The company remains in a pre-revenue stage with zero top-line growth over the last ten quarters, while quarterly SG&A expenses continue to average approximately $3.5 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 23K | 95.92K | 29K | 56K | 48K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -23K | -95.92K | -29K | -56K | -48K | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -230.76% | 48.21% | -16.67% | -2300% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 16M | 16.91M | -13.99K | -13.98M | 16.75M | 19.19M | 7.36M | 8.44M | 27.86M | 8.26M | 2.24M | 87.94K | 107.61K | 242.4K | 104.33K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 15.79M | 16.76M | 13.55M | 13.35M | 10.85M | 9.18M | 4.28M | 5.94M | 10.64M | 8.26M | 2.23M | 87.94K | 107.61K | 242.4K | 104.33K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 2.35M | 4.44M | 1.53M | 1.19M | 233.67K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 214K | 145.21K | -13.57M | -27.33M | 11K | -1.1M | 15K | -30.5K | 1.65M | 0 | 2.94K | 0 | 0 | 1K | 0 |
| Operating Income | -16.02M | -17M | 13.99K | 13.98M | -16.75M | -19.19M | -7.36M | -8.44M | -27.86M | -8.26M | -2.24M | -87.94K | -108K | -242K | -104K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -121603.01% | -99.9% | 183.46% | 12.69% | -160.72% | 12.75% | 69.73% | -237.39% | -268.55% | -2448.13% | 18.57% | 55.37% | -132.69% | - |
| EBITDA | -15.92M | -16.91M | 78.99K | 13.99M | -16.71M | -19.19M | -7.15M | -8.22M | -27.4M | -7.77M | -2.18M | -27.95K | 1.19M | -242K | 327 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -11% | -21503.16% | -99.44% | 183.75% | 12.93% | -168.49% | 13.09% | 70% | -252.88% | -256.07% | -7704.44% | -102.34% | 593.39% | -74106.12% | - |
| D&A (Non-Cash Add-back) | 105K | 95.92K | 65K | 8K | 48K | 2K | 213.78K | 213.78K | 461.3K | 493.24K | 60K | 60K | 1.3M | 0 | 104.33K |
| EBIT | -120.74M | -17M | -13.5M | -13.35M | -15.75M | -18.35M | -6.88M | -8.03M | -27.04M | -9.08M | -2.25M | -147.94K | -1.41M | -242K | -104K |
| Net Interest Income | -7.83M | -10.72M | -7.27M | 0 | 0 | -191K | -632K | 0 | 0 | 0 | -2.34K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 219.27K | 1.94K | -1.17K | 0 | 0 | 1.13K | 0 |
| Interest Expense | 7.83M | 10.72M | 7.27M | 0 | 0 | 191K | 632K | 0 | 0 | 0 | 1.17K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -74.23M | -116.35M | -43.44K | -78.65M | 29.3M | -15.73M | 4.97M | -108.01M | 1.04M | -1.86M | -9.61K | -60K | -1.3M | 2.13K | 0 |
| Pretax Income | -99.25M | -133.36M | -29.45K | -64.67M | 12.55M | -34.92M | -2.39M | -116.44M | -26.82M | -10.12M | -2.25M | -147.94K | -1.41M | -240K | -104K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 254.08K | -219K | 0 | 1.17K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.22% | 0.82% | 0% | -0.05% | 0% | 0% | 0% | 0% |
| Net Income | -99.25M | -133.36M | -29.45K | -64.67M | 12.55M | -34.92M | -2.39M | -116.44M | -26.82M | -8.61M | -2.25M | -147.94K | -1.41M | -240K | -104K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -230.18% | -452768.66% | 99.95% | -615.23% | 135.95% | -1362.14% | 97.95% | -334.13% | -211.56% | -282.53% | -1421.22% | 89.51% | -487.5% | -130.77% | - |
| Net Income (Continuing) | -91.34M | -133.36M | -29.45K | -64.67M | 12.55M | -34.92M | -2.39M | -116.44M | -26.82M | -10.12M | -2.25M | -147.94K | -1.41M | -240K | -104K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.77 | -4.16 | -2.07 | -5.96 | 1.24 | -5.04 | -0.44 | -23.16 | -6.68 | -8.60 | -9.88 | -2.24 | -21.32 | -4.32 | -0.02 |
| EPS Growth % | 21.61% | -100.97% | 65.27% | -580.65% | 124.6% | -1045.45% | 98.1% | -246.71% | 22.33% | 12.96% | -341.07% | 89.49% | -393.52% | -23378.26% | - |
| EPS (Basic) | - | -4.16 | -2.07 | -5.96 | 1.52 | -5.04 | -0.44 | -23.16 | -6.68 | -8.60 | -5.96 | -2.24 | -21.32 | -4.32 | -0.02 |
| Diluted Shares Outstanding | 128.95M | 32.1M | 14.32M | 10.86M | 10.19M | 6.94M | 5.44M | 5.03M | 4.02M | 1M | 228.01K | 66.08K | 66.08K | 56.19K | 5.7M |
| Basic Shares Outstanding | 102.16M | 32.1M | 14.32M | 10.85M | 8.16M | 6.94M | 5.44M | 5.03M | 4.02M | 1M | 377.58K | 66.08K | 66.08K | 56.19K | 5.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Refinery commissioning execution risk
As indicated by the company's financial statements, Electra remains in a pre-revenue stage, with zero top-line growth reported across the last ten quarters, underscoring the significant gap between its strategic ambitions in the North American battery supply chain and its current lack of commercial production output.
The absence of revenue confirms that the company is currently a development-stage entity rather than an operating business. Investors should monitor the transition from exploration and commissioning to actual product sales, as the current lack of revenue makes traditional growth metrics inapplicable.
Based on reported figures, the company maintains a consistent quarterly SG&A expenditure averaging approximately $3.5 million, which continues to weigh heavily on the income statement in the absence of any offsetting revenue streams to support the ongoing operational and administrative overhead of the business.
The stability of these costs suggests a fixed overhead structure that is not yet scaling with operational progress. This persistent burn rate warrants further investigation into the company's ability to manage administrative expenses while simultaneously funding the capital-intensive commissioning of its Ontario refinery.
According to recent SEC filings, the company's net income exhibits extreme volatility, including a notable $20.2 million gain in 2026Q1, which appears disconnected from core operational performance and likely reflects non-operating items that obscure the underlying cash burn inherent in the current development-stage business model.
The erratic nature of the bottom line suggests that investors should focus on cash flow and capital expenditure rather than reported net income. Such fluctuations may indicate accounting adjustments or non-recurring items that do not represent a sustainable improvement in the company's fundamental financial health.
As reported in financial statements, the company's reliance on equity markets to fund recurring operating losses and capital expenditures creates a precarious financial position, where continued delays in refinery commissioning may necessitate further dilutive financing that could significantly impair long-term shareholder value and capital structure stability.
The combination of negative operating margins and the absence of revenue suggests that the company is highly sensitive to capital market conditions. If the refinery fails to reach commercial production on schedule, the current burn rate may force management to seek additional funding under potentially unfavorable terms.
Quick answers to the most common questions about buying ELBM stock.
For fiscal year 2025, Electra Battery Materials Corporation (ELBM) reported total revenue of $0.0M.
Electra Battery Materials Corporation (ELBM) reported a net loss of $133.4M for the fiscal year ending 2025.