Helium Evolution Incorporated (HEVI) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 61.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.47
• Revenue Growth: N/A
• EPS Growth: -21.60%
• Country: CA
• Employees: 4
• Sector: Technology
• Sector Strength: 88
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.01
• Shares Outstanding: 140,125,050
• 10 Day Avg. Volume: 90,484
• 30 Day Avg. Volume: 61,359
• PEG Ratio: 0.14
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.97
• 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): C$37.16M

• Rating: 46 Neutral
• Price Target: C$0.12 ▼(-26.25% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held down primarily by weak financial performance (pre-revenue/losses and significant cash burn, alongside higher recent leverage) and a bearish technical trend. Offsetting these negatives, corporate milestones (facility start-up and first commercial sales) improve the outlook, but valuation support is limited given ongoing losses and no dividend.

Positive Factors

Commercial production milestone

The Soda Lake facility start-up and initial commercial sales represent a structural transition from development to operating asset. This de-risks the business model, validates production capability, and establishes a pathway to recurring revenue and scale if production and offtake continue.

Meaningful equity cushion

A tangible equity base relative to assets gives the company a financial buffer to absorb early losses and fund initial operations. That cushion improves solvency resilience, supports credit access, and reduces immediate bankruptcy risk while commercial production ramps up.

Financing support secured

Recent financing events and note conversions provide near-term runway to complete start-up and initial commercialization. Structurally, secured capital reduces acute refinancing risk and allows execution on operational milestones, though it may change ownership mix.

Negative Factors

Pre-revenue with sustained losses

The firm remains in a pre-revenue, loss-making phase with a TTM net loss (~3.35M) and recurring operating deficits. Structurally, continued losses imply ongoing funding needs and delay the point at which the business can self-finance growth or fund returns to investors.

Negative cash generation

Deeply negative free cash flow and negative operating cash flow indicate the company is consuming capital to reach commerciality. Persistently negative cash generation constrains reinvestment, raises dilution/refinancing risk, and limits the firm's ability to absorb operational hiccups.

Rising leverage

Leverage has stepped up materially, raising financial risk as production and cash flows are still nascent. Elevated debt increases fixed obligations and can restrict flexibility for capex or adverse price environments, amplifying downside if operational ramps underperform.

Helium Evolution Incorporated Business Overview & Revenue Model

Company Description

Helium Evolution Incorporated engages in the exploration and production of helium in southern Saskatchewan. The company is headquartered in Calgary, Canada.

How the Company Makes Money

HEVI makes money through the exploration and extraction of helium gas, which is then sold to industries requiring helium for applications such as medical imaging, electronics manufacturing, and scientific research. The company's revenue streams primarily consist of the sale of helium gas to industrial clients and potential partnerships with other energy companies for joint development projects. Key factors contributing to its earnings include successful drilling operations, efficient production processes, and the strategic acquisition of helium-rich properties.

Helium Evolution Incorporated Financial Statement Overview

Summary

Financials remain weak overall: the company is still largely pre-revenue with persistent net losses and negative operating/free cash flow, implying ongoing funding needs. The balance sheet retains a meaningful equity base, but leverage has increased sharply in the TTM period, raising financial risk.

Income Statement

Profitability remains weak, with no revenue reported across the annual periods and TTM (Trailing-Twelve-Months), and persistent operating losses (TTM net loss of ~3.35M vs ~1.39M loss in 2024). Losses have been volatile year-to-year (notably worse in 2022), indicating limited earnings stability. The main positive is that losses have not been continuously worsening every year, but overall the business is still in a pre-revenue, loss-making phase.

Balance Sheet

The balance sheet shows a meaningful equity base in recent periods (TTM equity ~11.7M on assets ~21.9M), which provides some cushion. However, leverage has stepped up sharply in TTM (debt ~8.4M; debt-to-equity ~0.72) versus very low debt levels in prior annual reports, increasing financial risk. Returns on equity are negative in the recent years, consistent with ongoing losses, and earlier history shows periods of weaker equity positioning, underscoring balance sheet variability.

Cash Flow

Cash generation is negative: TTM operating cash flow is about -0.9M and free cash flow is deeply negative at roughly -9.6M, implying significant cash burn. While free cash flow growth is positive in the most recent periods (TTM and 2024), the absolute level of spending remains large, suggesting ongoing funding needs unless operating results improve materially. Overall cash flow quality is weak given sustained negative operating and free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-21.00K	-27.00K	0.00	-51.00K	-10.00K	0.00
EBITDA	-3.33M	-1.55M	-3.18M	-6.22M	-1.40M	-139.78K
Net Income	-3.35M	-1.39M	-2.95M	-7.36M	-1.41M	-170.87K
Balance Sheet
Total Assets	21.95M	10.60M	11.64M	13.02M	13.67M	219.60K
Cash, Cash Equivalents and Short-Term Investments	8.56M	3.83M	6.33M	9.13M	171.00K	830.00
Total Debt	8.40M	22.00K	43.00K	29.00K	33.00K	256.41K
Total Liabilities	10.29M	906.00K	872.00K	226.00K	12.53M	494.85K
Stockholders Equity	11.66M	9.70M	10.77M	12.80M	1.14M	-275.25K
Cash Flow
Free Cash Flow	-9.56M	-2.66M	-3.23M	-7.56M	-1.10M	-2.27K
Operating Cash Flow	-900.00K	-729.00K	-346.00K	-1.44M	-498.00K	-2.27K
Investing Cash Flow	-7.87M	-1.74M	-2.43M	-7.08M	-601.00K	0.00
Financing Cash Flow	12.90M	-31.00K	-20.00K	17.48M	1.27M	0.00

Helium Evolution Incorporated Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HEVI, the sentiment is Neutral. The current price of 0.16 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.14, and below the 200-day MA of 0.18, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.52 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:HEVI.

Helium Evolution Incorporated Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CVVY	48 Neutral	C$349.02M	-5.33	-16.16%	―	-15.50%	-58.23%
QEC	48 Neutral	C$124.27M	-6.76	-10.07%	―	19.15%	43.88%
HEVI	46 Neutral	―	-4.01	-14.79%	―	―	-21.60%
GASX	40 Underperform	C$453.23M	-6.97	-79.56%	―	5.13%	61.58%
TCF	39 Underperform	C$6.24M	-0.18	-94.67%	―	―	―
ALTU	27 Underperform	C$10.45M	-0.59	-274.20%	―	-36.75%	-275.73%

Helium Evolution Incorporated Corporate Events

Helium Evolution Grants 1.4 Million Stock Options to New CEO Malcolm Adams

Helium Evolution has granted 1.4 million stock options to newly appointed President, Chief Executive Officer and Director Malcolm Adams as part of his compensation package, with each option exercisable at $0.125 per share and vesting in 20% increments every six months over a 30‑month period until February 2031. The equity grant is intended to align the new chief executive’s interests with those of shareholders and to incentivize long-term value creation, underscoring the company’s focus on stable leadership and strategic execution as it advances its large-scale helium exploration and development program in southern Saskatchewan.

The most recent analyst rating on (TSE:HEVI) stock is a Hold with a C$0.12 price target. To see the full list of analyst forecasts on Helium Evolution Incorporated stock, see the TSE:HEVI Stock Forecast page.

Helium Evolution Names Malcolm Adams CEO to Drive Next Phase of Growth

Helium Evolution Incorporated has appointed industry veteran Malcolm Adams as its new president, chief executive officer and director, effective February 1, 2026, marking a significant leadership transition for the Saskatchewan-focused helium explorer. With over three decades of experience spanning energy, private equity and technology, Adams brings a track record in capital markets, mergers and acquisitions, team building and corporate governance that the board expects will accelerate the company’s next phase of growth and the development of its extensive helium land base. Both Adams and the board highlighted HEVI’s sizable land position in a producing helium basin, its partnership with North American Helium and strategic backing from ENEOS Xplora USA as key advantages that position the company to emerge as a strategic helium supplier in a market where the gas is increasingly critical for healthcare, technology and energy security stakeholders.

The most recent analyst rating on (TSE:HEVI) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Helium Evolution Incorporated stock, see the TSE:HEVI Stock Forecast page.

Helium Evolution Names Malcolm Adams President and CEO to Drive Next Growth Phase

Helium Evolution Incorporated has appointed Malcolm Adams as its new president, chief executive officer and director, effective February 1, 2026, marking a leadership transition as the company advances its growth strategy in southern Saskatchewan. Adams brings more than three decades of experience across energy, private equity and technology, with a record in capital raising, M&A execution and building high-performing technical and operational teams, which the board believes will be instrumental in scaling HEVI’s exploration and development efforts and in strengthening its positioning as a strategic helium supplier to global markets.

The most recent analyst rating on (TSE:HEVI) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Helium Evolution Incorporated stock, see the TSE:HEVI Stock Forecast page.

Helium Evolution Pools Saskatchewan Helium Acreage With NAH and Advances Seismic-Driven Growth Plans

Helium Evolution has entered a pooling agreement with North American Helium covering roughly 40,000 acres in the Grasslands/Mankota area, with working interests set at 51% for NAH and 49% for Helium Evolution on the pooled lands, and has launched a NAH-operated 3D seismic program over approximately 170 square kilometers to refine subsurface understanding, de-risk drilling and expand its inventory of helium prospects. In parallel, the company has completed a 60-kilometer 2D seismic shoot over its 100%-owned Glenbain lands, temporarily placed its Soda Lake helium processing facility on standby due to lower-than-required production, and is targeting new drilling from late 2026 that could tie successful wells into the existing facility, potentially accelerating reactivation and supporting growth while sharing costs and risk through its strategic partnership with NAH.

The most recent analyst rating on (TSE:HEVI) stock is a Sell with a C$0.15 price target. To see the full list of analyst forecasts on Helium Evolution Incorporated stock, see the TSE:HEVI Stock Forecast page.

Helium Evolution Reports Q3 2025 Financials and Milestones

Helium Evolution Incorporated announced the filing of its third-quarter 2025 financial results, highlighting significant milestones that position the company for future growth. Key achievements include securing $8.3 million in convertible note financing to fund its Soda Lake Facility and future drilling, as well as the commencement of production at the Soda Lake helium processing facility, marking a transition from exploration to production. These developments strengthen HEVI’s balance sheet and support its strategy to expand production and create sustainable shareholder value.