Earthworks Industries (EWK) AI Stock Analysis

• Market Cap: C$5.92M
• Dividend Yield: N/A
• Average Volume (3M): 42.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.16
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: General
• Sector Strength: N/A
• Industry: Waste Management
• EPS (TTM): >-0.01
• Shares Outstanding: 131,460,570
• 10 Day Avg. Volume: 11,471
• 30 Day Avg. Volume: 42,196
• PEG Ratio: <0.01
• Price to Book (P/B): -0.79
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.10
• 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: 40 Underperform
• Price Target: C$0.01 ▲(0.00% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven primarily by very weak financial performance (persistent losses, ongoing cash burn, and negative equity). Technicals add further downside risk with price below key moving averages and negative MACD, while valuation offers limited support due to negative earnings and no indicated dividend yield.

Earthworks Industries Business Overview & Revenue Model

Company Description

Earthworks Industries Inc., a development stage company, focuses on providing waste disposal services for private and public sectors in the United States and Canada. It constructs and operates an integrated waste handling facility on 443 acres of the Cortina Rancheria in Colusa County California. The company was incorporated in 1984 and is headquartered in Vancouver, Canada.

Earthworks Industries Financial Statement Overview

Summary

Financials indicate very high risk: reported revenue is 0 in recent periods, operating results are deeply negative (large operating losses/negative EBITDA), operating and free cash flow are consistently negative, and stockholders’ equity is negative in 2024 and TTM—raising funding and balance-sheet risk despite some TTM free-cash-flow improvement.

Income Statement

Income statement quality is very weak. Across the available periods (including TTM (Trailing-Twelve-Months)), revenue is reported at 0 and operating profitability is deeply negative, with large operating losses and negative EBITDA in both 2024 annual and TTM (Trailing-Twelve-Months). Net losses are sizable in 2024 and TTM, following a one-off profitable year in 2023 that did not translate into sustained operating improvement. Overall, profitability and earnings stability are poor, and the lack of reported revenue materially limits confidence in operating performance.

Balance Sheet

Balance sheet strength has deteriorated meaningfully. Stockholders’ equity has turned negative in 2024 annual and remains negative in TTM (Trailing-Twelve-Months), which increases financial risk and reduces balance-sheet flexibility. Total debt rose sharply from 2024 annual to TTM, while total assets remain very small in TTM versus earlier years, suggesting a weakened capital base. A key positive is that debt levels were moderate relative to equity in earlier years (2020–2023), but the recent shift to negative equity outweighs that historical profile.

Cash Flow

Cash flow remains pressured, but there are some relative positives. Operating cash flow and free cash flow are consistently negative across the periods shown, including TTM (Trailing-Twelve-Months), indicating ongoing cash burn. However, free cash flow improved versus the prior year in TTM (Trailing-Twelve-Months) (positive free cash flow growth), and free cash flow has been roughly in line with reported net income in the loss-making periods (i.e., losses are not being dramatically understated by cash flow). The core weakness is the lack of sustained positive operating cash generation.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.05K	-778.00	0.00	-877.00	-677.00	-701.00
EBITDA	-14.39M	-14.10M	-819.00K	-1.38M	-607.00K	-525.00K
Net Income	-15.51M	-15.12M	2.27M	-1.84M	-1.05M	-1.02M
Balance Sheet
Total Assets	170.24K	26.28K	13.09M	12.11M	11.23M	10.94M
Cash, Cash Equivalents and Short-Term Investments	154.79K	16.54K	908.87K	209.21K	288.09K	68.90K
Total Debt	6.22M	1.49M	3.96M	899.12K	853.41K	751.48K
Total Liabilities	7.66M	6.87M	5.48M	9.72M	9.12M	9.10M
Stockholders Equity	-7.49M	-6.84M	7.61M	2.38M	2.11M	1.84M
Cash Flow
Free Cash Flow	-3.17M	-1.32M	-1.32M	-801.21K	-675.86K	-547.60K
Operating Cash Flow	-3.17M	-1.32M	-1.26M	-376.69K	-553.32K	-452.04K
Investing Cash Flow	389.01K	-39.21K	-63.78K	-424.52K	-122.54K	-95.56K
Financing Cash Flow	1.38M	462.14K	2.02M	722.33K	895.05K	608.98K

Earthworks Industries Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BAC	44 Neutral	C$9.83M	-4.34	―	―	―	54.17%
BLM	44 Neutral	C$57.32M	-243.45	-12.79%	―	63.49%	-133.70%
ECM	41 Neutral	C$38.56M	-5.91	5297.73%	―	135.68%	68.99%
EWK	40 Underperform	C$5.92M	-1.23	-9999.00%	―	―	―
CMC	39 Underperform	C$11.76M	-27.19	-352.14%	―	―	-72.78%

Earthworks Industries Corporate Events

Earthworks to Acquire Critical Minerals Recovery System IP and Adds Strategic Advisor

Earthworks Industries has agreed to acquire all intellectual property for a minerals recovery system from Wokaura Art and Innovations, including modular processing architecture and a cloud-based management platform, in an all-share deal of up to 6 million common shares tied partly to performance milestones. The new Earthworks Critical Minerals Recovery System is designed as a hub-and-spoke, near-source deployment model aimed at urban mining and mine-waste reprocessing, as the company seeks to offer lower-impact, capital-efficient supply of critical minerals that complements conventional mining.

The transaction, subject to TSX Venture Exchange approval and definitive agreements, gives Earthworks exclusive, perpetual, worldwide rights to the system IP and aligns the company with accelerating demand for critical minerals driven by electrification and advanced industries. As part of the deal, Wokaura founder Chad McMillan will join as a strategic advisor through his firm McMillan Strategies, guiding integration, commercialization and scaling of the system, which could enhance Earthworks’ growth prospects and industry positioning if key revenue, permitting and technology milestones are achieved.

The most recent analyst rating on (TSE:EWK) stock is a Sell with a C$0.01 price target. To see the full list of analyst forecasts on Earthworks Industries stock, see the TSE:EWK Stock Forecast page.

Earthworks Industries Director Giulio Bonifacio Steps Down, Remains as Advisor

Earthworks Industries Inc. announced that director Giulio Bonifacio has resigned from the company’s board effective January 31, 2026, in order to devote more time to his family and other private business ventures. Bonifacio, who joined the board in January 2024, will remain involved with Earthworks in an advisory capacity, suggesting continuity of his strategic input despite the governance change and limiting potential disruption for the company and its stakeholders.

The most recent analyst rating on (TSE:EWK) stock is a Sell with a C$0.01 price target. To see the full list of analyst forecasts on Earthworks Industries stock, see the TSE:EWK Stock Forecast page.

Earthworks Finalizes C$5.1 Million Share-for-Debt Deal With North Bay

Earthworks Industries has finalized the terms of a debt settlement with North Bay Corporation, confirming that the outstanding debt, originally denominated in U.S. dollars, has been set at C$5,112,564. To extinguish this liability owed by Earthworks and its subsidiary Cortina Integrated Waste Management, the company plans to issue 13,146,057 common shares to North Bay at a deemed price of C$0.39 per share, representing 10% of Earthworks’ issued equity, and has applied to the TSX Venture Exchange for approval of this share-for-debt agreement, a move that will strengthen its balance sheet but dilute existing shareholders.

The most recent analyst rating on (TSE:EWK) stock is a Sell with a C$0.01 price target. To see the full list of analyst forecasts on Earthworks Industries stock, see the TSE:EWK Stock Forecast page.

Earthworks Recasts Strategy After Cortina Lease Termination, Eyes New Waste-Tech Opportunities

Earthworks Industries has confirmed it will not appeal the termination of the lease for its Cortina waste management project in California, but emphasized that the loss of its long-time flagship site will not derail its broader strategy in the fast-evolving waste handling and recycling sector. The company says it is pivoting to capitalize on a growing pipeline of opportunities with technology firms now at pilot or operational stages, aiming to leverage its industry relationships, knowledge base and shareholder support to invest in and collaborate on environmentally focused material handling, recycling and waste repurposing projects, with a more detailed strategic update promised in the coming weeks.

The most recent analyst rating on (TSE:EWK) stock is a Sell with a C$0.01 price target. To see the full list of analyst forecasts on Earthworks Industries stock, see the TSE:EWK Stock Forecast page.

Earthworks Drops Cortina Lease Appeal, Shifts Focus to New Waste-Handling Projects

Earthworks Industries Inc. has decided not to appeal the U.S. District Court’s order upholding the termination of its lease between subsidiary Cortina Integrated Waste Management Inc. and the Kletsel Dehe Wintun Nation for the Cortina Rancheria waste management project, despite having invested millions of dollars and extensive time into the development. After reviewing the low likelihood of success, the significant cost of an appeal, and the potential requirement to pay or secure KDWN’s claimed legal costs, the board concluded that continuing the legal battle was not in the company’s best interest and will instead seek to deploy the environmentally rigorous waste-handling model developed for Cortina at other sites with new partners, signaling a strategic shift away from the long-contested project and toward alternative growth opportunities.