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Evolution Metals & Technologies

EMAT on Nasdaq. Evolution Metals & Technologies makes rare earth oxides, metals, alloys and magnets for manufacturers. Market value $1.3bn.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$1.92 a share, 2% above its 1-year low

Over the past year the price has ranged from $1.88 to $24.08.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
202220242025
Revenue
n/an/an/a
Operating margin
n/an/an/a
Debt to equity
n/an/an/a
Shares outstanding
0.00bn0.00bn0.62bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 13852% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $12 million, compared with a loss of $41 million a year ago.
  • 37% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$80,697
December 2024-$653,798
March 2025-$18m
June 2025-$41m
September 2025-$435,675
December 2025-$312,349
March 2026-$440m
June 2026-$12m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 February 2026
Next quarterly (estimated, 10-Q)
16 November 2026

Who owns it

None of the long-term investors we follow own it. 25 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • The Zeus Trust, UA dated April 15, 2025
    Insider or founder
    at least 70.2%
    (filed with 1 related holder)
    Since 5 January 2026
    What they said

    The Reporting Persons own 416,436,066 shares of the Issuer's common stock, which are the Merger Consideration Shares, representing 70.18% of the issued and outstanding shares of the Issuer's common stock immediately following the consummation of the Business Combination. David…

    Read the filing
  • Good Earth 1000, LLC
    Passive investor
    at least 10.7%0.0 pts
    (filed with 1 related holder)
    Since 14 May 2026
    What they said

    The Reporting Persons continue to hold the Common Stock for investment purposes. On May 14, 2026, Good Earth 1000, LLC entered into the financing arrangement described in Item 6 below. In connection with those arrangements, Good Earth 1000, LLC pledged 15,840,000 shares of…

    Read the filing
  • The NYX 2025 Irrevocable Trust UA, dated April 8, 2025
    Insider or founder
    at least 10.0%
    (filed with 1 related holder)
    Since 5 January 2026
    What they said

    The Reporting Persons own 59,526,224 shares of the Issuer's common stock, which are the Merger Consideration Shares, representing 10.03% of the issued and outstanding shares of the Issuer's common stock immediately following the consummation of the Business Combination. Mr.…

    Read the filing
  • Atlas Merchant Capital SPAC Fund I LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $13,990 of shares on the open market.

  • Stoddard Thomas K
    Director
    Bought
    Date
    13 January 2026
    Shares
    1,000
    Price
    $13.99
    Value
    $13,990

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Evolution Metals & Technologies’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 17 Aug 2026 and 18 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “These are indicators of substantial doubt as to the Company’s ability to continue as a going concern for at least one year from issuance of these Unaudited condensed consolidated financial statements.”
    Show the full paragraph
    Liquidity and Going Concern: Historically, the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The Company reported a net loss of $( 452.2 ) million for the six months ended June 30, 2026. As of June 30, 2026, the Company had an aggregate cash balance of $ 5.3 million and a net working capital deficit of $ 78.8 million. These are indicators of substantial doubt as to the Company’s ability to continue as a going concern for at least one year from issuance of these Unaudited condensed consolidated financial statements.

    From the 10-Q filed 17 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.