EMAT
Evolution Metals & Technologies Corp.
Next earnings Aug 13, 2026 · consensus $-0.01 EPS, $2.24M rev
Last earnings -4.0% on 2026-05-22
$6.33
▲ +0.96%$6.33▼ -46.45%
over 1Y
L $5.88H $21.29
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.0%
1W-7.9%
1M-13.2%
3M-24.2%
YTD-46.5%
1Y-46.5%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 7 analysts
Buy
Post-SPAC shell with negative equity, zero reported revenue, microscopic cash and 17,524% share-count explosion — uninvestable.
Net income -$1.79M · FY2025
EMAT is the renamed Welsbach Technology Metals Acquisition Corp. (WTMA), a blank-check SPAC that only closed its business combination with Evolution Metals LLC on January 5, 2026 — a 'subsequent event' the FY2025 financials do not yet reflect. The MD&A itself admits the discussion 'refer[s] to Welsbach Technology Metals Acquisition Corp.' and that the financials presented are the pre-merger SPAC's, not the operating business. So the numbers in front of investors describe a shell, not the rare-earth recycler the marketing language describes.
Those shell numbers are alarming on every axis. There is no reported revenue across FY2022–FY2025; FY2025 net income is -$1.79M (worsening YoY -98.8%), operating income -$2.04M, and operating cash flow -$1.33M. The balance sheet is broken: total liabilities of $12.2M against total assets of $6.61M leave stockholders' equity at -$12.0M (liabilities/equity -1.02x), with current liabilities of $9.51M dwarfing current assets of $145K and cash of just $4.02K. A company carrying $9.51M of near-term obligations against $4,020 of cash is, by any normal definition, technically insolvent absent fresh financing.
Is EMAT a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 6.5 @ ~0.81 est
- Short put 5.5 @ ~0.34 est
debit $47max +$53max −$47BE 6.03
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | -$2.22M | -$1.58M | -$2.04M |
| Net income | -$2.39M | -$54.3K | -$900K | -$1.79M |
| Diluted EPS | — | — | — | — |
| Net margin | — | — | — | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.76B
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-0.0%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$4.02K
Piotroski F-Score2/6
Capital returns
Buyback yield0.3%
Dividend yield (est.)—
Shareholder yield0.3%
Shares Δ YoY+17523.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Delisting notice2026-05-26
Nasdaq listing-deficiency notice (Item 3.01) — delisting risk for EMAT shareholders
- 8-K Earnings results2026-05-22
Q1 10-Q: negative equity persists, current liabilities dwarf current assets, going-concern risk
- 10-Q Quarterly report2026-05-22
Q1 10-Q: negative equity persists, current liabilities dwarf current assets, going-concern risk
- 8-K Earnings results2026-05-20
Preliminary Q1 results + other corporate update; losses persist post-combination
- NT 10-Q Late filing notice2026-05-15
Late-filing notice for Q1 10-Q — recurring reporting-timeliness weakness
- 8-K Material agreement2026-05-14
Entered new material agreement; investor-day style Reg FD disclosure, terms unclear
- 8-K Material agreement2026-05-11
New debt facility and unregistered share issuance — added leverage and dilution
- 8-K/A Amended 8-K2026-03-31
Amended 8-K (likely Korean Cos. acquisition financials post-combination)
- 8-K Reg FD disclosure2026-03-18
Reg FD/corporate update; no material financial change disclosed
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-212026-05-26open ↗10-QPeriod ending 2026-03-312026-05-22open ↗8-KPeriod ending 2026-05-222026-05-22open ↗8-KPeriod ending 2026-05-202026-05-20open ↗SCHEDULE 13D/AFiling2026-05-18open ↗NT 10-QPeriod ending 2026-03-312026-05-15open ↗DFiling2026-05-14open ↗8-KPeriod ending 2026-05-132026-05-14open ↗8-KPeriod ending 2026-05-072026-05-11open ↗8-K/APeriod ending 2026-01-052026-03-31open ↗8-KPeriod ending 2026-03-182026-03-18open ↗3Period ending 2026-01-072026-03-03open ↗
Frequently asked
- Is Evolution Metals & Technologies Corp. (EMAT) a buy?
- EMAT currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Post-SPAC shell with negative equity, zero reported revenue, microscopic cash and 17,524% share-count explosion — uninvestable.
- What is Evolution Metals & Technologies Corp.'s quality score?
- EMAT scores 18.999999999999996/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001866226, latest 10-Q filed 2026-05-22) · EODHD · Proprietary analysis · as of 6/25/2026, 12:57:51 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 8:57 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.