The company has maintained a zero-revenue profile for ten consecutive quarters while incurring quarterly operating losses that peaked at $10.7 million in 2026Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 135.85K | 78.74K | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | 72.53% | - | - | - |
| Cost of Goods Sold | 10.88M | 20.15M | 0 | 0 | 0 | 5.97M | 0 | 10.1K | 4.54K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | 12.82% | - | - |
| Gross Profit | -10.88M | -20.15M | 0 | 0 | 0 | -5.97M | 135.85K | 68.64K | -4.54K | 0 |
| Gross Margin % | - | - | - | - | - | - | 100% | 87.18% | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | -4491.51% | 97.91% | 1612.34% | - | - |
| Operating Expenses | 31.02M | 23.57M | 35.86M | 36.71M | 67.83M | 11.67M | 2.91M | 2.25M | 2.36M | 641.05K |
| OpEx % of Revenue | - | - | - | - | - | - | 2140.07% | 2858.7% | - | - |
| Selling, General & Admin | 12.64M | 14.44M | 22.88M | 25.36M | 54.68M | 11.64M | 1.82M | 2.25M | 2.36M | 641.05K |
| SG&A % of Revenue | - | - | - | - | - | - | 1339.69% | 2858.7% | - | - |
| Research & Development | 0 | 0 | 45K | 262K | 133K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 9.12M | 12.94M | 11.08M | 13.01M | 31K | 1.09M | 0 | 0 | 0 |
| Operating Income | -41.9M | -43.72M | -35.86M | -36.71M | -67.83M | -17.63M | -2.77M | -2.26M | -2.36M | -641K |
| Operating Margin % | - | - | - | - | - | - | -2040.07% | -2871.4% | - | - |
| Operating Income Growth % | - | -21.92% | 2.31% | 45.88% | -284.66% | -536.26% | -22.58% | 4.19% | -268.17% | - |
| EBITDA | -20.66M | -23.77M | -30.53M | -36.36M | -67.59M | -17.6M | -2.75M | -2.25M | -2.36M | 338.98K |
| EBITDA Margin % | - | - | - | - | - | - | -2025.81% | -2858.58% | - | - |
| EBITDA Growth % | 28.99% | 22.14% | 16.03% | 46.21% | -283.99% | -539.61% | -22.27% | 4.44% | -794.88% | - |
| D&A (Non-Cash Add-back) | 21.24M | 19.95M | 5.33M | 348K | 237K | 31K | 19.37K | 10.1K | 4.54K | 979.98K |
| EBIT | -41.81M | -24.92M | -55.81M | -23.77M | -66.71M | -17.63M | -3.02M | -2.16M | -2.17M | -980K |
| Net Interest Income | 266K | -6.35M | -5.95M | -5.71M | -3K | 4K | -452K | 7.36K | 0 | 0 |
| Interest Income | 282K | 103K | 252K | 1.15M | 3K | 9K | 7.69K | 7.36K | 6.75K | 1.75K |
| Interest Expense | 16K | 6.46M | 6.2M | 6.85M | 6K | 5K | 460.17K | 0 | 0 | 0 |
| Other Income/Expense | -1.35M | 12.34M | -26.15M | 6.08M | 1.12M | -1.62M | -811.31K | 101.25K | 189.9K | 1.14K |
| Pretax Income | -43.25M | -31.38M | -62.01M | -30.62M | -66.71M | -19.25M | -3.58M | -2.16M | -2.17M | -640K |
| Pretax Margin % | - | - | - | - | - | - | -2637.27% | -2743.14% | - | - |
| Income Tax | 179K | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.41% | -0.57% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -43.43M | -31.55M | -62.01M | -30.62M | -66.71M | -19.25M | -3.58M | -2.16M | -2.17M | -640K |
| Net Margin % | - | - | - | - | - | - | -2637.27% | -2743.14% | - | - |
| Net Income Growth % | -14.4% | 49.12% | -102.5% | 54.1% | -246.51% | -437.37% | -65.87% | 0.46% | -239.06% | - |
| Net Income (Continuing) | -43.43M | -31.55M | -62.01M | -30.62M | -66.71M | -19.25M | -3.58M | -2.16M | -2.17M | -640K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.24 | -3.95 | -27.16 | -15.94 | -35.43 | -0.45 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 88.64% | 85.46% | -70.39% | 55.01% | -7773.33% | - | - | - | - | - |
| EPS (Basic) | - | -3.95 | -27.16 | -15.94 | -35.43 | -0.45 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 34.91M | 8M | 2.28M | 1.92M | 1.88M | 42.52M | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 34.91M | 8M | 2.28M | 1.92M | 1.88M | 42.52M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Liquidity and Permitting Hurdles
As indicated by the company's financial statements, FEAM has generated zero revenue over the last ten quarters, underscoring its status as a pre-commercial development entity that remains entirely dependent on external capital to fund its ongoing operational and infrastructure development activities in the industrial materials sector.
The absence of top-line growth highlights the significant execution risk inherent in transitioning from a geological resource to a commercial mining operation. Investors should monitor the lack of revenue as a primary indicator that the company has yet to achieve the necessary technical milestones for market entry.
Based on reported figures, FEAM consistently incurs quarterly operating expenses ranging between $2.9 million and $10.0 million, which, when combined with recurring COGS despite the lack of revenue, suggests a cost structure that is currently misaligned with the company's lack of commercial output.
The presence of COGS in periods without revenue suggests that the company is likely expensing costs related to pilot plant activities or early-stage processing trials. This cost structure warrants further investigation to determine if these expenses are being efficiently managed or if they represent structural inefficiencies that could impede future margin expansion.
According to recent SEC filings, the company's net losses have remained substantial, with quarterly deficits frequently exceeding $10 million, a trend that appears to be exacerbated by the ongoing need for capital raises that dilute existing shareholders while failing to produce positive earnings.
The volatility in EPS, which has seen significant swings, reflects the impact of share count adjustments and non-operating items rather than underlying operational performance. Investors should be wary of the quality of these earnings, as the persistent net losses suggest that the company is currently in a value-destructive phase of its lifecycle.
As reported in financial statements, the company's cash position of $3.8 million appears insufficient to support its ongoing burn rate, suggesting that the firm faces a critical funding gap that may necessitate further dilutive financing or restrictive debt arrangements to maintain its current development trajectory.
The short-seller perspective would likely focus on the disconnect between the company's ambitious project goals and its precarious liquidity position. This suggests that the market may be underestimating the risk of a 'liquidity trap' where the company is forced to raise capital on unfavorable terms, further eroding shareholder value.
Quick answers to the most common questions about buying FEAM stock.
For fiscal year 2025, 5E Advanced Materials Inc. (FEAM) reported total revenue of $0.0M.
5E Advanced Materials Inc. (FEAM) reported a net loss of $31.6M for the fiscal year ending 2025.