# Evolution Metals & Technologies Corp. (EMAT)

> Source: Nexqual · https://nexqual.com/EMAT · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Evolution Metals & Technologies Corp. (EMAT), nexqual.com/EMAT" · informational, not investment advice.

**Price:** USD 2.18 (+11.22% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 1.96 · day 1.99–2.4 · 52w 1.28–24.09 · market cap $1.37B · NGM

## Key facts
- Analysts: Buy (mean 2.00 on a 1–5 scale) (2 analysts), mean target USD 8.25 (range 4.5–12).
- Total return with dividends: 1Y -88.5% vs S&P 500 +11.7%; 5Y -86.7% vs S&P 500 +72.2%.
- Dividend: EMAT paid no cash dividend in the last five years.
- Short interest: 4.67% of float (as of 2026-10-15), 2.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Operating income | — | -$2.2M | -$1.6M | -$2.0M | -$28.7M |
| Net income | -$2.4M | -$54K | -$900K | -$1.8M | -$453M |
| Cash + short-term investments | $310K | $7K | $1K | $4K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
Earnings yield -33.13% · Net cash $1.7M · EV $1.37B

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 2 analysts; mean target USD 8.25 (low 4.5, high 12).

## Total return (dividends reinvested)
|  | 1Y (from 2026-01-07) | 5Y (from 2026-01-05) |
|---|---|---|
| Total return | -88.5% | -86.7% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | — | — |
| Volatility (annualized) | 140.6% | 150.5% |
| Max drawdown | -92.9% (Jan 2026→Oct 2026) | -91.3% (Jan 2026→Oct 2026) |

## Dividends
EMAT paid no cash dividend in the last five years.

## Short interest
3,918,564 shares sold short, 4.67% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,436,796 shares (+172.7%). Days to cover: 2.1 (short shares ÷ average daily volume).

## Peers (Other Industrial Metals & Mining)
ALM (Almonty Industries Inc.) USD 8.78 +8.07% · NEXA (Nexa Resources S.A.) USD 12.04 +5.61% · SSMR (Sunshine Silver Mining & Refini) USD 14.8 +11.53% · USAR (USA Rare Earth, Inc.) USD 8.76 +6.50% · SKE (Skeena Resources Limited) USD 32.71 +5.75% · MTRN (Materion Corporation) USD 202.14 +8.61%

## More
Full page: https://nexqual.com/EMAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-05-22)

- "The Company expects to announce additional commercial and strategic milestones in the coming quarters as these workstreams mature. ● Began Trading on Nasdaq; a strategic foundation for capital formation and commercial scaling: On January 6, 2026, EM&T began trading on Nasdaq Global Market under the ticker “EMAT”."
- "Upon commissioning, the Company expects this expansion to increase its annual rare earth magnet production capacity to approximately 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets."
- "On February 2, 2026, the Export-Import Bank of the United States, in coordination with the White House, announced Project Vault , the U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $-0.03 | +$0.01 | $2.1M | 1 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.03 | $0.00 | $4.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.40 | $0.00 | −$0.40 | $10.4M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.05 | $0.00 | +$0.05 | $405.0M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.02 | −$0.03 | Beat +$0.01 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026113580/0001213900-26-113580-index.htm |
| 2026-10-29 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026113420/0001213900-26-113420-index.htm |
| 2026-10-28 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026113120/0001213900-26-113120-index.htm |
| 2026-10-15 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026109622/0001213900-26-109622-index.htm |
| 2026-10-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026109240/0001213900-26-109240-index.htm |
| 2026-10-09 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026108232/0001213900-26-108232-index.htm |
| 2026-10-06 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026106983/0001213900-26-106983-index.htm |
| 2026-10-05 | S-1 | Registration of new shares | https://www.sec.gov/Archives/edgar/data/1866226/000121390026106895/0001213900-26-106895-index.htm |
| 2026-10-05 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026106661/0001213900-26-106661-index.htm |
| 2026-10-01 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026105464/0001213900-26-105464-index.htm |
| 2026-09-24 | S-1/A | Registration of new shares | https://www.sec.gov/Archives/edgar/data/1866226/000121390026102787/0001213900-26-102787-index.htm |
| 2026-09-21 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026101664/0001213900-26-101664-index.htm |
| 2026-09-18 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares — “Securities Purchase Agreement and Convertible Debentures On September 17, 2026, Evolution Metals & Technologies Corp. ("EMAT" or the "Company") entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with YA II PN, LTD. ("Yorkville"), a fund managed by Yorkville Advisors Global, LP, pursuant to which the Company agreed to issue and sell to Yorkville convertible debentures in the aggregate principal amount of $30,927,835 (the "Convertible Debentures" and each a "Convertible Debenture"),…” | https://www.sec.gov/Archives/edgar/data/1866226/000121390026101116/0001213900-26-101116-index.htm |
| 2026-09-10 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1866226/000121390026098601/0001213900-26-098601-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.