First Helium Inc. (HELI) AI Stock Analysis

• Market Cap: C$8.56M
• Dividend Yield: N/A
• Average Volume (3M): 217.41K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.00
• Revenue Growth: -96.10%
• EPS Growth: -3.58%
• Country: CA
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Chemicals
• EPS (TTM): >-0.01
• Shares Outstanding: 213,899,020
• 10 Day Avg. Volume: 128,760
• 30 Day Avg. Volume: 217,409
• PEG Ratio: 0.05
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 8.18
• P/FCF Ratio: -3.99
• 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: 50 Neutral
• Price Target: C$0.04 ▲(16.67% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held back primarily by very weak financial performance (revenue collapse, sustained losses, and negative operating/free cash flow). Technicals provide a partial offset as the price is trading above key moving averages with moderately positive momentum. Valuation remains challenged because the company is loss-making (negative P/E) and there is no dividend yield provided.

Positive Factors

Low leverage / balance sheet optionality

Zero reported debt and near-zero debt-to-equity materially reduce refinancing and interest-rate risk, giving the company financial optionality. Over the next several months this preserves runway to pursue drilling, asset sales, or farm-outs without immediate creditor pressure, supporting operational flexibility.

Asset-backed business model

A clear, asset-backed model—monetizing helium-bearing gas through production, separation and sales—connects company value to physical resources. That operational linkage provides a durable path to revenue if wells and processing are restored or expanded, and enables project-level value extraction (farm-outs, offtakes).

Proven prior production

Having produced meaningful revenue in 2023 demonstrates operational capability and existing infrastructure know-how. This prior track record reduces execution risk versus a greenfield explorer and supports the realistic possibility of re-establishing production and revenues over the coming months if capital and activity resume.

Negative Factors

Revenue collapse & sustained losses

TTM revenue effectively zero and a net loss of roughly -$6M highlight that core operations are not generating sales. Deeply negative margins and sustained losses undermine internal funding capacity and suggest the business cannot cover operating costs without external capital or material operational change over the next several months.

Negative operating and free cash flow

Negative operating and free cash flow signal ongoing cash burn and weakened internal liquidity. The swing from positive 2023 to negative operating cash flow indicates deteriorating underlying economics; absent new financing or improved operations, this will constrain drilling, processing, and commercial activity in the medium term.

Eroding equity & very negative ROE

Declining equity and a TTM ROE near -49% reflect that losses are eroding the capital base, reducing the company’s ability to self-fund development. Over months this increases probability of dilution, asset sales, or constrained investment in wells and processing capacity, impeding growth initiatives.

First Helium Inc. Business Overview & Revenue Model

Company Description

First Helium Inc. engages in the acquisition, exploration, and evaluation of helium property interests in Alberta, Canada. It holds 100% interest in the Worsley Trend and Worsley Property located in the Worsley Trend, Northern Alberta. First Helium Inc. was incorporated in 2016 and is headquartered in Vancouver, Canada.

How the Company Makes Money

First Helium makes money primarily by monetizing production from its helium-bearing natural gas assets. Revenue is generated from (1) the sale of natural gas produced from its wells (typically sold into regional natural gas markets through third-party infrastructure and purchasers), and (2) the sale of helium (to the extent helium is extracted and commercially sold, which generally requires processing/separation capacity and offtake arrangements). The company may also generate or seek to generate value through upstream project advancement—such as delineation drilling, proving reserves/resources, and developing infrastructure—which can support financing, farm-outs, joint ventures, or asset sales; however, specific recurring revenue contributions from such transactions are null. Material, company-specific details on pricing terms, offtake contracts, processing/separation partnerships, and the exact split between gas versus helium sales are null.

First Helium Inc. Financial Statement Overview

Summary

Overall financial performance is weak: revenue has collapsed to effectively zero in the TTM period and losses remain significant, with deeply negative margins. Cash flow is also negative (operating and free cash flow), indicating ongoing cash burn. The main offsetting positive is the low-leverage balance sheet with reported total debt at $0, reducing near-term financial risk.

Income Statement

Profitability is weak and deteriorating. TTM (Trailing-Twelve-Months) revenue is effectively zero (down 100%), while losses remain significant (net loss about -$6.0M). Margins are deeply negative in the TTM period, and the last two annual periods also show negative gross profit, indicating the core business is not currently covering its cost base. The main strength is that the company previously generated meaningful revenue (2023), but the sharp drop since then signals an unstable operating profile.

Balance Sheet

The balance sheet is a relative bright spot due to minimal leverage. Total debt is reported at $0 in TTM, and debt-to-equity is effectively near zero across recent annual periods, which reduces financial risk and refinancing pressure. However, equity and assets have trended down versus prior years, and returns on equity are meaningfully negative (TTM ROE around -49%), reflecting ongoing losses that can continue to erode the capital base.

Cash Flow

Cash generation is pressured. TTM (Trailing-Twelve-Months) operating cash flow is negative (about -$0.9M) and free cash flow is also negative (about -$0.7M), indicating the business is consuming cash. While free cash flow is less negative than net income in TTM (suggesting some non-cash losses), operating cash flow has swung from positive in 2023 to consistently negative thereafter, pointing to weakening underlying cash economics and ongoing funding needs if this persists.

Breakdown	TTM	Jun 2024	Jun 2023	Jun 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	0.00	293.00K	8.22M	3.57M	0.00	0.00
Gross Profit	-909.78K	-46.95K	5.75M	1.30M	-1.43K	-2.17K
EBITDA	-5.95M	-2.20M	-2.90M	-396.19K	-356.31K	-487.57K
Net Income	-6.00M	-6.75M	-6.93M	-465.84K	-523.68K	-560.30K
Balance Sheet
Total Assets	15.65M	16.65M	17.07M	20.31M	15.79M	2.16M
Cash, Cash Equivalents and Short-Term Investments	1.75K	834.20K	165.27K	5.53M	3.47M	1.92K
Total Debt	0.00	0.00	140.99K	0.00	2.49M	1.05M
Total Liabilities	4.44M	5.13M	2.79M	3.55M	3.89M	1.49M
Stockholders Equity	11.22M	11.52M	14.28M	16.76M	11.90M	663.48K
Cash Flow
Free Cash Flow	-671.24K	-2.16M	-1.43M	-3.04M	-2.00M	-869.14K
Operating Cash Flow	-925.85K	-2.13M	2.82M	-493.64K	-450.11K	-377.14K
Investing Cash Flow	-2.71M	-1.43M	-12.15M	-6.55M	-1.55M	-492.01K
Financing Cash Flow	936.70K	4.23M	3.96M	2.04M	12.53M	871.06K

First Helium Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HELI, the sentiment is Positive. The current price of 0.03 is above the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.03, and above the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.40 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HELI.

First Helium Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHE.UN	66 Neutral	C$1.73B	11.01	18.28%	4.73%	10.20%	-11.22%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MX	63 Neutral	C$5.62B	35.38	9.35%	1.87%	-0.65%	46.15%
HELI	50 Neutral	C$8.56M	-3.64	-52.71%	―	-96.10%	-3.58%
GRA	43 Neutral	C$333.83M	-29.68	-10.65%	―	-11.90%	-0.32%
CH	43 Neutral	C$40.04M	-2.68	247.72%	―	-65.20%	12.85%