Ivanhoe Electric Inc.
IE · Metal Mining · 158.3M shares · +19%/yr ↑ shares · EDGAR filings ↗
Grade
D47Well-capitalized but pre-production copper developer burning cash on the Santa Cruz project with no operating earnings.
Strengths
- Strong liquidity: cash/investments $173M (81st pct), current ratio 3.3 (71st), ~7.7 quarters runway plus undrawn $200M bridge facility
- Santa Cruz PFS confirms economics (after-tax NPV $1.4B, 20% IRR); recently raised ~$172M of fresh equity
Risks
- Deeply negative returns and cash flow (FCF margin -28%, ROE -25%, op margin -35%) typical of a development-stage miner with no mine in production
- Binary funding/permitting/copper-price risk; $1.24B initial capex still to be financed before any cathode output
Notable findings
- No interest coverageInterest coverage -40.62 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -3263.7%)
- Cash burnNegative free cash flow (-90.4M)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
65.3%
Operating margin
-3501.0%
Net margin
-3263.7%
Return on equity
-25.4%
Return on assets
-21.9%
Revenue growth (QoQ)
-4.2%
Interest coverage
-40.6×
Current ratio
3.3×
Free cash flow
-$90M
EBITDA
-$111M
Tangible book value
$416M
Cash & investments
$173M
Cash runway
8q
Stock comp / revenue
359.3%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-05-29 | Material agreementExhibits | filing ↗ |
| 2026-05-21 | Exec/director changeExhibits | filing ↗ |
| 2026-05-11 | Reg FDOtherExhibits | filing ↗ |
| 2026-03-02 | Other | filing ↗ |
| 2026-02-10 | Material agreementExhibits | filing ↗ |
| 2025-12-15 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2025-10-27 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-04 | 0001654954-26-005704 ↗ |
| 8-K | 2026-05-29 | 2026-05-28 | 0001104659-26-068231 ↗ |
| 8-K | 2026-05-21 | 2026-05-20 | 0001654954-26-005200 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001104659-26-058258 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001879016-26-000012 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001654954-26-001767 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001879016-26-000005 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001104659-26-012645 ↗ |
| 8-K | 2025-12-15 | 2025-12-12 | 0001104659-25-121192 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001879016-25-000026 ↗ |
| 8-K | 2025-10-27 | 2025-10-27 | 0001104659-25-102463 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0001104659-25-101489 ↗ |