Micromem Technologies (MRM) AI Stock Analysis

• Market Cap: C$21.48M
• Dividend Yield: N/A
• Average Volume (3M): 142.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• Revenue Growth: N/A
• EPS Growth: -542.11%
• Country: CA
• Employees: 3
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): <0.01
• Shares Outstanding: 613,579,600
• 10 Day Avg. Volume: 61,390
• 30 Day Avg. Volume: 142,411
• PEG Ratio: 0.35
• Price to Book (P/B): -3.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -14.41
• 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: 41 Neutral
• Price Target: C$0.04 ▼(-5.00% Downside)
• Action: Upgraded Date: 02/09/26
• Date: Action: Upgraded 02/09/26

The score is driven primarily by very weak financial performance (no reported revenue, ongoing losses and cash burn, and negative equity with debt), which outweighs the mostly neutral momentum signals. Technicals add pressure due to the stock trading below all key moving averages, while valuation is constrained by the negative P/E tied to unprofitability.

Positive Factors

Sensor/RFID niche focus

Micromem's historical focus on sensor and RFID/memory technologies for industrial and energy monitoring aligns with durable structural demand in IoT and industrial telemetry. Specialized IP and domain focus can provide a sustainable product-market fit and competitive edge if commercialized and scaled.

Improving free cash flow trend

Observed improvement in free cash flow across recent years indicates the company may be making operational adjustments that reduce cash burn. If these gains persist, they improve runway and lower financing needs, making a path toward self-sustaining operations more feasible over months.

Smaller net loss in latest year

A smaller net loss in 2025 versus 2024 suggests progress on cost control or operating efficiency. Continued narrowing of losses is a durable fundamental improvement that can precede break-even if combined with revenue generation, improving long-term viability prospects.

Negative Factors

No reported revenue

Zero reported revenue across all provided periods is a structural weakness: without sales the company cannot validate product-market fit, sustain margins, or generate cash internally. This severely limits long-term viability absent material commercialization progress.

Negative equity and high relative debt

Persistent negative shareholders' equity and meaningful debt versus a tiny asset base constrain financial flexibility and raise solvency risk. This capital structure increases the likelihood of dilutive financing or insolvency, limiting ability to invest in product development or commercialization.

Consistent operating cash burn

Sustained negative operating and free cash flow demonstrates ongoing cash burn that must be covered by external financing. Persistent cash outflows amplify execution and financing risk, and make it harder to reach commercial milestones without dilutive or costly capital.

Micromem Technologies Business Overview & Revenue Model

Company Description

Micromem Technologies Inc., through its subsidiary, Micromem Applied Sensor Technology, Inc., develops and markets customized sensor applications based on its proprietary technology in Canada and internationally. It serves companies in various industry segments, including defense, life sciences, automotive, consumer, and mining. The company was formerly known as Avanti Corp International Inc. and changed its name to Micromem Technologies Inc. in January 1999. Micromem Technologies Inc. was incorporated in 1985 and is headquartered in Toronto, Canada.

How the Company Makes Money

Micromem Technologies generates revenue through the development and sale of its proprietary sensor-based solutions. The company's primary revenue streams include direct sales of sensor technologies to industrial clients, licensing of its technology to third-party manufacturers, and potential royalties from patented technologies. Additionally, Micromem often engages in strategic partnerships and collaborations with larger companies to co-develop products or to embed its sensors into complementary technologies, further expanding its market reach and revenue potential. These partnerships can result in joint ventures or long-term contracts that provide consistent revenue streams. The company also benefits from research and development grants and funding, which support the continuous innovation and enhancement of its sensor technologies.

Micromem Technologies Financial Statement Overview

Summary

Financials are highly stressed: reported revenue is $0 across the periods provided, losses are persistent, operating/free cash flow remain negative, and equity is negative in every year with meaningful debt versus a very small asset base—implying elevated financing and execution risk despite some loss/FCF improvement in select years.

Income Statement

The income statement is very weak: revenue is reported at $0 across all annual periods provided, while losses are persistent and sizable (EBIT roughly -$0.6M to -$1.1M; net income losses ranging from about -$1.0M to -$3.1M). 2025 shows a smaller net loss than 2024, but profitability remains deeply negative and there is no evidence of an improving revenue base in the data.

Balance Sheet

The balance sheet is highly stressed. Equity is negative in every year (approximately -$3.5M to -$6.7M), while total debt remains high (about $2.6M to $3.9M) relative to a very small asset base (roughly $0.10M to $0.31M). This capital structure implies elevated financial risk and limited flexibility, even though total assets have increased from earlier years.

Cash Flow

Cash flow quality is weak due to consistently negative operating and free cash flow each year (operating cash flow about -$0.6M to -$1.3M; free cash flow similarly negative). There is some year-to-year improvement in free cash flow in select periods (including 2024 and 2025), but the business is still burning cash rather than funding itself internally.

Breakdown	Oct 2025	Jan 2025	Jan 2024	Jan 2023	Jan 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-16.60K	0.00	0.00	0.00	0.00
EBITDA	327.33K	-597.00K	-1.05M	-958.00K	-1.10M
Net Income	-668.13K	-3.06M	-2.69M	-2.29M	-1.01M
Balance Sheet
Total Assets	308.34K	282.71K	168.35K	99.52K	225.29K
Cash, Cash Equivalents and Short-Term Investments	250.05K	125.70K	31.58K	33.23K	171.40K
Total Debt	3.53M	3.95M	3.66M	3.92M	2.57M
Total Liabilities	5.91M	7.01M	5.01M	4.85M	3.70M
Stockholders Equity	-5.60M	-6.72M	-4.84M	-4.75M	-3.47M
Cash Flow
Free Cash Flow	-1.32M	-625.92K	-1.09M	-997.03K	-768.04K
Operating Cash Flow	-1.32M	-625.92K	-1.08M	-997.03K	-762.77K
Investing Cash Flow	-2.73K	0.00	-2.04K	0.00	-5.27K
Financing Cash Flow	1.45M	720.04K	1.08M	858.86K	747.96K

Micromem Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.04
• 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:MRM, the sentiment is Negative. The current price of 0.04 is above the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.04, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.32 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 Negative sentiment for TSE:MRM.

Micromem Technologies 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%
CTRL	46 Neutral	C$46.24M	-4.44	―	―	-24.81%	-131.85%
LQWD	44 Neutral	C$31.23M	-3.62	-21.52%	―	782.42%	-63.88%
MRM	41 Neutral	C$21.48M	-21.88	―	―	―	-542.11%
AMT	40 Underperform	C$60.41M	-200.00	―	―	―	―

Micromem Technologies Corporate Events

Micromem Raises C$327,778 in Non-Brokered Private Placement for Working Capital

Micromem Technologies Inc. has closed a non-brokered private placement, raising approximately C$327,778 through the issuance of 6,555,555 units priced at C$0.05 per unit, each comprising one common share and one warrant exercisable at C$0.06 for one year, with all securities subject to a four-month hold period and subscribed to entirely by arm’s-length investors. The company plans to use the net proceeds for working capital, with the financing still subject to post-closing conditions of the Canadian Securities Exchange, bolstering Micromem’s near-term liquidity as it continues to develop and implement its sensor-based technology solutions across its target industries.

Micromem Raises C$327,778 in Private Placement Tranche for Working Capital

Micromem Technologies has closed a tranche of its previously announced non-brokered private placement, raising approximately C$327,778 through the issuance of 6,555,555 units priced at C$0.05, each consisting of one common share and a one-year warrant exercisable at C$0.06. All securities are subject to a four-month hold period, no insiders participated with all subscribers at arm’s length, and the company may elect to raise up to an additional C$167,000 in a future tranche, with the proceeds earmarked for working capital and the financing remaining subject to post-closing requirements of the Canadian Securities Exchange.

Micromem Plans Private Placement and Issues New Stock Options

Micromem Technologies plans to raise up to CAD $330,000 through a non-brokered private placement of units priced at CAD $0.05, each consisting of one common share and a one-year warrant exercisable at CAD $0.06, with proceeds earmarked for working capital and debt settlement and all securities subject to a four‑month hold and regulatory approval. The company is also issuing 5.9 million stock options to directors, officers and employees at CAD $0.05 per share, vesting immediately and expiring in 2030, replacing options that lapsed in November 2025 and aiming to support balance-sheet liquidity while maintaining equity-based incentives for key personnel.