Analysis

• Market Cap: C$96.48M
• Dividend Yield: N/A
• Average Volume (3M): 555.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.32
• Revenue Growth: N/A
• EPS Growth: 62.30%
• Country: CA
• Employees: 23
• Sector: General
• Sector Strength: N/A
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.16
• Revenue Forecast (FY): C$31.70M

• Rating: 51 Neutral
• Price Target: C$1.50 ▲(37.61% Upside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

Overall score is held down primarily by weak financial performance—no revenue, sizable losses, and persistent cash burn alongside rising leverage. Technicals are a partial offset, showing a constructive uptrend and positive momentum. Valuation remains challenging due to negative earnings and no indicated dividend yield.

Positive Factors

North American cobalt sulfate refinery (2027)

Progress toward a 2027 commissioning creates a durable route to commercial revenue and a first-mover asset in North American EV supply chains. A domestic refinery can secure long-term offtake relationships and policy support, materially changing the company’s revenue profile once operational.

US$6.1M EXP Services construction contract

Engaging an experienced engineering and construction manager reduces execution and schedule risk for the refinery. Strong project governance increases probability of on-time, on-budget commissioning, improving chances of reaching steady-state production and sustainable cash generation post-completion.

Positive equity and stable asset base

A positive equity cushion and a sizable asset base provide financial flexibility to continue project build-out and absorb losses during pre-commercial phases. This balance-sheet buffer supports further financing options and reduces immediate insolvency risk while the refinery is completed.

Negative Factors

No revenue; heavy net losses

The company remains pre-revenue with large recurring operating losses, meaning profitability is contingent on future commissioning and commercial sales. Persistent losses erode equity and increase reliance on external funding, lengthening the path to self-sustaining operations.

Significant cash burn and negative FCF

Material negative operating and free cash flow necessitate ongoing capital raises or debt to fund construction and operations. Sustained cash burn increases dilution risk or debt servicing burdens, and success depends on timely project completion and conversion to positive cash generation.

Rising leverage (debt-to-equity ~1.38)

Higher leverage reduces financial flexibility and elevates refinancing and interest-rate risk for a pre-revenue company. If project delays or cost overruns occur, elevated debt increases the likelihood of covenant pressure or more costly financing, impairing resilience through development.

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

Income statement is very weak with no revenue and large ongoing losses (TTM EBIT about -$15.0M; net loss about -$26.8M). Cash flow remains materially negative (TTM operating cash flow about -$13.0M; free cash flow about -$14.3M), implying continued funding needs. Balance sheet is mixed: equity is still positive (~$48.0M) and assets are stable (~$148.1M), but leverage has risen notably (debt-to-equity ~1.38), increasing financial risk if losses persist.

Income Statement

TTM (Trailing-Twelve-Months) shows no revenue and continued heavy operating losses (EBIT of about -$15.0M and net loss of about -$26.8M). Losses improved versus 2024 annual (net loss about -$29.4M), but profitability remains structurally weak given the lack of revenue and negative gross profit, indicating the business is still pre-commercial or not yet generating sales at scale.

Balance Sheet

Asset base is stable (total assets roughly $148.1M TTM), and equity remains positive (about $48.0M), but leverage has risen meaningfully. Debt-to-equity increased to ~1.38 TTM from ~0.55 in 2023, reflecting heavier reliance on debt funding while returns on equity are negative, which raises financial risk if losses persist.

Cash Flow

Cash burn remains significant, with TTM operating cash flow around -$13.0M and free cash flow around -$14.3M. Operating cash outflow improved from 2024 (about -$17.0M), but free cash flow growth is sharply negative TTM, and sustained negative cash generation implies ongoing funding needs to support operations and investment.

Breakdown	TTM	Dec 2024	Mar 2024	Dec 2022	Mar 2022	Mar 2021
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: 1.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 1.09 is above the 20-day moving average (MA) of 1.08, below the 50-day MA of 1.22, and below the 200-day MA of 1.49, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 38.43 is Neutral, neither overbought nor oversold. The STOCH value of 39.34 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
LITH	56 Neutral	C$138.40M	11.50	-0.96%	―	―	-107.23%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
LBNK	53 Neutral	C$47.20M	-14.37	-123.28%	―	―	-692.49%
ELBM	51 Neutral	C$96.48M	-1.58	-49.48%	―	―	62.30%
DEFN	49 Neutral	C$106.05M	-12.86	-10.54%	―	―	-42.86%
NBM	48 Neutral	C$103.41M	-6.66	-188.17%	―	―	-38.68%
AVE	40 Underperform	C$14.66M	-4.79	-21.92%	―	―	-6.45%

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.