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WTMA

Welsbach Technology Metals Acquisition Corp.

WTMA

Welsbach Technology Metals Acquisition Corp. • NASDAQ
$10.35 ▲ 0.00% (+0.00)
Market Cap $34.85 M
52w High $24.37
52w Low $7.75
Dividend Yield 1.00%
P/E -16.17
Volume 499
Outstanding Shares 3.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $472.169K ▼ $-435.675K ▲ 0% $-0.16 $0 ▲
Q2-2025 $0 $606.213K ▲ $-520.976K ▼ 0% $-0.16 ▼ $-606.213K ▼
Q1-2025 $0 $604.923K ▼ $-520.441K ▲ 0% $-0.15 ▲ $-604.923K ▲
Q4-2024 $0 $707.683K ▲ $-653.798K ▼ 0% $-0.19 ▼ $-707.683K ▼
Q3-2024 $0 $225.508K $-80.697K 0% $-0.035 $-225.508K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $6.574M ▼ $12.633M ▼ $-6.058M ▲
Q2-2025 $711 ▼ $12.395M ▲ $23.448M ▲ $-11.054M ▼
Q1-2025 $738 ▼ $12.377M ▼ $11.555M ▼ $822.581K ▼
Q4-2024 $1.185B ▲ $12.273T ▲ $10.93T ▲ $1.343T ▲
Q3-2024 $1.185K $12.252M $10.255M $1.997M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-435.675K ▲ $-107.427K ▲ $5.866M ▲ $-5.759M ▼ $0 ▲ $-107.427K ▲
Q2-2025 $-520.976K ▼ $-490.148K ▼ $203.862K ▲ $286.259K ▼ $-27 ▲ $-490.148K ▼
Q1-2025 $-520.441K ▲ $-474.936K ▲ $0 ▼ $474.489K ▲ $-447 ▼ $-474.936K ▲
Q4-2024 $-653.798K ▼ $-1.459T ▼ $12.32T ▲ $448.287K ▲ $1.185B ▲ $-529.487K ▼
Q3-2024 $-80.697K $-361.46K $12.22M $-12.028M $-169.391K $-361.46K

Five-Year Company Overview

Income Statement

Income Statement WTMA’s income statement looks like that of a typical SPAC shell: essentially no revenue and modest operating expenses that create a small loss. The recent period shows a negative result driven mainly by routine corporate and transaction costs rather than an operating business. The unusual earnings-per-share figure appears to be a quirk of share-count and accounting treatment rather than a sign of a large underlying business swing. Overall, the historical income profile is not yet meaningful for assessing the future merged operating company; it mainly reflects the cost of keeping a blank-check vehicle alive while preparing for the Evolution Metals & Technologies transaction.

Balance Sheet

Balance Sheet The balance sheet is very small and simple, again typical for a SPAC near the end of its lifecycle. Assets and equity are modest, with no notable debt in the data provided. There is no meaningful working capital base or operating asset set yet; this structure is designed to be temporary until the merger closes and the new business is injected into the listed shell. In other words, today’s balance sheet tells more about the legal structure than about any real operating scale or asset quality of the planned Evolution Metals & Technologies platform.

Cash Flow

Cash Flow Cash flows are negative, driven by operating costs rather than capital spending, which fits a shell company that has to pay for professional fees, regulatory filings, and deal work while generating no revenue. There is essentially no investment in property or equipment in the data, and free cash flow simply mirrors these operating outflows. For analysis, this means current cash flow data mainly captures burn associated with being a public SPAC, not the cash-generating or cash-consuming profile of the future EM&T industrial business.

Competitive Edge

Competitive Edge As a standalone SPAC, WTMA has no real competitive position; its relevance comes entirely from the planned merger with Evolution Metals. Post-merger, the combined EM&T concept aims to stand out by building a U.S.-centered, China-independent supply chain for critical minerals and magnets. Its competitive idea rests on owning multiple pieces of the chain: magnet manufacturing from established Korean producers, AI-enabled automation to run “smart factories,” and a domestic recycling operation to recover critical metals from batteries and e‑waste. If executed well, this integration could offer customers more secure sourcing and logistics advantages, but the company must still prove it can scale, win long-term contracts, and integrate diverse businesses across countries and technologies.

Innovation and R&D

Innovation and R&D Innovation for the future EM&T platform is less about lab-stage R&D and more about combining proven technologies in a new, integrated way. Key elements include advanced magnet manufacturing know‑how from Korean subsidiaries, AI and robotics from Handa Lab to improve efficiency and quality, and hydrometallurgical and pyrometallurgical recycling from Critical Mineral Recovery to enable “urban mining” of batteries and e‑waste. The planned Missouri industrial campus is intended to co-locate these capabilities and create a large, automated hub. The main innovation risk is execution: integrating several acquired companies, rebuilding and expanding recycling capacity after a facility fire, and consistently improving processes while staying compliant with environmental and safety rules.

Summary

WTMA’s current financials reflect a small, pre-revenue SPAC structure with limited assets, modest ongoing expenses, and negative cash flow—all typical for a blank-check company and not very informative about long-term operating performance. The real story lies in the pending transition to Evolution Metals & Technologies, which aims to become a vertically integrated, U.S.-based critical materials and magnet supplier. Strategically, this targets a clear need: more secure, non‑Chinese supply of key inputs for electric vehicles, renewable energy, electronics, and defense. The opportunity is significant but comes with high execution uncertainty: building and ramping a large industrial campus, integrating multiple acquisitions, scaling recycling after setbacks, and winning durable customer contracts. Overall, WTMA is at an early, transformative stage where the business case is more about future plans and industrial strategy than about current financial strength or operating track record.