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: 41 Neutral
• Price Target: C$0.03 ▼(-17.50% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is primarily constrained by weak financial performance: no reported revenue, persistent losses, ongoing cash burn, and a stressed balance sheet with negative equity and elevated debt relative to assets. Technicals add a modest negative given the price trading below key moving averages, while recent financing provides limited near-term liquidity support but also underscores funding/dilution risk.

Positive Factors

IP-led business model

Micromem’s focus on proprietary RFID and sensor/reader technologies creates a scalable IP‑led business model. If commercialization or licensing succeeds, it can produce recurring, high‑margin revenue streams and leverage R&D across multiple end markets, improving long‑term unit economics.

Operational leverage seen

A brief positive EBITDA outcome in FY2025 demonstrates the business can achieve operational leverage under certain conditions. This implies fixed cost absorption potential and that, with revenue traction, margins and cash generation could scale more rapidly than revenues, aiding sustainability.

Near-term runway extension

The recent C$327,778 private placement materially extends near‑term runway and funds ongoing R&D and commercialization efforts. This reduces immediate liquidity pressure, giving management time to hit development milestones that underpin longer‑term product adoption and potential licensing deals.

Negative Factors

No revenue & sustained losses

The absence of reported revenue and a TTM net loss of roughly $1.48M indicate the company has not yet converted technology into commercial sales. Persistent losses extend the path to self‑funding, increase reliance on external capital and make long‑term viability contingent on successful market adoption.

Highly stressed balance sheet

Negative shareholders’ equity combined with meaningful debt against a tiny asset base signals severe solvency and liquidity constraints. This reduces financial flexibility, limits borrowing capacity, and raises restructuring risk if operating performance does not materially improve in the medium term.

Reliance on dilutive funding

Frequent equity financings, short‑dated warrants and significant option grants reveal dependence on dilutive capital to support operations. Continued dilution can erode shareholder value, complicate investor alignment and remains a structural headwind until the company can generate sustainable, non‑dilutive cash flow.

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’s monetization is primarily tied to commercialization of its technology through product sales and/or licensing arrangements for its proprietary solutions (for example, RFID-related hardware, systems, or IP where applicable), and potentially through development/engineering services or contract-based work tied to those technologies. However, current, company-specific breakdowns of revenue streams (e.g., percentage from product sales vs. licensing vs. services), material customer contracts, and significant partnerships contributing to earnings are not publicly available in the information provided here; therefore: null

Micromem Technologies Financial Statement Overview

Summary

Income statement and cash flow reflect a development-stage profile with no reported revenue, recurring losses (TTM net loss about $1.48M), and ongoing cash burn (TTM operating cash flow about -$1.33M; FCF about -$1.10M). The balance sheet is highly stressed with negative equity (TTM about -$5.6M) and meaningful debt (~$3.7M) relative to a very small asset base (~$0.27M), increasing liquidity, refinancing, and dilution risk.

Income Statement

TTM (Trailing-Twelve-Months) and the last several annual periods show no reported revenue and recurring operating losses, with TTM net loss of about $1.48M (widening versus FY2025 net loss of about $0.67M). Profitability remains structurally weak (negative gross profit in recent periods), and the lack of revenue traction makes the path to breakeven highly uncertain. A modest positive in FY2025 is that EBITDA briefly turned positive, but it did not translate into net profitability and deteriorated again in TTM.

Balance Sheet

The balance sheet is highly stressed: stockholders’ equity is negative across all periods (TTM roughly -$5.6M), indicating accumulated losses and limited financial flexibility. Total debt remains elevated at roughly $3.7M TTM against a very small asset base (TTM total assets roughly $0.27M), increasing refinancing and dilution risk. While debt levels have not exploded year-over-year, the combination of negative equity and persistent losses keeps solvency risk high.

Cash Flow

Cash generation is consistently negative, with TTM operating cash flow around -$1.33M and free cash flow around -$1.10M, implying ongoing cash burn. Cash flow quality versus earnings is not the core issue—losses are largely backed by cash outflows—rather, the company appears dependent on external funding to sustain operations. A relative positive is that TTM free cash flow burn improved versus FY2025 (less negative), but the overall trajectory still reflects continued funding needs.

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$43.13M	-2.67	499.39%	―	-24.81%	-131.85%
LQWD	44 Neutral	C$34.09M	-3.37	-23.29%	―	782.42%	-63.88%
MRM	41 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.