olivLaw · US equity research
Evolution Metals & Technologies Corp. EMAT
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Evolution Metals & Technologies (EMAT) is a company that recycles end-of-life electronics and batteries to produce rare earth magnets, battery materials and precious metals, aiming to build a US supply chain independent of China. It became Nasdaq-listed in January 2026, and its plan for over 55,000 tonnes a year of magnet capacity could matter to the defense industry if execution follows the schedule.
At the close of 04 Nov 2026, Evolution Metals & Technologies Corp. (EMAT) stock was 1.85 USD (+12.80% on the day), with market capitalisation 1.2 bn USD, beta 0.67, 52-week range 1.35–19.00 USD. Latest reported quarter (Q2 2026): revenue of 1.6 m USD, net income of -11.9 m USD, diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.1
- neutral
- Bollinger (20, 2)
- 1.29 – 1.79
- above the upper band · %B 1.11 · band width 32.6%
- SMA 50 / 200
- 2.49 / 5.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.0% | −1.1% | −8.9 pp | — |
| 3 months | −32.2% | −0.5% | −31.8 pp | — |
| 6 months | −80.5% | +4.4% | −84.9 pp | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −59.8% |
| 3 years | unavailable | +76.4% | unavailable | −46.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | 1.9 m | 1.6 m |
| Cost of revenue | — | — | — | — | — | — | 1.4 m | 1.8 m |
| Gross profit | — | — | — | — | — | — | 445.0 k | -115.0 k |
| Operating income | -225.5 k | -707.7 k | -2.8 m | -2.9 m | -467.0 k | -362.8 k | -15.7 m | -12.2 m |
| Depreciation & amortisation | — | — | — | — | — | — | 252.0 k | 289.0 k ≈ |
| Interest expense | — | — | — | — | — | — | 768.0 k | 835.0 k ≈ |
| Pre-tax income | -45.0 k | -598.7 k | -18.0 m | -40.9 m | -426.0 k | -309.0 k | -440.3 m | -12.0 m |
| Income tax | 35.7 k | 55.1 k | 12.6 k | 13.1 k | 9.7 k | 3.3 k | — | -51.0 k |
| Net income | -80.7 k | -653.8 k | -18.0 m | -40.9 m | -435.7 k | -312.3 k | -440.3 m | -11.9 m |
| Diluted EPS | — | — | -0.04 | -0.09 | — | — | -0.72 | -0.02 |
| Operating cash flow | -361.5 k ≈ | -529.5 k | -2.1 m | -2.4 m ≈ | 3.4 m ≈ | -255.8 k | -5.6 m | -9.2 m ≈ |
| Capex | — | — | — | — | — | — | 24.0 k | 7.7 m ≈ |
| Share repurchases | — | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -2.4 m | -54.3 k | -899.9 k | -1.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -654.9 m USD
- Total assets
- 22.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.02x
- ROE
- unavailable
- ROA
- -10.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | — | -2.2 m | -1.6 m | -2.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | — | -54.3 k | -774.0 k | -1.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 180.7 k | — | 126.0 k | 38.7 k | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -2.4 m | -54.3 k | -899.9 k | -1.8 m | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 309.9 k | 6.8 k | 1.2 k | 4.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 334.9 k | 7.6 k | 15.3 k | 13.2 m | SEC (XBRL)· 22 May 2026verified |
| Intangibles (excl. goodwill) | 5.0 m | 5.0 m | — | — | SEC (XBRL)· 15 May 2024verified |
| Total assets | 80.2 m | 23.9 m | 12.3 m | 22.5 m | SEC (XBRL)· 22 May 2026verified |
| Accounts payable | 1.8 m | 2.8 m | 2.9 m | 4.7 m | SEC (XBRL)· 22 May 2026verified |
| Current liabilities | 3.9 m | 6.6 m | 8.2 m | 677.4 m | SEC (XBRL)· 22 May 2026verified |
| Total liabilities | 6.6 m | 9.4 m | 10.9 m | 677.4 m | SEC (XBRL)· 22 May 2026verified |
| Equity | -5.9 m † | -9.3 m † | -51.0 m | -654.9 m | SEC (XBRL)· 22 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -976.3 k | -1.3 m | -1.5 m | -1.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Investing cash flow | -3.5 m | 58.0 m | 12.3 m | 6.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 3.8 m | -57.1 m | -11.0 m | -4.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | — | 58.4 m | 12.2 m | — | SEC (XBRL)· 25 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | unavailable | unavailable | — |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 100% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EVOLUTION METALS & TECHNOLOGIES CORP. (EMAT). Latest full fiscal year: 2025; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): Gross margin, EBIT margin, FCF margin, Revenue CAGR 3Y, Revenue growth (YoY), Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for EMAT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Evolution Metals & Technologies (EMAT) is a company that recycles end-of-life electronics and batteries to produce rare earth magnets, battery materials and precious metals, aiming to build a US supply chain independent of China. It became Nasdaq-listed in January 2026, and its plan for over 55,000 tonnes a year of magnet capacity could matter to the defense industry if execution follows the schedule.
SWOT
Strengths
- The Korean magnet operations have run at commercial scale for many years and serve global OEM customers, which lowers technology risk compared with new projects 13.
- The engineering team has strong academic training and experience at large industrial companies, supporting technical execution 1.
- The integrated recycling and processing model can use several material streams, reducing dependence on a single product 1.
Weaknesses
- The company has reported operating losses and has not yet generated revenues sufficient to cover expenses, and the documents include a going concern note 12.
- No signed contracts exist yet for spent battery supply, a critical element for the battery materials segment 1.
- Quarterly financials are affected by the merger transaction and large non-cash items, making current performance hard to assess 3.
Opportunities
- US critical supply chain policies and DFARS restrictions could open contracts with defense and automotive customers 23.
- Expanding capacity with ULVAC equipment could make the company a significant magnet producer outside China if installation follows schedule 3.
- A shared industrial campus for recycling and manufacturing could reduce logistics and processing costs 1.
Threats
- Chinese competition with lower costs and larger capacity could limit the company's prices and market share 1.
- Convertible instruments and possible share issuance could significantly dilute existing shareholders 2.
- The lawsuit from a former legal adviser shows liability and unforeseen cost risks that could strain company resources 2.
Risks
- Going concernhigh
The financial documents state there is no significant external funding for the next twelve months, and failure to raise new capital could affect the ability to continue operations 12.
- Dilution from convertibleshigh
A convertible facility with a variable conversion price could lead to repeated share sales if the price falls, which could seriously hurt shareholders 2.
- Missing supply contractshigh
The company has no battery waste supply commitments yet, and tenders are won by operators with existing capacity; failure could block battery materials production 1.
- Execution of capacity investmentsmedium
Installing the ULVAC machines and building the campus depend on timelines, suppliers and funding; delays could cause the DFARS deadline to be missed 13.
- Lawsuit from a former advisermedium
A former legal adviser has filed a suit for fees, and the company intends to defend itself; the outcome cannot be predicted at this time 2.
Investment thesis
What would need to be true (bull case)
- If the ULVAC equipment is installed on time, the company could become a major magnet supplier for defense before the 2027 DFARS deadline 3.
- US industrial policy and allied agreements could bring contracts and financing to domestic critical materials producers 23.
- More than a decade of magnet production experience could reduce execution risk compared with new projects 3.
What would break the thesis
- The company has not yet shown profitability, and going concern questions could arise if financing is delayed 12.
- Convertible instruments could dilute existing shareholders as the share price fluctuates 2.
- Without battery waste contracts and facing intense competition, the 78,000 tonnes a year plan could remain only a target 1.
What to watch
- Delivery and installation of the thirteen ULVAC machines and reaching 10,000 metric tons of capacityNovember 2026
- Quarterly results and the trend in adjusted net lossQ3 2026
- Signed contracts for spent battery supply2026
- Effect of DFARS restrictions on defense contracts1 January 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EM&T presents itself as an integrated critical materials company that recovers metals from used products (so-called urban mining) under a closed-loop model. The company was created by the merger of Evolution Metals LLC and Welsbach Technology Metals Acquisition Corp., a SPAC, completed on 5 January 2026 1. Operating activity comes mainly from four South Korean companies that produce oxides, metals, alloys, powders and rare earth magnets at commercial scale 1. Beyond production, EM&T relies on automation and artificial intelligence to lower unit costs, a claim the documents present as an aspiration rather than a proven result 1.
The structure is a holding company: EM&T wholly owns Evolution Metals LLC, which in turn controls the Korean subsidiaries and recycling operations 1. The company is still in a transition phase, with revenues insufficient to cover expenses, and the financial documents include a going concern note tied to the lack of significant external funding at closing 12.
The near-term plan involves expanding into a US industrial campus that would integrate recycling, refining and manufacturing of magnets and battery materials 1. So far the concrete steps include binding orders for ULVAC equipment, which would bring annual magnet capacity to about 10,000 metric tons by November 2026, according to the results release 3.
Segments
Rare earth magnets
This is the main operating segment, covering the full path from used materials to finished bonded and sintered magnets used in electric motors, wind turbines and electronics 1. Grade 42SH sintered magnets are already in commercial production, while grade 48SH is in final customer certification 3. The phase one plan targets 55,000 tonnes a year in the US, while the capacity announced for the near term is lower 13.
Battery materials
The segment recycles lithium-ion batteries and production scrap into black mass, which is then refined into sulfates, carbonates and precursor cathode active materials (pCAM) for battery makers 1. The plan targets 78,000 tonnes a year in the US, but the documents acknowledge there are no spent battery supply agreements yet, a major vulnerability 1.
E-waste recycling and precious metals
This segment processes classified and unclassified electronic scrap from US government agencies and commercial customers, recovering gold, silver, palladium and copper 1. The documents present it as a stable feedstock source and a differentiated capability, but do not give a separate revenue contribution 1.
Market context
The market for rare earth magnets and battery materials is dominated by China, which the company says controls nearly all global hydrometallurgical capacity for rare earths 1. Recent US policies, such as the Section 232 Proclamation 11001 and the Project Vault reserve, increase demand for non-Chinese supply, while DFARS restrictions from 1 January 2027 limit Chinese-origin magnets in defense systems 23.
Demand comes from vehicle electrification, wind energy, electronics and defense 1. Realizing that potential, however, depends on industrial execution, access to financing and the company's ability to qualify in customers' supply chains, none of which is yet proven in the available documents 23.
Trends
- Cost of convertible financingheadwind
The Yorkville facility of up to 100 million dollars includes convertibles with a low conversion price and potential dilution for existing shareholders 2. If the share price falls, conversions could increase dilution, which could hurt investors.
- Dependence on waste streamsmixed
Competition for spent battery and e-waste supply contracts is intense, and the company acknowledges it has no signed battery supply agreements yet 1. Price volatility in secondary materials can affect margins, although in some scenarios rising prices could help.
Competitive position
The company is mainly compared with Chinese magnet and battery materials producers, which control most global processing capacity 1. Outside China, the documents mention suppliers with experience in magnets and recycling, but do not give an exhaustive list or market shares 1.
EM&T supports its position through the combination of recycling, processing and manufacturing, technical staff with experience at large electronics companies, and its Nasdaq listing 13. The advantage depends on delivering the announced investments, while well-capitalized competitors could move faster 1.
- Chinese rare earth magnet producers
They control almost all global rare earth processing capacity and are the main reference point for the company 1.
- Neo Performance Materials
Mentioned in the documents as a former employer of the company's technical staff, active in magnetic materials and rare earths 1.
- Magnequench
Named among magnet industry companies where members of the engineering team have worked 1.
- Battery recycling providers
Companies that win bids for spent battery contracts, often with existing capacity and integrated logistics, advantages EM&T does not yet have 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Sept 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Evolution Metals & Technologies Corp. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Evolution Metals & Technologies Corp. · 17 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Evolution Metals & Technologies Corp. · 22 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.