The company remains in a pre-revenue phase, with quarterly SG&A expenses peaking at $7.2M in 2026Q1, reflecting the high overhead costs of maintaining non-productive mining assets.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 1.86M | 2.07M | 1.58M | 744.78K | 96.54K | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -1.86M | -2.07M | -1.58M | -744.78K | -96.54K | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | -30.83% | -112.31% | -671.45% | - | - |
| Operating Expenses | 47.99M | 48.77M | 38.65M | 29.31M | 15.75M | 2.37M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 18.01M | 12.66M | 9M | 6.45M | 15.66M | 2.37M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 36.11M | 29.65M | 22.86M | 87.41K | 813.94K |
| Operating Income | -49.85M | -50.84M | -40.23M | -30.05M | -15.84M | -2.37M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -26.37% | -33.87% | -89.68% | -568.36% | - |
| EBITDA | -47.99M | -48.77M | -38.65M | -29.31M | -15.75M | -7.4M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -25.01% | -26.19% | -31.88% | -86.12% | -112.87% | - |
| D&A (Non-Cash Add-back) | 1.86M | 2.07M | 1.58M | 744.78K | 96.54K | 0 |
| EBIT | -51.5M | -58.66M | -39.31M | -30.32M | -35.9M | -7.4M |
| Net Interest Income | 480.91K | 9.27K | -3M | -2.58M | -510.64K | -2.51K |
| Interest Income | 480.91K | 437.64K | 114.11K | 0 | 0 | 0 |
| Interest Expense | 0 | 428.37K | 3.11M | 2.58M | 510.64K | 2.51K |
| Other Income/Expense | -1.65M | -8.24M | -2.19M | -2.85M | -20.57M | -5.03M |
| Pretax Income | -51.5M | -59.09M | -42.42M | -32.9M | -36.41M | -7.4M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | -524.53K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 1.59% | 0% | 0% |
| Net Income | -51.5M | -59.09M | -42.42M | -32.38M | -36.41M | -7.4M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -6.61% | -39.29% | -31.02% | 11.08% | -392.05% | - |
| Net Income (Continuing) | -51.5M | -59.09M | -42.42M | -32.38M | -36.41M | -7.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.45 | -2.85 | -5.00 | -5.00 | -6.80 | -1.65 |
| EPS Growth % | 58.02% | 43% | 0% | 26.47% | -312.12% | - |
| EPS (Basic) | - | -2.85 | -5.00 | -5.00 | -6.80 | -1.65 |
| Diluted Shares Outstanding | 35.52M | 20.65M | 8.45M | 6.43M | 5.48M | 5.66M |
| Basic Shares Outstanding | 35.52M | 20.65M | 8.45M | 6.43M | 5.48M | 5.66M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Pre-revenue development liquidity risk
As indicated by the company's financial statements, NEXM currently generates zero revenue, reflecting its status as a development-stage entity focused on exploration rather than commercial production, which leaves the firm entirely dependent on external capital to sustain its ongoing drilling programs and operational de-risking activities in Botswana.
The absence of top-line growth is expected for a firm in the exploration phase, yet it highlights the binary nature of the company's future prospects. Investors should monitor the transition from exploration to feasibility, as the lack of revenue streams necessitates continuous equity dilution to fund the high-cost drilling required to validate historical resource estimates.
Based on reported figures, the company's cost structure is dominated by persistent SG&A expenses and exploration outlays, with quarterly SG&A peaking at $7.2M in 2026Q1, underscoring the significant overhead required to maintain the Selebi and Selkirk infrastructure while the project remains in a non-productive state.
The volatility in SG&A, which swung from a negative $251.6K in 2024Q4 to $7.2M in 2026Q1, suggests inconsistent expense management or lumpy accounting adjustments related to project development. This lack of cost predictability warrants further investigation into the company's ability to control administrative spending as it approaches more capital-intensive construction phases.
According to recent SEC filings, NEXM consistently records significant stock-based compensation, with quarterly figures reaching as high as $1.3M in 2024Q3, which effectively masks the true economic cost of operations and contributes to the ongoing dilution of existing shareholders during this pre-revenue development cycle.
The reliance on equity-based incentives in the absence of cash flow suggests that management is prioritizing cash preservation at the expense of shareholder equity. Investors should be wary of how these non-cash charges impact the net loss profile, as they represent a real economic cost that is not captured in the headline operating loss figures.
As reported in financial statements, the company's reliance on legacy infrastructure presents a hidden risk, as the $423.5K in quarterly COGS—despite zero revenue—suggests that maintaining these aging assets is already creating a drag on liquidity before the company has even achieved a single ton of commercial production.
Short-sellers may focus on the potential for massive, unforeseen capital expenditures required to bring 1970s-era mine workings up to modern safety and environmental standards. If the cost of rehabilitating these assets exceeds current estimates, the company may face a liquidity crunch that forces a dilutive financing event at an inopportune time.
Quick answers to the most common questions about buying NEXM stock.
For fiscal year 2025, NexMetals Mining Corp. (NEXM) reported total revenue of $0.0M.
NexMetals Mining Corp. (NEXM) reported a net loss of $59.1M for the fiscal year ending 2025.