The company remains entirely pre-revenue, with operational performance obscured by stock-based compensation that reached $594.2K in 2025Q3 and persistent operating losses peaking at $3.2M in 2026Q2.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 3.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -3.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 8.24M | 5.82M | 4.5M | 3.53M | 3.96M | 2.63M | 1.26M | 2.19M | 10.58M | 1.23M | 180.53K | 159.78K | 341.74K | 231.69K | 364.68K | 73.09K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.66M | 5.21M | 3.82M | 3.34M | 3.79M | 2.39M | 1.21M | 2.39M | 10.43M | 1.23M | 180.53K | 159.78K | 341.74K | 231.69K | 364.68K | 73.09K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 582.9K | 607.85K | 682.29K | 190.38K | 173.4K | 235.51K | 47.74K | -194.35K | 149.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.24M | -5.82M | -4.5M | -3.53M | -3.96M | -2.35M | -1.11M | -2.19M | -9.89M | -1.23M | -181.74K | -139.81K | -341.74K | -231.69K | -364.68K | -73.09K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -29.3% | -27.52% | 10.94% | -68.69% | -111.65% | 49.4% | 77.82% | -703.58% | -577.02% | -29.99% | 59.09% | -47.5% | 36.47% | -398.98% | - |
| EBITDA | -3.36M | -3.32M | -4.35M | 1.07M | -4.04M | -2.4M | -1.11M | -2.11M | -9.8M | -1.23M | -178.53K | -169.71K | -101.94K | -271.69K | -364.68K | -73.09K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 40.01% | 23.49% | -506.35% | 126.48% | -68.38% | -116.9% | 47.53% | 78.5% | -695.06% | -590.6% | -5.2% | -66.49% | 62.48% | 25.5% | -398.98% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 3.74K | 84.97K | 84.97K | 0 | 0 | 0 | 239.8K | 0 | 0 | 0 |
| EBIT | -3.36M | -3.32M | -4.35M | 1.07M | -4.04M | -2.35M | -1.36M | -2.72M | -10.63M | -1.23M | -181.74K | -158.51K | -342.83K | -231.79K | -363.27K | -72.83K |
| Net Interest Income | -27.69K | -290.62K | -125K | -95.15K | -96.19K | -179K | -89.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 1.31K | 8.88K | 16.29K | 22.73K | 23.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.69K | 290.62K | 126.61K | 104.03K | 112.48K | 202.18K | 112.36K | 75.92K | 60.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.86M | 2.2M | 26.47K | 4.49M | -189.66K | -264.04K | -1.16M | -529.01K | -768.23K | -32.7K | -2.01K | -10.04K | -239.8K | 40K | 0 | 0 |
| Pretax Income | -3.39M | -3.62M | -4.47M | 965.38K | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -182.53K | -149.85K | -581.54K | -191.69K | -364.68K | -73.09K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -1.59M | -2.72M | -10.66M | -1.26M | -182.53K | -149.85K | -581.54K | -191.69K | -364.68K | -73.09K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 42.66% | 19.16% | -567.52% | 123.05% | -58.9% | -63.8% | 41.4% | 74.46% | -743.59% | -592.01% | -21.81% | 74.23% | -203.38% | 47.44% | -398.98% | - |
| Net Income (Continuing) | -3.39M | -3.62M | -4.47M | 965.38K | -4.15M | -2.61M | -1.59M | -2.72M | -10.66M | -1.26M | -183K | -150K | -582K | -192K | -365K | -73.09K |
| Discontinued Operations | 0 | 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 | 0 |
| EPS (Diluted) | -0.24 | -0.48 | -0.99 | 0.24 | -1.27 | -0.93 | -0.93 | -1.31 | -6.17 | -1.31 | -0.42 | -0.40 | -1.56 | -0.52 | -1.25 | -0.53 |
| EPS Growth % | 77.67% | 51.52% | -512.5% | 118.9% | -36.56% | 0% | 29.01% | 78.77% | -370.99% | -211.9% | -5% | 74.36% | -200% | 58.4% | -135.85% | - |
| EPS (Basic) | - | -0.48 | -0.99 | 0.25 | -1.27 | -0.93 | -0.93 | -1.31 | -6.17 | -1.31 | -0.42 | -0.40 | -1.56 | -0.52 | -1.25 | -0.53 |
| Diluted Shares Outstanding | 14.35M | 7.51M | 4.52M | 3.93M | 3.28M | 2.8M | 2.45M | 2.08M | 1.73M | 964.43K | 438.44K | 377.33K | 372.94K | 370.5K | 292.4K | 137.66K |
| Basic Shares Outstanding | 14.35M | 7.51M | 4.52M | 3.84M | 3.27M | 2.8M | 2.45M | 2.08M | 1.73M | 964K | 438K | 377K | 372.94K | 370.5K | 292.4K | 137.66K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Dilutive financing dependency
As indicated by the company's historical financial statements, FMST remains a pre-revenue exploration entity with no commercial production, meaning growth metrics are currently non-existent and the firm's valuation is entirely dependent on the speculative success of its mineral exploration programs in Canada.
The absence of revenue confirms that the company is in a pure exploration phase where value creation is tied to geological discovery rather than operational sales. Investors should monitor the transition from exploration to development, as the current lack of top-line growth necessitates ongoing reliance on external capital markets.
According to the reported quarterly data, FMST's SG&A expenses have fluctuated significantly, reaching a peak of $3.0M in 2026Q2, which highlights the high fixed-cost nature of maintaining exploration operations and corporate overhead in the absence of any offsetting revenue streams.
The volatility in SG&A suggests that management's expense discipline is highly sensitive to the intensity of exploration campaigns. Given the limited cash position, the inability to stabilize these costs may accelerate the depletion of liquidity and force further equity dilution.
Based on the provided income statement data, FMST frequently utilizes stock-based compensation, with figures reaching as high as $594.2K in 2025Q3, which complicates the assessment of true operational performance and suggests that reported net income is often influenced by non-cash accounting adjustments.
The reliance on equity-based incentives appears to be a primary mechanism for preserving cash, yet it creates a persistent overhang of potential dilution for existing shareholders. Analysts should treat reported net income with caution, as these non-cash charges mask the underlying cash burn required to sustain the business.
As noted in recent financial filings, the company's strategic pivot to include uranium alongside its lithium assets may spread limited resources too thin, potentially undermining the effectiveness of exploration efforts across two distinct geological basins with only $5M in cash reserves.
The attempt to capture value in both uranium and lithium markets may lead to a lack of operational focus, potentially resulting in a conglomerate discount. Investors should consider whether the company possesses the technical and financial depth to successfully de-risk two separate commodity portfolios simultaneously.
Quick answers to the most common questions about buying FMST stock.
For fiscal year 2025, Foremost Clean Energy Ltd. (FMST) reported total revenue of $0.0M.
Foremost Clean Energy Ltd. (FMST) reported a net loss of $3.6M for the fiscal year ending 2025.