Revenue remains highly inconsistent, fluctuating between $360K and $1.7M quarterly, while gross margins have exhibited extreme volatility, swinging from 72.2% in 2024Q1 to a negative 21.1% in 2025Q4.
| Sales/Revenue | 3.37M | 3.24M | 2.9M | 3.9M | 8.44M | 4.65M | 4.63M | 3.75M |
| Revenue Growth % | 2.78% | 11.82% | -25.67% | -53.76% | 81.43% | 0.41% | 23.48% | - |
| Cost of Goods Sold | 35.52M | 67.36M | 1.02M | 2.99M | 3.13M | 1.52M | 1.78M | 1.81M |
| COGS % of Revenue | - | 2076.57% | 35.09% | 76.51% | 37.14% | 32.67% | 38.53% | 48.13% |
| Gross Profit | -32.15M | -64.12M | 1.88M | 917K | 5.3M | 3.13M | 2.85M | 1.95M |
| Gross Margin % | -954.97% | -1976.57% | 64.91% | 23.49% | 62.86% | 67.33% | 61.47% | 51.87% |
| Gross Profit Growth % | - | -3505.2% | 105.34% | -82.71% | 69.38% | 9.97% | 46.35% | - |
| Operating Expenses | 61.62M | 46.9M | 178.83M | 181.32M | 137.47M | 63.88M | -23.75M | -24.23M |
| OpEx % of Revenue | - | 1445.62% | 6164.56% | 4645.63% | 1628.79% | 1373.19% | -512.69% | -645.9% |
| Selling, General & Admin | 37.49M | 39.24M | 45.04M | 48.48M | 27.14M | 20.55M | 11.73M | 11.05M |
| SG&A % of Revenue | - | 1209.68% | 1552.46% | 1242.12% | 321.61% | 441.77% | 253.1% | 294.48% |
| Research & Development | 627K | 275K | 2.85M | 6.12M | 5.04M | 3.83M | 3.63M | 4.17M |
| R&D % of Revenue | - | 8.48% | 98.35% | 156.8% | 59.72% | 82.22% | 78.33% | 111.17% |
| Other Operating Expenses | 0 | 7.38M | 130.94M | 126.72M | 105.29M | 39.51M | -39.11M | -39.45M |
| Operating Income | -180.77M | -111.02M | -176.95M | -180.4M | -132.16M | -60.75M | 26.6M | 26.18M |
| Operating Margin % | -5368.81% | -3422.19% | -6099.66% | -4622.14% | -1565.94% | -1305.87% | 574.16% | 697.76% |
| Operating Income Growth % | - | 37.26% | 1.91% | -36.5% | -117.56% | -328.37% | 1.61% | - |
| EBITDA | -178.44M | -108.06M | -174.25M | -177.76M | -127.95M | -56.5M | 30.64M | 30.06M |
| EBITDA Margin % | -5299.64% | -3331.23% | -6006.48% | -4554.5% | -1516.04% | -1214.51% | 661.36% | 801.07% |
| EBITDA Growth % | -23.6% | 37.98% | 1.98% | -38.93% | -126.47% | -284.39% | 1.95% | - |
| D&A (Non-Cash Add-back) | 2.33M | 2.95M | 2.7M | 2.64M | 4.21M | 4.25M | 4.04M | 3.88M |
| EBIT | -84.91M | -120.89M | -137.65M | -213.7M | -158.63M | -66.49M | -29.3M | -29.35M |
| Net Interest Income | -5.98M | -4.14M | -2.58M | -2.96M | -972K | -1.53M | -175K | -114K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.81M | 4.14M | 2.58M | 2.96M | 972K | 1.53M | 175K | 114K |
| Other Income/Expense | -3.71M | -14.02M | 36.71M | -36.26M | -27.44M | -7.28M | -56.07M | -55.64M |
| Pretax Income | -184.47M | -125.03M | -140.24M | -216.66M | -159.6M | -68.03M | -29.47M | -29.46M |
| Pretax Margin % | -5478.88% | -3854.35% | -4834.13% | -5551.09% | -1891.03% | -1462.32% | -636.11% | -785.21% |
| Income Tax | -51.83M | 12K | 32K | -584K | 618K | 484K | 381K | -717K |
| Effective Tax Rate % | 28.1% | -0.01% | -0.02% | 0.27% | -0.39% | -0.71% | -1.29% | 2.43% |
| Net Income | -117.09M | -105.87M | -128.62M | -199.38M | -149.81M | -59.32M | -25.23M | -24.63M |
| Net Margin % | -3477.73% | -3263.69% | -4433.71% | -5108.3% | -1775.04% | -1275.15% | -544.66% | -656.56% |
| Net Income Growth % | -13% | 17.69% | 35.49% | -33.08% | -152.55% | -135.08% | -2.44% | - |
| Net Income (Continuing) | -132.64M | -125.05M | -140.27M | -216.07M | -160.22M | -68.51M | -29.85M | -28.74M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.4M | 7.46M | 11.79M | 2.03M | -3.93M | 5.88M | 6.71M | -235K |
| EPS (Diluted) | -0.74 | -0.79 | -1.07 | -1.95 | -1.61 | -0.74 | -0.32 | -0.31 |
| EPS Growth % | 4.71% | 26.17% | 45.13% | -21.12% | -117.57% | -131.25% | -3.23% | - |
| EPS (Basic) | - | -0.79 | -1.07 | -1.95 | -1.61 | -0.74 | -0.32 | -0.31 |
| Diluted Shares Outstanding | 158.48M | 133.58M | 120.41M | 102.49M | 92.96M | 92.61M | 92.61M | 92.61M |
| Basic Shares Outstanding | 152.22M | 133.58M | 120.41M | 102.49M | 92.96M | 92.61M | 92.61M | 92.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High exploration cash burn
As reported in recent financial filings, Ivanhoe Electric's revenue remains highly inconsistent, fluctuating between $360K and $1.7M quarterly, which suggests that the company's top-line performance is currently driven by sporadic project-based geophysical service contracts rather than a predictable, recurring commercial revenue stream for its proprietary technology.
The erratic nature of revenue growth reflects the company's transitionary phase between a technology service provider and a mineral exploration firm. Investors should monitor whether the recent partnership with Ma’aden provides the necessary scale to stabilize these top-line figures or if revenue will continue to be tethered to the unpredictable timing of third-party exploration projects.
Based on the company's reported figures, gross margins have exhibited extreme volatility, swinging from a positive 72.2% in 2024Q1 to a negative 21.1% in 2025Q4, indicating that the cost of field operations and hardware deployment frequently overwhelms the limited revenue generated by current service-based activities.
This margin instability appears to be a byproduct of the company's hybrid business model, where high fixed costs associated with geophysical hardware and exploration sites are not yet offset by consistent commercial throughput. The negative margins observed in certain periods suggest that the firm is currently subsidizing its technological deployment rather than operating as a profitable service entity.
According to the income statement data, operating expenses consistently dwarf gross profit, with SG&A costs frequently exceeding $10M per quarter, which indicates that the company is currently unable to achieve the operating leverage necessary to scale its technology business without significant and ongoing capital injections.
The persistent gap between operating income and gross profit suggests that the firm's administrative and exploration overhead is structurally misaligned with its current revenue generation. This lack of operating leverage implies that the company remains in a high-burn phase where profitability is secondary to the aggressive pursuit of resource definition and technological validation.
As indicated by the provided financial statements, the company's cost structure is dominated by substantial SG&A and exploration-related expenses, which have consistently resulted in deep operating losses, often exceeding $40M per quarter, regardless of the fluctuations in the firm's modest quarterly revenue figures.
The high level of SG&A relative to revenue suggests that the company is maintaining a significant corporate and technical infrastructure to support its exploration projects. This cost discipline, or lack thereof, warrants further investigation to determine if these expenditures are effectively translating into tangible asset value or if they represent an unsustainable burn rate.
Quick answers to the most common questions about buying IE stock.
For fiscal year 2025, Ivanhoe Electric Inc. (IE) reported total revenue of $3.2M. This represents a 13.5% decline compared to $3.8M in 2019.
Ivanhoe Electric Inc. (IE) reported a net loss of $105.9M for the fiscal year ending 2025.
Ivanhoe Electric Inc. (IE) reported an operating income of $-111.0M, resulting in an operating profit margin of -3422.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ivanhoe Electric Inc. (IE) generated $-64.1M in gross profit for the year, representing a gross profit margin of -1976.6%. This demonstrates the company's core pricing power and production efficiency.