The company continues to report zero revenue while sustaining significant operating losses, including a quarterly deficit of $3.2 million 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 | -4 | 0 | 0 | -3.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | 100% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 8.24M | 5.82M | 4.5M | 3.54M | 3.93M | 2.42M | 1.26M | 2.71M | 10.64M | 1.23M | 180.53K | 159.78K | 341.74K | 219.88K | 364.68K | 73.09K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.66M | 5.82M | 4.5M | 3.34M | 3.79M | 2.39M | 1.21M | 2.73M | 10.64M | 1.23M | 180.53K | 159.78K | 341.74K | 219.88K | 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 | 1K | 983.46K | 5.92K | 4.29K | 17.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.24M | -5.82M | -3.3M | -3.3M | -3.93M | -2.4M | -1.37M | -2.71M | -10.64M | -1.23M | -181K | -160K | -342K | -232K | -365K | -73.09K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -76.26% | -0.09% | 16.06% | -63.8% | -74.65% | 49.35% | 74.52% | -765.12% | -579.56% | -13.13% | 53.22% | -47.41% | 36.44% | -399.41% | - |
| EBITDA | -5.11M | -3.52M | 0 | 0 | -326K | -1.53M | -1.37M | -2.63M | -10.56M | -102K | -179K | -150K | -102.2K | -192K | -365K | -73.09K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -68.79% | - | - | 100% | 78.66% | -11.59% | 47.86% | 75.12% | -10249.04% | 43.02% | -19.33% | -46.77% | 46.77% | 47.4% | -399.41% | - |
| D&A (Non-Cash Add-back) | 2.6M | 0 | 3.3M | 3.3M | 3.6M | 870.05K | 3.77K | 84.97K | 84.97K | 1.13M | 2K | 0 | 239.8K | 0 | 0 | 0 |
| EBIT | -3.43M | -3.52M | -4.35M | 1.06M | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -183K | -150K | -582K | -192K | -365K | -73.09K |
| Net Interest Income | -27.69K | -97.36K | -125K | -95.15K | -130K | -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 | 97.36K | 126.61K | 104.03K | 146.16K | 202.18K | 112.36K | 75.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.86M | 2.2M | -1.17M | 4.25M | -93.47K | -264K | -920K | -10.96K | -32.53K | -32.7K | -2K | 9.93K | -240K | 40K | 0 | 0 |
| Pretax Income | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -183K | -150K | -582K | -192K | -365K | -73.09K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 77.18K | 206.47K | 130.23K | 0 | 47.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -1.86% | -7.9% | -5.74% | 0% | -0.44% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -183K | -150K | -582K | -192K | -365K | -73.09K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 42.65% | 19.16% | -567.5% | 123.04% | -58.92% | -15.07% | 16.61% | 74.46% | -743.71% | -590.16% | -22% | 74.23% | -203.13% | 47.4% | -399.41% | - |
| Net Income (Continuing) | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -2.27M | -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 | -1.00 | -1.00 | -1.31 | -6.17 | -1.31 | -0.42 | -0.40 | -1.56 | -0.52 | -1.25 | -0.50 |
| EPS Growth % | 849.69% | 51.52% | -512.5% | 118.9% | -27% | 0% | 23.66% | 78.77% | -370.99% | -211.9% | -5% | 74.36% | -200% | 58.4% | -150% | - |
| EPS (Basic) | - | -0.48 | -0.99 | 0.25 | -1.27 | -1.00 | -0.98 | -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 | 3.28M | 2.8M | 2.45M | 2.08M | 1.73M | 964.43K | 438.44K | 377.33K | 372.94K | 370.5K | 292.4K | 137.66K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital Dilution and Burn
As indicated by the company's recent financial disclosures, SG&A expenses have fluctuated significantly, reaching a peak of $3.0 million in 2026Q2, which underscores the high variable cost burden inherent in maintaining active exploration programs across the company's Manitoba-based lithium and precious metal asset portfolio.
The absence of revenue means that every dollar of SG&A directly impacts the company's limited cash reserves, necessitating a disciplined approach to overhead that has not yet been consistently demonstrated. Investors should monitor whether these periodic spikes in administrative spending correlate with tangible progress in resource definition or if they represent structural inefficiencies in the company's operating model.
Based on reported income statements, the company recorded anomalous net income figures in early 2025 and 2026, which appear disconnected from operational reality and likely stem from non-operating adjustments or accounting treatments rather than core business performance improvements.
The presence of positive net income in periods like 2026Q1, despite zero revenue and ongoing operating losses, warrants further investigation into the nature of these gains. Such volatility suggests that reported earnings are currently an unreliable metric for assessing the company's fundamental health or its long-term viability as a mineral explorer.
According to the provided income statement data, the company consistently reports operating losses, with quarterly deficits reaching as high as $3.2 million, reflecting a business model that is currently entirely dependent on external capital to fund its ongoing exploration and administrative requirements.
The lack of a scalable revenue base means that operating leverage is currently non-existent, as there is no gross profit to cover the fixed costs of the organization. The persistent negative operating margins suggest that the company remains in a high-risk phase where operational success is decoupled from financial self-sufficiency.
As reported in financial filings, the company's reliance on equity-based financing to cover recurring operating losses, combined with significant stock-based compensation reaching $409.8K in 2026Q2, raises concerns regarding the long-term dilution risk for existing shareholders in the absence of a defined mineral resource.
Short-sellers would likely focus on the widening gap between cash burn and the lack of a NI 43-101 compliant resource estimate, which serves as the primary justification for the company's valuation. If the company fails to convert its land position into a proven asset, the current cost structure may prove unsustainable without further dilutive capital raises.
Quick answers to the most common questions about buying FMSTW stock.
For fiscal year 2025, Foremost Clean Energy Ltd. (FMSTW) reported total revenue of $0.0M.
Foremost Clean Energy Ltd. (FMSTW) reported a net loss of $3.6M for the fiscal year ending 2025.