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ELBM

Electra Battery Materials Corporation

ELBM

Electra Battery Materials Corporation • NASDAQ
$1.00 ▲ 6.95% (+0.07)
Market Cap $92.24 M
52w High $8.70
52w Low $0.77
Dividend Yield 0%
P/E -0.79
Volume 994.17K
Outstanding Shares 92.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $4.058M ▲ $-4.735M ▼ 0% $-0.27 ▼ $-2.301M ▲
Q2-2025 $0 $3.483M ▼ $-700K ▲ 0% $-0.039 ▲ $-3.468M ▲
Q1-2025 $0 $3.756M ▲ $-12.68M ▼ 0% $-0.86 ▼ $-8.807M ▼
Q4-2024 $0 $3.727M ▲ $-8.666M ▼ 0% $-0.6 ▼ $-6.464M ▼
Q3-2024 $0 $3.505M $-2.941M 0% $-0.206 $-236K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.044M ▲ $148.082M ▲ $100.047M ▲ $48.035M ▼
Q2-2025 $2.927M ▼ $145.6M ▼ $94.501M ▼ $51.099M ▼
Q1-2025 $3.221M ▼ $151.432M ▼ $97.629M ▲ $53.803M ▼
Q4-2024 $3.729M ▲ $151.447M ▲ $87.129M ▲ $64.318M ▼
Q3-2024 $3.377M $144.715M $79.227M $65.488M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.735M ▼ $-2.201M ▲ $-407K ▼ $2.743M ▼ $117K ▲ $-2.612M ▲
Q2-2025 $-700K ▲ $-4.544M ▼ $-367K ▼ $4.618M ▲ $-290K ▲ $-4.911M ▼
Q1-2025 $-12.68M ▼ $-173K ▲ $-322K ▼ $-22K ▼ $-500K ▼ $-508K ▲
Q4-2024 $-8.666M ▼ $-6.121M ▼ $-106K ▼ $6.7M ▲ $453K ▲ $-6.35M ▼
Q3-2024 $-2.84M $-2.94M $429K $970K $-1.537M $-3.001M

Five-Year Company Overview

Income Statement

Income Statement Electra is still essentially a pre‑revenue, project‑development company. Over the past several years it has not generated meaningful sales and has instead been spending on building and proving out its refining and recycling operations. Losses have been recurring but relatively modest in absolute size for an industrial project, reflecting early‑stage operating costs, development work, and corporate overhead rather than a mature operating business. Reported earnings have bounced around from year to year, which likely reflects changes in financing, accounting adjustments, and small base effects, not underlying business stability. Overall, the income statement shows a company still in the build‑out phase, not yet in steady commercial production.

Balance Sheet

Balance Sheet The balance sheet is small and lean, consistent with a company that is still scaling up. Total assets are limited, with a meaningful portion tied up in project assets and development work rather than cash. Cash levels have come down from earlier years, while debt has crept up, so the company is more reliant on lenders and investors than before. Equity has thinned over time as losses have accumulated, but it still provides a cushion. The capital structure looks workable for a small developer, yet it leaves limited room for major delays or cost overruns without additional funding. Overall, financial strength depends heavily on continued access to capital markets and government or strategic partner support.

Cash Flow

Cash Flow Electra has been consistently using cash rather than generating it. Operating cash flow has been negative for several years, reflecting the costs of running trials, engineering work, and corporate functions before revenue begins. Free cash flow is even more negative because of spending on plant construction and equipment. Capital spending has varied by year but remains a core use of cash as the refinery and recycling capabilities are built out. This pattern is typical of early‑stage, capital‑intensive projects, but it also means the business is not self‑funding and will likely need periodic injections of new capital until commercial operations scale up.

Competitive Edge

Competitive Edge Electra’s strategy is to secure an early position in a strategically important niche: refining battery‑grade cobalt and recycling battery materials within North America. Its planned cobalt sulfate refinery and integrated “battery materials park” in Ontario are designed to support local EV and battery makers who want to reduce reliance on overseas processing, especially in China. Key strengths include being an early mover in North American cobalt refining, having proprietary recycling processes, and building an integrated site that can handle multiple steps of the value chain. Partnerships with a major battery producer, an Indigenous group for recycling feedstock, and other supply chain players strengthen this position, as does visible government backing in Canada and the U.S. On the other hand, the company competes in a global industry dominated by much larger, well‑funded players. Its future competitive standing depends on executing large projects on time and on budget, securing enough feedstock and offtake agreements, and navigating policy and commodity‑price cycles. The moat is promising but not yet proven at commercial scale.

Innovation and R&D

Innovation and R&D Innovation is a central part of Electra’s story. The company is focused on hydrometallurgical technology to process “black mass” from used lithium‑ion batteries. This method aims to recover multiple key metals with higher efficiency and a lower environmental footprint than traditional high‑temperature smelting. Pilot and plant‑scale trials have shown progress in recovering lithium, nickel, cobalt, manganese, copper, and graphite, and in improving product quality and process efficiency. Electra is also working on reusing water and reducing reagents, which can improve both cost and sustainability. Beyond recycling, the company is exploring domestic feedstock sources and possible future steps into nickel refining and precursor materials. All of this points to a strong technical and R&D focus, but the technology still needs to be proven over time at full commercial scale, which carries both technical and execution risk.

Summary

Electra Battery Materials is an early‑stage, capital‑intensive materials company trying to become a key part of the North American EV battery supply chain. Its financials reflect this: no meaningful revenue yet, recurring losses, negative cash flow, and a balance sheet that relies on continued funding rather than internal profits. Strategically, the company is positioned around a clear theme: secure, domestic, and more sustainable processing of critical battery metals, especially cobalt, plus recycling of used batteries. It benefits from first‑mover ambitions in North American cobalt refining, innovative hydrometallurgical technology, strategic partnerships with industry players, and support from governments that see this as critical infrastructure. The opportunity is significant if Electra can complete its refinery, scale up recycling, and lock in reliable feedstock and long‑term customers. The main risks are execution, technology scale‑up, project financing, and exposure to commodity prices and policy shifts. Overall, this is still a development‑stage story that hinges on successful build‑out and commercialization rather than current financial performance.

NEWS

November 25, 2025 · 7:30 AM UTC

Electra Signs Agreement with North American pCAM Company

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November 19, 2025 · 2:09 PM UTC

BTV Features Tech and Resource Innovators with HydroGraph Clean Power, Electra Battery Materials, Highland Copper, Nuclear Vision, Cascadia Minerals, Vizsla Royalties, Angkor Resources, & Ynvisible Interactive

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November 17, 2025 · 7:30 AM UTC

Electra to Participate in Upcoming Global Industry Forums

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November 13, 2025 · 4:30 PM UTC

Electra Files Third Quarter 2025 Financial Reports

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October 27, 2025 · 7:00 AM UTC

Electra Advances Idaho Cobalt-Copper Assets as Cornerstone of America's Critical Minerals Independence

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