Evolution Metals & Technologies Corp. (EMAT) Balance Sheet
EMAT balance sheet, 2025
December 31, 2025 · U.S. dollars$6.6M assets = $12.2M liabilities + −$5.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$5.6M).
Both columns are drawn to the same scale: what EMAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EMAT financial health
Descriptive bands, not a rating. Fiscal 2025.
EMAT balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $76.5M2021 | $6.6M2025 | −45.8%/yr | |
| Total liabilities | $2.8M2021 | $12.2M2025 | +45.0%/yr | |
| Shareholders’ equity | $73.8M2021 | −$5.6M2025 | — | |
| Cash & short-term investments | $1.2M2021 | $4,0222025 | −75.9%/yr | |
| Total debt | $5.9M2022 | $5.2M2025 | −4.5%/yr | |
| Net cash (debt) | −$5.9M2022 | −$5.2M2025 | +$700,471 | |
| Working capital | $1.4M2021 | −$9.4M2025 | −$10.8M | |
| Book value per share | $0.002024 | −$0.012025 | — | |
| Current ratio | 10.922021 | 0.022025 | −10.91 | |
| Shares outstanding | 593.3M2024 | 593.3M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EMAT assets
EMAT liabilities and equity
EMAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EMAT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $4,022 | $1,185 | $5,935 | $65,382 | $1.2M |
| Cash & equivalents | $4,022 | $1,185 | $5,935 | $65,382 | $1.2M |
| Receivables | $0 | $0 | $7.1M | $2.2M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $141,227 | $14,077 | $0 | $0 | $332,633 |
| Total current assets | $145,249 | $15,262 | $7.1M | $2.3M | $1.5M |
| Property, plant & equipment (net) | $0 | $0 | $14.8M | $2.7M | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $6.5M | $12.3M | $0 | $0 | $75.0M |
| Total assets | $6.6M | $12.3M | $22.0M | $5.0M | $76.5M |
| Liabilities | |||||
| Accounts payable | $3.6M | $2.9M | $4.4M | $507,483 | — |
| Short-term debt | $5.2M | $4.0M | $21.0M | $5.1M | — |
| Total current liabilities | $9.5M | $8.2M | $25.4M | $5.6M | $140,423 |
| Long-term debt | $0 | $0 | $5.6M | $824,809 | $0 |
| Other long-term liabilities | $2.7M | $2.7M | $0 | $0 | $2.6M |
| Total liabilities | $12.2M | $10.9M | $31.0M | $6.4M | $2.8M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $6.4M | $12.1M | $30,000 | $30,000 | $75.0M |
| Retained earnings (deficit) | −$12.0M | −$10.8M | −$9.0M | −$1.4M | −$1.2M |
| Total shareholders' equity | −$5.6M | $1.3M | −$9.0M | −$1.4M | $73.8M |
| Key figures | |||||
| Total debt | $5.2M | $4.0M | $26.6M | $5.9M | — |
| Net cash (debt) | −$5.2M | −$4.0M | −$26.6M | −$5.9M | — |
| Working capital | −$9.4M | −$8.2M | −$18.2M | −$3.3M | $1.4M |
| Tangible book value | −$5.6M | $1.3M | −$9.0M | −$1.4M | $73.8M |
| Book value per share | −$0.01 | $0.00 | — | — | — |
| Shares outstanding | 593.3M | 593.3M | — | — | — |
| Current ratio | 0.02 | 0.00 | 0.28 | 0.41 | 10.92 |
| Quick ratio | 0.00 | 0.00 | 0.28 | 0.41 | 8.55 |
| Debt / equity | — | 3.01 | — | — | — |
| Equity / assets | −84.8% | 10.9% | −41.1% | −27.7% | 96.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.3M | $5.4M | $4,022 | $16.3M | $711 | $738 | $1,185 | $1,185 | $38,333 | $6,760 | $5,935 | $94,579 |
| Cash & equivalents | $5.3M | $5.4M | $4,022 | $16.3M | $711 | $738 | $1,185 | $1,185 | $38,333 | $6,760 | $5,935 | $94,579 |
| Receivables | $4.9M | $3.7M | $0 | $0 | $0 | $0 | $0 | $0 | $7.3M | $0 | $7.1M | $0 |
| Inventory | $1.5M | $1.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.1M | $660,000 | $141,227 | $0 | $144,502 | $21,720 | $14,077 | $20,250 | $0 | $0 | $0 | $42,121 |
| Total current assets | $14.7M | $11.3M | $145,249 | $149,702 | $145,213 | $22,458 | $15,262 | $21,435 | $7.3M | $6,760 | $7.1M | $136,700 |
| Property, plant & equipment (net) | $7.3M | $7.4M | $0 | $0 | $0 | $0 | $0 | $0 | $37.0M | $0 | $0 | $0 |
| Goodwill & intangible assets | $65.3M | $66.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.8M | $497,000 | $6.5M | $6.4M | $12.2M | $12.4M | $12.3M | $12.2M | $0 | $24.2M | $14.8M | $39.8M |
| Total assets | $95.1M | $85.6M | $6.6M | $6.6M | $12.4M | $12.4M | $12.3M | $12.3M | $44.3M | $24.2M | $22.0M | $40.0M |
| Liabilities | ||||||||||||
| Accounts payable | $10.2M | $9.0M | — | — | — | — | — | — | $1.2M | — | $4.4M | — |
| Short-term debt | $7.8M | $8.7M | $5.2M | $4.9M | $4.8M | $4.5M | $4.0M | $3.6M | $35.3M | $3.2M | $21.0M | $2.8M |
| Total current liabilities | $93.5M | $93.1M | $9.5M | $9.9M | $20.7M | $8.9M | $8.2M | $7.6M | $36.5M | $7.0M | $25.4M | $22.7M |
| Long-term debt | $19.7M | $2.6M | $0 | $0 | $0 | $0 | $0 | $0 | $5.0M | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | — | $19.0M | — | — | — |
| Other long-term liabilities | $749,000 | $725,000 | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $18.1M | $2.7M | $5.6M | $2.7M |
| Total liabilities | $113.9M | $96.4M | $12.2M | $12.6M | $23.4M | $11.6M | $10.9M | $10.3M | $59.7M | $9.7M | $31.0M | $25.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $62,000 | $59,000 | $6.4M | $6.4M | $986,577 | $12.2M | $12.1M | $12.1M | $30,000 | $24.0M | $23.9M | $23.6M |
| Retained earnings (deficit) | −$1.13B | −$1.12B | −$12.0M | −$12.5M | −$12.0M | −$11.4M | −$10.8M | −$10.1M | −$15.4M | −$9.5M | −$9.3M | −$9.0M |
| Accumulated other comprehensive income | −$942,000 | — | — | — | — | — | — | — | — | — | — | — |
| Minority interest | $10,000 | $13.9M | — | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | −$18.9M | −$24.8M | −$5.6M | −$6.1M | −$11.1M | $822,581 | $1.3M | $2.0M | −$15.4M | $14.5M | $14.6M | $14.6M |
| Key figures | ||||||||||||
| Total debt | $27.5M | $11.3M | $5.2M | $4.9M | $4.8M | $4.5M | $4.0M | $3.6M | $58.4M | $3.2M | $26.6M | $2.8M |
| Net cash (debt) | −$22.3M | −$5.9M | −$5.2M | $11.4M | −$4.8M | −$4.5M | −$4.0M | −$3.6M | −$58.4M | −$3.2M | −$26.6M | −$2.7M |
| Working capital | −$78.8M | −$81.8M | −$9.4M | −$9.8M | −$20.6M | −$8.8M | −$8.2M | −$7.5M | −$29.2M | −$7.0M | −$18.2M | −$22.5M |
| Tangible book value | −$84.1M | −$91.2M | −$5.6M | −$6.1M | −$11.1M | $822,581 | $1.3M | $2.0M | −$15.4M | $14.5M | $14.6M | $14.6M |
| Book value per share | −$0.03 | −$0.04 | — | — | −$0.02 | $0.00 | — | — | — | — | — | — |
| Shares outstanding | 621.8M | 611.9M | — | — | 454.7M | 593.3M | — | — | — | — | — | — |
| Current ratio | 0.16 | 0.12 | 0.02 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.20 | 0.00 | 0.28 | 0.01 |
| Quick ratio | 0.11 | 0.10 | 0.00 | 1.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 0.00 | 0.28 | 0.00 |
| Debt / equity | — | — | — | — | — | 5.48 | 3.01 | 1.80 | — | 0.22 | 1.83 | 0.19 |
| Equity / assets | −19.8% | −28.9% | −84.8% | −92.2% | −89.2% | 6.6% | 10.9% | 16.3% | −34.7% | 60.0% | 66.4% | 36.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
EMAT financial position
At the end of fiscal 2025 (December 31, 2025), Evolution Metals & Technologies had total assets of $6.6 million (down 46.1% from a year earlier), total liabilities of $12.2 million and shareholders' equity of -$5.6 million. It held $0.0 million in cash and short-term investments against $5.2 million of debt, net debt of $5.2 million. Its current ratio was 0.02. In the latest quarter (ended June 30, 2026) total assets were $95.1 million and equity -$18.9 million.
Related: EMAT income statement, EMAT cash flow statement, EMAT key metrics. See the EMAT stock overview for the latest quote and news.
EMAT balance sheet FAQ
What are Evolution Metals & Technologies's total assets?
Evolution Metals & Technologies reported total assets of $6.6 million at the end of fiscal 2025 (December 31, 2025), compared with $12.3 million a year earlier.
How much debt does Evolution Metals & Technologies have?
Evolution Metals & Technologies had $5.2 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Evolution Metals & Technologies have?
Evolution Metals & Technologies held $0.0 million in cash and short-term investments at the end of fiscal 2025; with $5.2 million of debt that is net debt of $5.2 million.
What is Evolution Metals & Technologies's book value?
Evolution Metals & Technologies's shareholders' equity (book value) was -$5.6 million at the end of fiscal 2025, or −$0.01 per share.
What is Evolution Metals & Technologies's current ratio?
Evolution Metals & Technologies had current assets of $0.1 million and current liabilities of $9.5 million, a current ratio of 0.02 (current liabilities exceed current assets).