IE

Ivanhoe Electric is a pre-revenue mineral exploration and development company, not an operating business you can value on earnings. FY2025 'revenue' of $3.24M (mostly its CGI data-analytics subsidiary) is a rounding error against a $1.48B market cap, which is why the headline P/S of 454.7x and P/E of 11.9x are meaningless — note the reported diluted EPS of $0.79 is inconsistent with a -$106M net loss (≈ -$0.67/share on 157M shares) and looks like a sign/label artifact in the data; the real picture is a -$106M loss, -3501% operating margin, and -$89.2M of operating cash burn. The entire equity value rests on the Santa Cruz Copper Project in Arizona, whose Preliminary Feasibility Study (completed June 23, 2025) confirmed economic viability with initial construction targeted for Q1 2026.

The one genuine strength is the balance sheet: $173M cash (up 323% YoY), $416M equity, only $59.7M total liabilities (liabilities/equity 0.14x), and 65.3% gross margin on what little revenue exists. But that strength was bought with heavy, ongoing dilution — the filing details a Feb 2025 unit offering (~$69M), full warrant exercise at $7.00 (~$82.6M), and an Oct 2025 raise of 11.5M shares at $15.00 (~$172.5M). Shares outstanding rose 18.8% in one year, retained earnings are -$636M, and building a mine from a PFS will require far more capital — meaning more dilution or debt ahead. R&D collapsing 90% to $275K while capex stays low signals the heavy spend is still in front of the company, not behind it.