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): 0.24
• Revenue Growth: N/A
• EPS Growth: -542.11%
• Country: CA
• Employees: 3
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): N/A
• 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: 43 Neutral
• Price Target: C$0.03 ▼(-15.00% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is primarily held down by very weak financial performance (no revenue, persistent losses, negative free cash flow) and a stressed balance sheet with negative equity. Technicals are mixed but skew bearish with the stock trading below all key moving averages, while valuation metrics are constrained by ongoing losses and no indicated dividend support.

Positive Factors

Industry focus / niche technology

Micromem’s historical focus on sensors and RFID for industrial and energy monitoring aligns with durable structural demand for IoT, asset monitoring, and energy diagnostics. That niche expertise preserves optionality for commercialization or partnerships if product-market fit is achieved.

Stable nominal debt trend

Debt stability — even in the context of a stressed balance sheet — reduces the risk of a sudden solvency shock. A non-escalating debt stock gives management room to pursue restructuring, negotiated terms, or targeted financing rather than immediate crisis-driven measures.

Early improvement in cash flow and losses

Sequential improvement in free cash flow and a smaller annual net loss suggest initial traction on cost control or operational stabilization. If sustained, such trends can lengthen runway, reduce future financing needs, and indicate management actions beginning to address structural cash burn.

Negative Factors

No reported revenue

Absence of any reported revenue indicates an unproven commercial model and lack of product-market traction. Without a recurring sales base, the company cannot sustain fixed costs, reducing predictability of future cash flows and making long-term viability dependent on successful commercialization or external funding.

Negative equity and tiny asset base

Substantial negative equity combined with a very small asset base elevates solvency and creditor risk. This capital structure constrains access to non-dilutive financing, increases refinancing risk, and leaves limited collateral or liquidity to absorb operational setbacks over the medium term.

Persistent cash burn and negative FCF

Consistent operating cash outflows and negative free cash flow create dependence on external funding to sustain operations. Continued cash burn increases dilution risk from future financings, narrows strategic flexibility, and raises the probability that the company cannot execute long-term plans without material capital injections.

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.

Micromem Technologies Financial Statement Overview

Summary

Financial profile is very weak: no reported revenue across TTM and recent annual periods, recurring operating losses, and ongoing cash burn. Balance sheet risk is elevated with persistent negative equity and debt that is large relative to the small asset base, implying limited financial flexibility and higher solvency/financing risk.

Income Statement

TTM (Trailing-Twelve-Months) and the last five annual periods show no reported revenue and recurring operating losses. Losses remain material (TTM net loss of about -1.48M; EBIT about -1.31M), and gross profit is negative in the most recent periods, pointing to an unproven/unstable operating model. A relative positive is that the latest annual net loss (2025) is smaller than 2024, but profitability remains deeply negative with no visible sales base to support a sustained turnaround.

Balance Sheet

The balance sheet is highly stressed: stockholders’ equity is negative across all periods (TTM roughly -5.58M), while debt remains elevated (TTM roughly 3.71M) versus a very small asset base (TTM assets roughly 0.27M). Negative equity meaningfully raises solvency risk and reduces financial flexibility, and leverage is structurally high even if the debt level itself has not consistently trended upward. The main offset is that total debt has not exploded versus earlier years, but the capital structure remains a clear weakness.

Cash Flow

Cash generation is weak, with operating cash flow negative in every period shown (TTM about -1.33M) and free cash flow also negative (TTM about -1.10M). Free cash flow improved versus the most recent annual figure (2025), but the TTM free cash flow growth is sharply negative, indicating recent deterioration and continued cash burn. While cash outflow is broadly consistent with reported losses (free cash flow is roughly in line with net income), the company still appears dependent on external funding to sustain operations.

Breakdown	Jan 2026	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: Neutral
• Last Price: 0.04
• 50DMA: Positive
• 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 Neutral. The current price of 0.04 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and below the 200-day MA of 0.05, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 51.17 is Neutral, neither overbought nor oversold. The STOCH value of 166.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$45.01M	-2.67	499.39%	―	-24.81%	-131.85%
LQWD	44 Neutral	C$32.82M	-3.37	-23.29%	―	782.42%	-63.88%
MRM	43 Neutral	C$21.48M	-10.73	―	―	―	-542.11%
AMT	40 Underperform	C$45.30M	-3.37	―	―	―	―

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.