# Ivanhoe Electric Inc. (IE)

> Source: Nexqual · https://nexqual.com/IE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ivanhoe Electric Inc. (IE), nexqual.com/IE" · informational, not investment advice.

**Price:** USD 7.89 (-7.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.49 · day 7.8–8.17 · 52w 7.8–21.55 · market cap $1.26B · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.0M, net income -$34.4M (-1138.7% margin), free cash flow -$107M (SEC filings).
- Analysts: Strong Buy (mean 1.43 on a 1–5 scale) (7 analysts), mean target USD 20.58 (range 15–28.5).
- Total return with dividends: 1Y -50.3% vs S&P 500 +14.9%; 5Y -12.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.06, revenue estimate $1.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.7M | $8.4M | $3.9M | $2.9M | $3.2M | $3.0M |
| Gross profit | $3.1M | $5.3M | $917K | $1.9M | $2.1M | — |
| Operating income | -$60.7M | -$132M | -$180M | -$177M | -$114M | $14.3M |
| Net income | -$68.5M | -$160M | -$199M | -$129M | -$106M | -$34.4M |
| EPS (diluted) | $0.96 | $1.91 | $1.95 | $1.07 | $0.79 | — |
| Free cash flow | -$51.8M | -$124M | -$152M | -$165M | -$90.4M | -$107M |
| Gross margin | 67.3% | 62.9% | 23.5% | 64.9% | 65.3% | — |
| Operating margin | -1305.9% | -1565.9% | -4622.1% | -6099.7% | -3501.0% | 474.5% |
| Net margin | -1472.7% | -1898.4% | -5108.3% | -4433.7% | -3263.7% | -1138.7% |
| Revenue growth | — | +81.4% | -53.8% | -25.7% | +11.8% | — |
| Cash + short-term investments | $49.9M | $140M | $205M | $41.0M | $173M | — |
| Total debt | $78.8M | $25.9M | $28.4M | $30.9M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 416.5x · P/B 2.4x · FCF yield -8.48% · Earnings yield -2.73%

## Analysts
Consensus Strong Buy (mean 1.43 on a 1–5 scale), 7 analysts; mean target USD 20.58 (low 15, high 28.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | JP Morgan | Target lowered | Overweight | $20 → $15 |
| 2026-09-25 | Scotiabank | Target lowered | Sector Outperform | $18 → $16 |
| 2026-07-09 | JP Morgan | Target lowered | Overweight | $21 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-06-27) |
|---|---|---|
| Total return | -50.3% | -12.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -50.4% | -3.0% |
| Volatility (annualized) | 76.6% | 71.0% |
| Max drawdown | -60.4% (Jan 2026→Oct 2026) | -70.8% (Jul 2023→Mar 2025) |

## Peers (Copper)
TGB (Trekor Metals Limited) USD 7.3 -8.29% · ERO (Ero Copper Corp.) USD 30.13 -5.81% · HBM (Hudbay Minerals Inc.) USD 21.89 -8.75% · TECK (Teck Resources Ltd) USD 58.9 -6.18% · FCX (Freeport-McMoRan, Inc.) USD 64.59 -6.26% · SCCO (Southern Copper Corporation) USD 183.59 -7.31%

## More
Full page: https://nexqual.com/IE · 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

## Supply chain and relationships (SEC annual reports)

Named in IE's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1879016/000187901626000005/ie-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Computational Geosciences | "We generate some revenue from our technology businesses, CGI and VRB Energy, which is included in the data processing business segment and energy storage systems business segments, respectively." |
| Customer | VRB Energy | "We generate some revenue from our technology businesses, CGI and VRB Energy, which is included in the data processing business segment and energy storage systems business segments, respectively." |
| Partner | BHP (BHP) | "These include the BHP Alliance in Arizona, New Mexico, Utah, and Nevada (the "BHP Alliance"), the Bristol Project located in Nevada (the "Bristol Project"), and the Lomitas Negras, Globe-Miami and Perseverance Projects i…" |
| Partner | Sama Resources | "Our other mineral projects outside of the United States are the Alacrán Project in Colombia (the "Alacrán Copper Project") (owned through our approximate 60.8% interest in publicly traded company Cordoba Minerals Corp. (…" |
| Partner | Brixton Metals Corp (BBBXF) | "In 2021, we entered an earn-in agreement with Brixton Metals Corporation ("Brixton")." |
| Partner | Cordoba Minerals | "Our other mineral projects outside of the United States are the Alacrán Project in Colombia (the "Alacrán Copper Project") (owned through our approximate 60.8% interest in publicly traded company Cordoba Minerals Corp. (…" |
| Partner | Sama Nickel | "In 2024 we completed our 60% earn-in into SNC and as at December 31, 2025, we directly owned 60% of the joint venture entity SNC." |
| Partner | ASARCO Santa Cruz | "In 1988, the Santa Cruz deposit was selected for this research project sponsored by a joint venture program between landowners ASARCO Santa Cruz Inc. and Freeport McMoRan Copper & Gold Inc., and the US Department of the …" |
| Partner | Freeport McMoRan Copper & Gold | "In 1988, the Santa Cruz deposit was selected for this research project sponsored by a joint venture program between landowners ASARCO Santa Cruz Inc. and Freeport McMoRan Copper & Gold Inc., and the US Department of the …" |
| Partner | Rio Tinto (RIO) | "Dragon's Tail comprises 169 unpatented federal lode claims near the Resolution Copper Project, owned by Resolution Copper (A Rio Tinto and BHP Joint Venture)." |
| Partner | High Power Exploration | "On July 31, 2017, we (then HPX) entered into an investment agreement with Cordoba." |
| Partner | Wolff-Harvard Ventures | "On November 19, 2025, we announced that we accelerated and completed the final three land acquisition payments, totaling $39.3 million, at the Santa Cruz Copper Project in Arizona, satisfying all remaining terms of the 2…" |
| Partner | Ivanhoe Electric Exploration and Development | "On September 2, 2025, we announced that Maaden had made available an additional 1,345 square kilometers of exploration licenses to the Maaden Ivanhoe Electric Exploration and Development Limited Company ("Maaden Joint Ve…" |

Other companies that name IE in their own reports (relationship from IE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | CHEMICAL & MINING CO OF CHILE INC (SQM) | 20-F 2026-04-22 | "In January 2026, we executed a definitive Collaboration and Exploration Agreement with Ivanhoe Electric Inc. to explore 2,002 km² of SQM mining property in northern Chile in search of copper." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Data Processing | $724,000 | 100.0% | -32.2% | $155,000 | 21.4% |
| Total revenue | $724,000 | 100% | — | -$21.5M | -2966.9% |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| CANADA | $3.2M | 100.0% | +14.6% |
| Total revenue | $3.2M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.06 | $-0.06 | -8.3% | $1.0M | 2 |
| Next quarter (ends 2026-12-31) | $-0.06 | $-0.06 | -8.3% | $1.0M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.51 | $-0.16 | +218.8% | $3.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.43 | $-0.50 | -12.8% | $3.6M | 3 |