Graphene Manufacturing Group Ltd (GMG) AI Stock Analysis

• Market Cap: C$268.52M
• Dividend Yield: N/A
• Average Volume (3M): 232.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: 6.29%
• EPS Growth: -3.71%
• Country: CA
• Employees: 38
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.17
• Shares Outstanding: 117,771,410
• 10 Day Avg. Volume: 194,057
• 30 Day Avg. Volume: 232,072
• PEG Ratio: -11.08
• Price to Book (P/B): 7.40
• Price to Sales (P/S): 13.46
• P/FCF Ratio: -14.38
• 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): -0.04
• Revenue Forecast (FY): C$2.40M

• Rating: 44 Neutral
• Price Target: C$2.00 ▲(0.50% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is primarily weighed down by weak financial performance—large ongoing losses, continued cash burn, and negative equity—despite improving revenue and exceptionally strong gross margins. Technicals also point to soft near-term momentum, while valuation provides limited insight due to a negative P/E and no dividend yield data.

Positive Factors

Sustained revenue growth

Meaningful revenue growth suggests the business is gaining commercial traction for graphene products and end applications. Over a multi-month horizon this trend supports scale potential, improves unit economics as fixed costs spread, and underpins the pathway to improved operating leverage if sustained.

Exceptionally high gross margins

A ~93% gross margin indicates the company captures substantial value at the product level, implying differentiated materials or pricing power. High product-level margins provide durable room to cover operating expenses and invest in commercialisation, assuming production quality and demand remain consistent.

Relatively modest leverage

Low reported debt reduces interest burden and near-term solvency risk, preserving financial flexibility to fund commercialization or R&D. For a capital-intensive materials business, modest leverage gives the company more options for financing growth without immediate refinancing pressure.

Negative Factors

Persistent cash burn

Consistently negative operating and free cash flow shows operations consume cash to run and scale. Overcoming this structural cash burn requires sustained profitable growth or external funding; otherwise liquidity constraints can force dilution, slow commercialization, or curtail product rollout plans.

Deep unprofitability and negative equity

Very large net losses and negative shareholders' equity materially weaken the balance sheet and investor cushion. This structural weakness increases reliance on external capital, raises potential for dilution or creditor pressure, and constrains strategic flexibility over the medium term.

Small operating scale (limited headcount)

A small workforce signals limited in-house capacity to scale manufacturing, sales, and engineering concurrently. For industrializing advanced materials, constrained human capital can slow commercialization, limit rapid customer support or quality improvements, and extend time to meaningful operating margins.

Graphene Manufacturing Group Ltd Business Overview & Revenue Model

Company Description

Graphene Manufacturing Group Pty Ltd, together with its subsidiaries, manufactures and supplies graphene. The company engages in the manufacture and sale of energy saving and energy storage solutions. It serves facility management; transport and earth moving; food supply management; retail, shopping centres, and food outlets; utilities education institutions; automotive operations and maintenance; batteries and energy storage; and batter materials. Graphene Manufacturing Group Pty Ltd. was incorporated in 2016 and is based in Richlands, Australia.

How the Company Makes Money

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Graphene Manufacturing Group Ltd Financial Statement Overview

Summary

Revenue is meaningfully higher and gross margin is exceptionally strong, but the company remains deeply unprofitable (very large net loss), with negative operating and free cash flow. Balance-sheet risk increased with stockholders’ equity turning negative in the latest TTM despite relatively modest debt.

Income Statement

TTM (Trailing-Twelve-Months) revenue is meaningfully higher versus the prior annual period, and gross margin is exceptionally strong (TTM gross profit margin ~93%). However, the company remains deeply unprofitable with large operating losses (TTM EBIT and EBITDA margins both materially negative) and a very large net loss (TTM net margin ~-191%), indicating costs and/or non-operating charges overwhelm the current revenue base. While the revenue trajectory is improving, profitability and scale remain the core weakness.

Balance Sheet

Leverage appears low based on reported debt relative to equity in recent annual periods, which reduces near-term financial risk. That said, the latest TTM (Trailing-Twelve-Months) shows stockholders’ equity turning negative, a meaningful deterioration that raises balance-sheet risk and reduces financial flexibility. Returns on equity are sharply negative across periods, consistent with ongoing losses, even though absolute debt levels are not high.

Cash Flow

Cash generation remains weak: operating cash flow and free cash flow are negative across all periods, including TTM (Trailing-Twelve-Months) (operating cash flow about -$8.3M and free cash flow about -$9.2M). While free cash flow is less negative than earlier years and the latest free cash flow growth is positive, the business is still consuming cash to fund operations and investment. Free cash flow is also negative despite large reported losses, underscoring continued cash burn and reliance on external funding over time.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Sep 2022	Jun 2021
Income Statement
Total Revenue	4.95M	4.90M	294.86K	170.06K	54.43K	246.37K
Gross Profit	4.63M	4.72M	-446.15K	-280.90K	-256.73K	56.76K
EBITDA	-6.30M	-5.78M	-5.30M	-8.40M	-11.38M	-7.85M
Net Income	-28.31M	-8.57M	-7.40M	-9.32M	-11.77M	-8.11M
Balance Sheet
Total Assets	22.01M	17.22M	15.24M	15.96M	16.68M	4.94M
Cash, Cash Equivalents and Short-Term Investments	13.90M	7.71M	3.98M	4.65M	12.26M	3.36M
Total Debt	599.47K	773.99K	1.35M	1.31M	1.03M	0.00
Total Liabilities	26.18M	8.31M	6.70M	7.26M	6.58M	2.91M
Stockholders Equity	-4.17M	8.91M	8.54M	8.69M	10.10M	2.03M
Cash Flow
Free Cash Flow	-9.19M	-4.59M	-7.69M	-13.99M	-7.65M	-3.63M
Operating Cash Flow	-8.33M	-3.83M	-4.99M	-10.55M	-6.57M	-3.35M
Investing Cash Flow	-927.54K	-886.53K	-2.70M	-3.44M	-1.08M	1.90M
Financing Cash Flow	18.52M	8.34M	7.09M	6.36M	16.55M	4.11M

Graphene Manufacturing Group Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.99
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GMG, the sentiment is Positive. The current price of 1.99 is below the 20-day moving average (MA) of 2.26, below the 50-day MA of 2.46, and above the 200-day MA of 1.33, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 69.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GMG.

Graphene Manufacturing Group Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VNP	76 Outperform	C$2.55B	22.34	26.65%	―	30.36%	181.15%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NEO	50 Neutral	C$1.06B	108.72	-1.58%	2.55%	8.04%	-195.66%
GMG	44 Neutral	C$268.52M	-3.44	-92.59%	―	6.29%	-3.71%
CNO	42 Neutral	C$13.88M	-2.61	-86.94%	―	-15.84%	-375.96%
NANO	42 Neutral	C$106.41M	-4.53	-64.59%	―	―	56.03%
SURE	41 Neutral	C$9.83M	-6.54	―	―	―	91.27%

Graphene Manufacturing Group Ltd Corporate Events

GMG Funds Next-Gen Graphene Plant and Clarifies Non-Cash Warrant Impact

Graphene Manufacturing Group has approved an additional AU$1.4 million to complete its second-generation graphene manufacturing plant, bringing total capital cost to about AU$2.3 million for a facility designed to produce 10 tons of graphene annually. The Gen 2.0 plant, which is progressing on schedule and budget for mid-2026, is expected to be largely self-powered using renewable energy, storage systems and hydrogen-enriched natural gas, underpinning the company’s future expansion plans and scalable production model.

The company also clarified its latest quarterly results, emphasizing that a sizeable, IFRS-mandated non-cash warrant liability—driven by a 178% rise in its share price—does not affect its cash, operations or underlying fundamentals. GMG reported a stronger cash position of A$13.9 million as of December 31, 2025, positive net assets excluding the warrant liability, and additional cash inflows from recent warrant exercises, reinforcing its financial footing as it advances growth initiatives.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.

Graphene Manufacturing Group Hires AJO Capital to Boost Investor Awareness

Graphene Manufacturing Group has hired New York-based AJO Capital Inc. under a four-month advertising services agreement to boost marketing and investor awareness, covering content creation across news, podcasts, traditional media and social channels. The company will pay AJO US$26,500 per month for these services, which are aimed at raising its profile among investors, with no equity component and with AJO remaining at arm’s length from GMG.

The move supports GMG’s broader strategy to commercialize its graphene-based energy-saving and energy storage technologies, including HVAC-R coatings, fuel-saving lubricant additives and graphene aluminium-ion batteries. By strengthening its visibility in capital markets, GMG seeks to underpin funding and partnerships for scaling production, growing revenue from energy-saving products and advancing next-generation battery development and supply-chain capabilities.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.

GMG inks Tickford Racing deal to road-test graphene in Supercars arena

Graphene Manufacturing Group has entered a new partnership with leading Australian Supercars team Tickford Racing to trial its liquid graphene products, including G LUBRICANT and THERMAL-XR, in one of motorsport’s most demanding environments. Tickford will also feature GMG branding on its race cars, promote the company across digital channels, and host trackside customer events.

The collaboration will focus on operational efficiency trials, structured case studies, and B2B engagement using Tickford’s corporate network, with the aim of generating real-world performance data that can be translated into broader industrial use cases. GMG’s leadership frames the deal as a key step in validating its graphene technologies under high-pressure conditions, strengthening its path from materials innovation to commercial adoption and expanding its industry relationships.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.

GMG Wins US EPA Green Light for THERMAL-XR Graphene Coating, Paving Way for American HVAC Launch

Graphene Manufacturing Group Ltd has accepted United States Environmental Protection Agency consent notice approval conditions for its THERMAL-XR® ENHANCE graphene coating, clearing the way for commercial sales in the US HVAC market. The first shipment will go to distribution partner Nu-Calgon to be sold as “Nu-Calgon CoolWorx® powered by GMG Graphene,” marking GMG’s entry into what it calls the largest HVAC coating market globally after a two-year regulatory process. The approval caps a series of milestones including intellectual property acquisition, independent verification of energy savings, distributor signings across Asia and North America, commissioning of graphene and coating production facilities, and prior regulatory clearances in Australia and Canada, positioning GMG to scale commercialisation of THERMAL-XR® in major international markets.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.

Graphene Manufacturing Group Wins EPA Green Light for U.S. Launch of Graphene HVAC Coating

Graphene Manufacturing Group has received and accepted the United States Environmental Protection Agency’s consent notice conditions for its THERMAL-XR ENHANCE graphene coating, a critical regulatory step that clears the way for commercial sales in the world’s largest HVAC coatings market. The company plans to ship its first batch of the product to distribution partner Nu-Calgon, which will market it in the U.S. as Nu-Calgon CoolWorx powered by GMG Graphene, positioning GMG to capitalize on a substantial market opportunity for energy-saving and corrosion-resistant air-conditioning coatings after a two-year approval process and a series of prior regulatory, technical validation, capacity-building and distribution milestones across multiple regions.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.

GMG Advances Graphene Aluminium-Ion Battery Technology

Graphene Manufacturing Group Ltd. has announced significant progress in its Graphene Aluminium-Ion Battery technology, which promises to charge fully in six minutes and offers a safer, more cost-effective alternative to current lithium-based batteries. This advancement could revolutionize the electric vehicle and consumer electronics markets by reducing reliance on lithium, enhancing charge times, and improving power density, positioning GMG as a key player in the next wave of electrification.

The most recent analyst rating on (TSE:GMG) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Graphene Manufacturing Group Ltd stock, see the TSE:GMG Stock Forecast page.