Evolution Metals & Technologies Corp. (EMAT)
Materials · battery recycling and critical materials processing · NASDAQ
Evolution Metals & Technologies is an emerging processor and recycler of spent lithium-ion batteries and critical rare earth materials.
What Evolution Metals & Technologies Corp. does
Evolution Metals & Technologies Corp. specializes in the recycling and processing of critical materials, with a primary focus on the recovery of materials from spent lithium-ion batteries. The company is developing commercial-scale facilities to integrate these materials back into the supply chain for rare earth and battery-grade products.
Themes: circular economy, battery supply chain, EV materials, critical minerals
Fundamentals
- Price$1.43 as of 2026-10-20 close
- Market cap$889M as of 2026-08-17 (share count; price 2026-10-20)
- P/En/a negative earnings
- ROICn/a No figure: its pre-tax income was zero or negative, so there is no tax rate to apply.
- Debt / equityn/a No figure: its stockholders' equity is zero or negative, where the ratio means nothing.
- Beta0.10 as of 2026-09-03
- Last reported earnings2026-05-22 SEC EDGAR Form 8-K (Item 2.02)
Quarterly results
| Quarter | Operating income | Net income | Operating cash flow |
|---|---|---|---|
| Q2 FY2026 2026-06-30 | -$12M | -$12M | -$9M† |
| Q1 FY2026 2026-03-31 | -$16M | -$440M | -$6M |
| Q4 FY2025 2025-12-31 | -$362776† | -$312349† | -$255776† |
| Q3 FY2025 2025-09-30 | -$466969 | -$435675 | $3M† |
| Q2 FY2025 2025-06-30 | -$3M | -$41M | -$2M† |
| Q1 FY2025 2025-03-31 | -$3M | -$18M | -$2M |
| Q4 FY2024 2024-12-31 | -$707683† | -$653798† | -$529487† |
| Q3 FY2024 2024-09-30 | -$225508 | -$80697 | -$361460† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$5M includes restricted cash (the filer tags no unrestricted total)
- Total debt$6M borrowings only; leases excluded
- Net debt$926000 total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How Evolution Metals & Technologies Corp. looks technically
Evolution Metals & Technologies Corp. (EMAT): a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control. Momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 27, in oversold territory (below 30). It made a new 20-day low about 6 trading days ago. Trading volume is unusually light — only about 31% of its 30-day average.
Trend
8
| Distance from the 200-day | not enough price history yet — needs 200 trading sessions | n/a |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $2.83 | $2.83 |
| 200-day moving average | not enough price history yet — needs 200 trading sessions | n/a |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing low 8 calendar days ago — the swings before that are what the structure reading is measured on | 8 sessions |
| Wave structure | its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in the fourth leg, a pullback against that downward direction; the labelling fails if price closes above 2.95. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a completed three-part correction. | possible downward five-wave sequence, in wave 4 (one of several readings) |
| Since the 50/200 cross | not enough price history yet — needs 200 trading sessions | n/a |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control | 25.5 |
Momentum
3
| 14-day RSI | momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 27, in oversold territory (below 30) | 26.8 |
|---|---|---|
| Position in its 14-day range | it is trading near the bottom of its 14-day range ($1.28 to $2.63) — its "stochastic" reading is 11 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 11.1 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in negative territory (momentum leaning bearish) | 17 sessions |
Range
7
| Since a 20-day breakout | it made a new 20-day low about 6 trading days ago | 6 sessions |
|---|---|---|
| Since a 55-day breakout | it made a new 55-day low about 6 trading days ago | 6 sessions |
| All-time high | its highest closing price on record is $7.59 (set on 2026-06-18) | $7.59 |
| Given back of the 52-week move | not available for this company yet | n/a |
| Nearest price level | not enough price history yet — needs 252 trading sessions | n/a |
| All-time low | its lowest closing price on record is $1.28 (set on 2026-10-12) | $1.28 |
| Above the all-time low | it is 11.7% above its all-time low | +11.7% |
Volatility
4
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 92% of the past ~6 months) | 92nd percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.311 between its high and its low — about 21.8% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.311 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $0.75 and $3.46 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $0.75 – $2.11 – $3.46 |
| Typical daily range (% of price) | its price moves about 21.8% in a typical session — among the most volatile in the catalog. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 21.8% |
Volume
1
| Volume vs its 30-day average | trading volume is unusually light — only about 31% of its 30-day average | 0.31× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
2
| Since a doji | 2 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 2 sessions ago |
|---|---|---|
| Since a hammer | 3 sessions ago, after a stretch of decline, it sold off hard during the session and then closed back near its high — a "hammer", the long lower wick showing the drop was bought back before the close | 3 sessions ago |
Price gaps
2
| Gap at the open | it opened on 2026-10-20 at essentially the same price it closed at the session before — no meaningful overnight gap | 0.0% |
|---|---|---|
| Gap filled | a 3.3% gap up opened on 2026-10-19 has been "filled" 1 session ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 1 session ago |
Price streaks
1
| Closing streak | it closed lower in its latest session, after a session that did not close lower — a single down day rather than a run | 1 session down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 65.4 percentage points (the stock lost 64.4% while the market gained 1.0%) | -65.4% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 75.0 percentage points (the stock lost 71.3% while the market gained 3.6%) | -75.0% |
| vs market, 6 months | not available for this company yet | n/a |
| vs market, 12 months | not available for this company yet | n/a |
Signal agreement
2
| Bullish technical signals | 2 of the 6 technical signals we can compute for it are currently in a bullish state: its RSI momentum gauge is oversold (a beaten-down reading), near the bottom of its 14-day range (oversold) — these describe past price behaviour, not a forecast | 2 of 6 |
|---|---|---|
| Bearish technical signals | 3 of the 6 technical signals we can compute for it are currently in a bearish state: MACD momentum is negative, a strong downtrend, with sellers in control, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 3 of 6 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 58% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thick, spanning 75.5% of the share price, which is taken to mean a barrier that has held for a while and takes effort to cross. | -57.9% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 52% below the average price paid since 2026-06-09, so the typical buyer over that stretch is under water. That average is $2.98 — a volume-weighted average of daily closes over 93 sessions, not a true tick-by-tick VWAP. | -52.0% |
|---|---|---|
| Vs the average paid since it last reported | the price is 50% below the average price paid since it last reported on 2026-08-17 (its 10-Q), so the typical buyer over that stretch is under water. That average is $2.87 — a volume-weighted average of daily closes over 46 sessions, not a true tick-by-tick VWAP. | -50.2% |
Wave structure
Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 4 of five, a pullback against that direction.
This labelling fails — stops being a possible reading at all — if it closes above $2.95.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $2.08 and $2.95 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a completed three-part correction, which fails on a close below $1.28.
This reading has stood for 2 trading days, since 2026-10-19.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 50-day moving average · Oversold (14-day RSI below 30) · Most volatile (6%+ typical daily range) · At the bottom of its 14-day range (stochastic below 20) · Under water since its last earnings report (below the anchored VWAP) · Trading below the Ichimoku cloud | Learn: adx · rsi · breakout · volume and relative volume
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.00 mean, 1=Strong Buy…5=Strong Sell) — 2 analysts
- Mean price target$8.25 range $4.50 – $12.00
Analyst estimates, as of 2026-10-15. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Key risks (from latest filing)
["Dependence on sourcing sufficient volumes of spent lithium-ion batteries and maintaining feedstock supply chains.","Risks related to scaling manufacturing capacity and achieving full-scale commercial operations at recycling facilities.","Exposure to fluctuations in global commodity prices for rare earth and battery materials."]
What changed in the latest 10-Q
AI-assisted comparison of EMAT's 10-Q filed 2026-08-17 against the prior one filed 2026-05-22.
Management's Discussion & Analysis (MD&A)
- Added:
- Added Jones Day Lawsuit subsection describing complaint filed April 23, 2026 against Evolution Metals LLC in Superior Court of Fulton County, Georgia, Civil Action No. 26CV005969, seeking approximately $3.9 million plus interest and fees (filed 2026-08-17).
- Added Securities Purchase Agreement, Convertible Debentures and Related Agreements subsection describing May 7, 2026 agreement with YA II PN, LTD. for convertible debentures up to $100,000,000 (filed 2026-08-17).
- Added description of first Convertible Debenture of $20,000,000 issued May 7, 2026 (filed 2026-08-17).
- Added description of second Convertible Debenture of $5,775,000 issued July 14, 2026 upon effectiveness of Form S-1 resale registration statement on July 10, 2026 (filed 2026-08-17).
- Added description that up to $74,225,000 in Convertible Debentures may be purchased in subsequent tranches by mutual agreement (filed 2026-08-17).
- Added subsequent events description of Yorkville converting portions of second convertible debenture from July 29, 2026 through August 13, 2026, converting $550,000 principal and approximately $23,195 accrued interest into 210,191 shares at prices from approximately $2.14 to $4.59 per share, leaving approximately $5.225 million principal outstanding (filed 2026-08-17).
- Added statement that each Convertible Debenture has a purchase price equal to 97% of principal amount (filed 2026-08-17).
- Removed:
- Removed description of January 5, 2026 Business Combination closing, including Merger Sub merging with Evolution Metals LLC, WTMA name change, and EM acquisition of Handa Lab, KCM, KMMI, and NS World (filed 2026-05-22).
- Removed description of Amendment No. 6 to the Amended and Restated Agreement and Plan of Merger entered January 5, 2026 (filed 2026-05-22).
- Removed description of Step 7 Merger Agreement and Step 7 Merger with NewCo, Inc. (filed 2026-05-22).
- Removed 'Precedent Transaction Agreements' heading and truncated content that followed (filed 2026-05-22).
- Reworded:
- Newer filing references 'Unaudited Condensed Consolidated Financial Statements' as of and for the three and six months ended June 30, 2026 and 2025; older filing references 'unaudited Unaudited Condensed Consolidated Financial Statements' as of and for the three months ended March 31, 2026 and 2025 (filed 2026-08-17 vs 2026-05-22).
- Newer filing refers to 'Risk Factors' in the Company's Annual Report on Form 10-K for fiscal year ended December 31, 2025; older filing refers to 'Risk Factors' included in the same Form 10-Q (filed 2026-08-17 vs 2026-05-22).
- Formatting of Business Overview and Recent Developments sections differs between filings (filed 2026-08-17 vs 2026-05-22).
- Notes:
- Newer filing text appears truncated mid-sentence within the Convertible Debentures description.
- Older filing text appears truncated mid-sentence within the Precedent Transaction Agreements section.
- Both source texts are excerpts, so changes beyond the provided text cannot be assessed.
Risk Factors
- Added:
- Newer filing (2026-08-17) states a second Convertible Debenture in the principal amount of $5,775,000 was issued on July 14, 2026 upon effectiveness of a resale registration statement on Form S-1 on July 10, 2026.
- Newer filing (2026-08-17) adds a subsection titled "Share Issuances to Advisors, Consultants and Marketing Service Providers" describing subsequent to March 31, 2026 agreements to issue an aggregate of 674,768 shares of common stock, of which 650,189 shares had been issued as of August 17, 2026.
- Newer filing (2026-08-17) adds Exhibits 4.1, 4.2, 10.1 through 10.11 to the exhibit list, including First Closing Debenture, Form of Convertible Debenture, Securities Purchase Agreement, Registration Rights Agreement, Guaranty and Security Agreement, and Equipment Supply Contracts with ULVAC Korea, Ltd.
- Removed:
- Older filing (2026-05-22) includes a SIGNATURES section with signature dates of May 22, 2026; this section is not present in the newer filing excerpt.
- Reworded:
- Older filing (2026-05-22) describes Rule 10b5-1 trading arrangement disclosures as covering "the three months ended March 31, 2026"; newer filing (2026-08-17) changes this to "the six months ended June 30, 2026".
- Notes:
- The older filing excerpt continues into XBRL/cover page data after the signature block, while the newer excerpt appears truncated; only the portions actually provided were compared.
- The newer filing excerpt's risk factors text is identical to the older filing's risk factors text.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days, of which we have read Form 4 filings through 2026-10-16. The 5 days since 2026-10-16 have not been checked yet.
Most recent open-market transaction: 2026-01-13. Based on Form 4 filings read through 2026-10-16; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about EMAT's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
1 institutional 13F filer reported holding EMAT as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 1
- Reported shares held 575
- Reported value $3,801
reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 0 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about EMAT's institutional holders → See what each manager we track holds →
Short interest (FINRA)
EMAT had 2,141,802 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
EMAT had 0.34% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 1.21 days to cover at the same settlement.
- Reported short interest (shares) 2,141,802
- Short interest (% of shares outstanding) 0.34%
- Prior settlement (shares) 1,436,796
- Reported change 49.07%
- Days to cover (reported) 1.21
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Evolution Metals & Technologies Corp. is found in…
Frequently asked questions
What does Evolution Metals & Technologies Corp. (EMAT) do?
Evolution Metals & Technologies Corp. specializes in the recycling and processing of critical materials, with a primary focus on the recovery of materials from spent lithium-ion batteries. The company is developing commercial-scale facilities to integrate these materials back into the supply chain for rare earth and battery-grade products.
What sector is Evolution Metals & Technologies Corp. (EMAT) in?
Evolution Metals & Technologies Corp. (EMAT) is classified in the Materials sector. Its industry is battery recycling and critical materials processing. It trades on NASDAQ.
Is Evolution Metals & Technologies Corp. (EMAT) overbought or oversold right now?
Evolution Metals & Technologies Corp. (EMAT) is currently in oversold territory (its 14-day RSI is 27, below 30) (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on EMAT come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest; prices are market data, as of 2026-09-03; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-20.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.