5E Advanced Materials
FEAM on Nasdaq. 5E Advanced Materials plans to sell refined borates and boron materials worldwide. Market value $163m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-16.35 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -58 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.76 a share, 318% above its 1-year low
Over the past year the price has ranged from $0.90 to $7.50.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.70 | 6.70 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.06bn | 0.02bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 6% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $9 million, compared with a loss of $10 million a year ago.
- It has $19 million more cash than debt, up from $4 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$14m |
| March 2025 | $5m |
| June 2025 | -$10m |
| September 2025 | -$11m |
| December 2025 | -$11m |
| March 2026 | -$12m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 September 2026
- Next quarterly (estimated, 10-Q)
- 11 August 2026
Who owns it
None of the long-term investors we follow own it. 37 funds in all.
Largest holders overall
- Bluescape Energy Partners$17m
- AWM Investment Company$4mCut
- Vanguard Capital Management$1mAdded
- Aristides Capital$759,326
- Potomac Capital Management$703,757
- Bleichroeder LP$637,696Cut
- Geode Capital Management$417,402Added
- Marshall Wace, LLP$377,657Added
- Mercer Global Advisors INC /adv$306,926
- Renaissance Technologies$278,278Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BEP Special Situations IV LLC43.5%Since 14 January 2025
What they said
Item 4 is hereby amended and supplemented as follows: On January 14, 2025, BEP Special Situations IV LLC ("BEP SS IV") purchased $2,500,000 in aggregate principal amount of additional senior secured convertible notes (the "Additional Convertible Notes") pursuant to that certain…
Read the filing - Ascend Global Investment Fund SPC for and on behalf of Strategic SPat least 35.6%−6.6 pts(filed with 4 related holders)Since 4 December 2025
- Bluescape Energy Partners IV GP LLCInsider or founderat least 29.2%−5.4 pts(filed with 1 related holder)Since 2 February 2026
- AWM Investment Company, Inc.Passive investor7.8%Since 31 March 2026
- Armistice Capital, LLCPassive investorat least 5.0%−0.8 pts(filed with 1 related holder)Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
BEP Special Situations IV LLC | 43.5% | 14 January 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On January 14, 2025, BEP Special Situations IV LLC ("BEP SS IV") purchased $2,500,000 in aggregate principal amount of additional senior secured convertible notes (the "Additional Convertible Notes") pursuant to that certain… Read the filing |
Ascend Global Investment Fund SPC for and on behalf of Strategic SP | at least 35.6%−6.6 pts (filed with 4 related holders) | 4 December 2025 | |
Bluescape Energy Partners IV GP LLC Insider or founder | at least 29.2%−5.4 pts (filed with 1 related holder) | 2 February 2026 | |
AWM Investment Company, Inc. Passive investor | 7.8% | 31 March 2026 | |
Armistice Capital, LLC Passive investor | at least 5.0%−0.8 pts (filed with 1 related holder) | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $8m of shares on the open market.
- BEP Special Situations IV LLCDirectorBought
- Date
- 2 February 2026
- Shares
- 4,000,000
- Price
- $2.00
- Value
- $8m
- Malm JoshuaCFOBought
- Date
- 2 February 2026
- Shares
- 3,750
- Price
- $2.00
- Value
- $7,500
- Weibel Paul Wesley IIIChief Executive OfficerBought
- Date
- 2 February 2026
- Shares
- 3,750
- Price
- $2.00
- Value
- $7,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 February 2026 | BEP Special Situations IV LLC Director | Bought | 4,000,000 | $2.00 | $8m |
| 2 February 2026 | Malm Joshua CFO | Bought | 3,750 | $2.00 | $7,500 |
| 2 February 2026 | Weibel Paul Wesley III Chief Executive Officer | Bought | 3,750 | $2.00 | $7,500 |
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 5E Advanced Materials’ 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 17 Sep 2026, plus 1 later 8-K.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Therefore, there exists substantial doubt regarding our ability to continue as a going concern.”
Show the full paragraph
Financing Transactions — Liquidity Considerations and Going Concern As a pre-revenue development-stage company, we are dependent on debt and equity financing transactions to fund our continued development and operational activities. While we have continued to execute a number of financing transactions, as described under the heading Financing Highlights above, each of which improved our cash position, we continue to operate under a business plan that includes reductions in certain spending, and we will need additional financing to maintain our operations and carry out our planned business objectives. In addition, if the pending Acquisition described under Recent Developments above is consummated, our capital requirements will increase. The receipt of potential funding cannot be considered probable at this time because these plans are not entirely within management’s control as of the date of this Annual Report. Therefore, there exists substantial doubt regarding our ability to continue as a going concern. Even if additional financing is successfully consummated, available liquidity may still not be sufficient to eliminate the aforementioned substantial doubt regarding our ability to continue as a going concern. Refer to the “Going Concern” discussion within Note 1-Description of Company and Summary of Significant Accounting Policies of the financial statements included in Part II, Item 8 of this Annual Report for additional details.
From the 10-K filed 17 September 2026, Item 7. Management's Discussion and Analysis. 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
Cheap for a reason is the question the numbers cannot answer.
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
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
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.