The company continues to report significant quarterly operating losses, reaching $14.3 million in 2026Q1, while failing to generate meaningful revenue to offset its administrative and development-related costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'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 | 8.4M | 7.34M | 38.18K | 9.98M | 5.19M | 1.56M | 3.14M | 834.39K | 493.07K | 22.82K | 18.31K | 11.54K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -8.4M | -7.34M | -38.18K | -9.98M | -5.19M | -1.56M | -3.14M | -834.39K | -493.07K | -22.82K | -18.31K | -11.54K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -19116.91% | 99.62% | -92.22% | -232.52% | 50.29% | -276.56% | -69.22% | -2060.88% | -24.64% | -58.63% | - | - | - | - | - |
| Operating Expenses | -13.1M | 50.94M | 48.1K | 45.12M | 50M | -40.05M | -19.86M | 12.46M | 4.72M | 3.25M | 2.05M | 1.2M | 790.26K | 771.85K | 1.45M | 120.63K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 39.72M | 50.94M | 49.63K | 28.36M | 32.55M | 25.12M | 19.48M | 12.46M | 4.49M | 3.14M | 1.3M | 979.07K | 589.59K | 755.84K | 1.3M | 62.01K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -85.03K | 431.85K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | -1.52K | 16.76M | 17.45M | -65.16M | -39.34M | 0 | 232.62K | 194.05K | 320.93K | 219K | 200.68K | 16.01K | 154.9K | 58.62K |
| Operating Income | 4.7M | -58.28M | -86.28K | -55.1M | -55.19M | 38.48M | 16.71M | -13.3M | -5.21M | -3.25M | -2.05M | -1.2M | -790.26K | -919.59K | -1.45M | -120.63K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -67441.86% | 99.84% | 0.16% | -243.41% | 130.24% | 225.72% | -155.1% | -60.55% | -58.08% | -71.41% | -51.6% | 14.06% | 36.76% | -1105.49% | - |
| EBITDA | 10.19M | -50.94M | -77.65K | -46.96M | -50.63M | 39.58M | 17.46M | -12.46M | -4.72M | -3.22M | -2.04M | -1.19M | -778.72K | -908.05K | -1.44M | -119.98K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 138.07% | -65503.05% | 99.83% | 7.26% | -227.93% | 126.72% | 240.09% | -164.07% | -46.39% | -58.38% | -71.53% | -52.37% | 14.24% | 37.12% | -1103.61% | - |
| D&A (Non-Cash Add-back) | 5.5M | 7.34M | 8.63K | 8.15M | 4.56M | 1.09M | 742K | 834.39K | 493.07K | 22.82K | 18.31K | 11.54K | 11.54K | 11.54K | 10.1K | 650 |
| EBIT | -122.05M | -58.28M | -86.28K | -44.31M | -45.58M | -37.17M | -21.02M | -13.21M | -5.24M | -3.53M | -2.06M | -1.41M | -1.29M | -1.61M | -2.1M | -120.63K |
| Net Interest Income | 1.06M | 1.45M | -535 | -8.58M | -1.03M | -1.98M | -1.2M | -140.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.36M | 3.04M | 0 | 2.7M | 701K | 327K | 40K | 126K | 7.39K | 3.38K | 0 | 1.62K | 4.15K | 0 | 0 | 0 |
| Interest Expense | 1.31M | 1.58M | 535 | 11.28M | 1.73M | 2.31M | 1.24M | 266.16K | 7.39K | 3.38K | 6.5K | 1.62K | 4.15K | 2.24K | 697 | 85 |
| Other Income/Expense | -101.52M | -46.42M | 13.4K | -479K | 7.88M | -77.97M | -34.69M | -194.33K | -27.97K | -882.23K | -89.81K | -209.48K | -697.06K | -843.75K | -697 | -85 |
| Pretax Income | -96.82M | -104.69M | -72.89K | -55.58M | -47.31M | -39.49M | -17.98M | -13.49M | -5.24M | -4.13M | -2.06M | -1.41M | -1.3M | -1.6M | -1.45M | -120.72K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 400.18K | 399.67K | 400 | 400K | 400K | 400K | 0 | -345.48K | 2.82M | 897.32K | -97.31K | -89.7K | -91.28K | -52.33K | -50.13K | -17.37K |
| Effective Tax Rate % | -0.41% | -0.38% | -0.55% | -0.72% | -0.85% | -1.01% | 0% | 2.56% | -53.81% | -21.73% | 4.72% | 6.37% | 7.05% | 3.26% | 3.45% | 14.39% |
| Net Income | -97.22M | -105.09M | -73.28K | -55.98M | -47.71M | -39.89M | -17.98M | -13.14M | -8.06M | -5.03M | -1.96M | -1.32M | -1.2M | -1.55M | -1.4M | -103.34K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -81.75% | -143300.81% | 99.87% | -17.33% | -19.61% | -121.88% | -36.77% | -63.09% | -60.36% | -155.91% | -49.03% | -9.45% | 22.4% | -10.45% | -1259.33% | - |
| Net Income (Continuing) | -97.22M | -105.09M | -73.28K | -55.98M | -47.71M | -39.89M | -17.98M | -13.14M | -8.06M | -4.43M | -1.96M | -1.32M | -1.2M | -1.55M | -1.4M | -103.34K |
| 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) | -0.60 | -0.69 | -0.00 | -0.00 | -0.86 | -0.93 | -0.73 | -0.30 | -0.54 | -0.52 | -0.31 | -0.32 | -0.41 | -0.80 | -1.18 | -1.03 |
| EPS Growth % | -44.32% | - | - | 99.9% | 7.53% | -27.4% | -143.33% | 44.44% | -3.85% | -67.74% | 3.13% | 21.95% | 48.75% | 32.2% | -14.56% | - |
| EPS (Basic) | - | -0.69 | -0.00 | -0.00 | -0.86 | -0.93 | -0.73 | -0.30 | -0.54 | -0.52 | -0.31 | -0.32 | -0.41 | -0.80 | -1.18 | -1.03 |
| Diluted Shares Outstanding | 162.59M | 154.03M | 113.33M | 60.09M | 55.6M | 42.97M | 26.29M | 22.72M | 15.06M | 9.61M | 6.25M | 4.1M | 2.91M | 1.93M | 1.19M | 100K |
| Basic Shares Outstanding | 162.59M | 154.03M | 113.33M | 60.09M | 55.6M | 42.97M | 26.29M | 22.72M | 15.06M | 9.61M | 6.25M | 4.1M | 2.91M | 1.93M | 1.19M | 100K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization and Dilution Risk
As indicated by the company's financial disclosures, NMG continues to report significant quarterly SG&A expenditures, which reached $14.0 million in 2026Q1, despite the absence of any meaningful revenue generation to offset these ongoing administrative and development-related costs during the pre-commercialization phase of its operations.
The consistent level of SG&A spending suggests that the company is maintaining a substantial corporate infrastructure ahead of actual production. Investors should monitor whether these costs stabilize or continue to escalate as the company approaches the critical Bécancour facility commissioning phase.
Based on reported figures, NMG's net income exhibits extreme volatility, highlighted by a $76.7 million loss in 2025Q3 followed by a $5.0 million profit in 2025Q4, which appears to be driven by non-operating items rather than core operational performance or sustainable business profitability.
This erratic earnings pattern suggests that headline net income is currently an unreliable indicator of the company's underlying economic health. Analysts should focus on cash burn and project milestones rather than these accounting-driven fluctuations in the bottom line.
According to the provided income statement data, NMG has yet to demonstrate positive operating leverage, as the company consistently reports negative operating income, with losses reaching $14.3 million in 2026Q1, reflecting the heavy fixed-cost structure inherent in its current development-stage business model.
The lack of revenue against persistent COGS and SG&A suggests that the company is currently in a high-risk phase where operational efficiency cannot yet be measured. Future analysis must determine if the planned scale-up can effectively dilute these fixed costs once commercial production commences.
As noted in recent financial filings, the company's reliance on equity-linked financing and the absence of revenue streams create a precarious financial position, where the $345.9K in COGS reported in 2026Q1 underscores the ongoing cash drain before any commercial-scale production has been achieved.
Short-term observers may argue that the company's valuation is disconnected from its current lack of operational output. The primary risk remains that project delays or cost overruns could necessitate further dilutive capital raises, potentially undermining the long-term value proposition for existing shareholders.
Quick answers to the most common questions about buying NMG stock.
For fiscal year 2025, Nouveau Monde Graphite Inc. (NMG) reported total revenue of $0.0M.
Nouveau Monde Graphite Inc. (NMG) reported a net loss of $105.1M for the fiscal year ending 2025.