5E Advanced Materials
Develops an integrated Fort Cady operation from in-situ extraction to boric acid and boron materials.
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Profile
Develops its wholly owned Southern California Fort Cady project from in-situ extraction through boric acid and downstream boron-material processing. Small-scale operations began commercial boric-acid production and prospective-customer shipments; development remains tied to Fort Cady operations and additional financing.
Builds its business around the wholly owned Fort Cady/Boron Americas Complex in Southern California. The operating model combines in-situ extraction with boric-acid production, possible lithium-carbonate co-production, and downstream boron-material processing. The company reported commissioning, first production, and shipments from its small-scale facility for prospective-customer qualification. It supports the stated domestic boron-materials supply-chain model.
Formed as a Delaware parent in a corporate reorganization, it trades primarily on Nasdaq while ASX CDIs remain listed. EPA authorization enabled the in-situ-mining process, and commercial-scale development remains dependent on Fort Cady operations and securing additional financing.
Company facts
Categories
Key statistics
Year to date −52.5% · Average volume (30d) 898.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | H.C. Wainwright | Reiterate | Buy | $5.50 | $3.50 |
| May 13, 2026 | H.C. Wainwright | Target | $5.75 | $5.50 | |
| Mar 9, 2026 | H.C. Wainwright | Target | $9.50 | $5.75 | |
| Oct 16, 2025 | H.C. Wainwright | Target | $9.50 | ||
| Oct 2, 2025 | Maxim Group | Reiterate | Buy | $1.25 | $7 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 12, 2026Q3 FY26 | −$0.28 | −$0.35 | −25.0% | $100.0K | — | — | +31.79% |
| Feb 17, 2026Q2 FY26 | −$0.55 | −$0.48 | +12.7% | $100.0K | — | — | −10.68% |
| Nov 13, 2025Q1 FY26 | −$0.58 | −$0.51 | +12.1% | — | — | — | −9.81% |
| Sep 29, 2025Q4 FY25 | — | −$5.53 | — | — | $7.1M | — | −4.90% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | −$1.1M | −$897.0K | $0 | $0 | −$5.5M | −$5.4M | |
| Operating income | −$11.0M | −$10.2M | −$9.6M | −$10.7M | −$10.9M | −$10.7M | |
| Net income | −$14.3M | $5.3M | −$9.7M | −$10.7M | −$10.9M | −$12.1M | |
| Diluted EPS | −$4.76 | $0.51 | −$0.49 | −$0.51 | −$0.48 | −$0.35 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Mar 31, 2026Cash & short-term investments $25.4M · Total debt $123.0K · Total assets $78.1M · Shareholders' equity $73.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 41.52M · Float 20.86M · 50.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bluescape Energy Partners LLC | 12.13M | 29.22% | 13F | May 15, 2026 |
| BEP Special Situations IV LLC · director, 10 percent owner: | 12.13M | 29.22% | Form 4 | Feb 4, 2026 |
| Ascend Financial Holdings Limited | 8.36M | 35.60% | 13D | Dec 8, 2025 |
| Ascend Global Investment Fund SPC - Strategic Segregated Portfolio · director, 10 percent owner: | 8.36M | 20.15% | Form 4 | Dec 8, 2025 |
| AWM Investment Company, Inc. | 3.25M | 7.80% | 13G | May 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 2, 2026 | BEP Special Situations IV LLC | director, 10 percent owner: | +4,000,000 | $2.00 |
| Feb 2, 2026 | Paul Wesley III Weibel | officer: Chief Executive Officer | +3,750 | $2.00 |
| Feb 2, 2026 | Joshua Malm | officer: CFO | +3,750 | $2.00 |
Peers
- Rio Tinto (ADR)
Global refined-borates supplier with large California operations
- Albemarle
Large lithium-carbonate and lithium-hydroxide producer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| 5E Advanced Materials | $1.65 | +1.23% | $67.7M | — | — | — | — |
| Rio Tinto (ADR) | $103.71 | +0.37% | $167.86B | 13.9 | — | 2.7 | +14.5% |
| Albemarle | $137.96 | +0.45% | $16.20B | — | 13.9 | 2.7 | +31.1% |
| Median | 13.9 | 13.9 | 2.7 | +22.8% |




