Ivanhoe Electric Inc.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow rather than red: there is no documented threat to the substance of the business. As of March 31, 2026 the company held $289.8 million of cash and an undrawn $200.0 million credit facility against total liabilities of just $48.6 million and equity of $545.7 million; the $42.3 million quarterly outflow implies just under seven quarters of runway, there is no going-concern language, and the $225.0 million tangible net worth covenant is far away from $540.3 million of equity attributable to common stockholders. Yellow rather than green because there is no operating business yet: $3.2 million of revenue in 2025 against a $125.0 million net loss, not one dollar of mining income, and the entire company hangs on a single project whose $1.24 billion of initial capital is roughly $750 million short. Editorially — and this is deliberately not what colors the rating — the market capitalization of roughly $1.48 billion already equals about 108 percent of the whole project net present value: at this price you profit not from the plan working out, but only from more coming out than planned. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ivanhoe Electric is the treasure map trap in its purest form: an independently prepared feasibility study puts the after-tax net present value of the Santa Cruz copper mine at $1.376 billion, and the market already pays roughly $1.48 billion for the company (data as of July 31, 2026) — for a mine that has not been built. Between map and metal sit $1.24 billion of initial capital, against which roughly $490 million of cash and undrawn credit stood on March 31, 2026. The only profit in company history ($81.4 million in the first quarter of 2026) was a gain on a sale, $39.6 million of which belonged to non-controlling interests, and all $3.2 million of 2025 revenue came from the artificial intelligence subsidiary CGI rather than from mining. The balance sheet, meanwhile, is cleaner than almost any explorer of this size. Not investment advice.
Balance sheet & leverage
Exceptionally clean for an explorer: $594.3 million of total assets against only $48.6 million of liabilities (March 31, 2026), an equity ratio of roughly 92 percent, $289.8 million of cash plus an undrawn $200.0 million credit facility. No going-concern language; interest-bearing debt exists only in the form of the $34.5 million convertible bond at subsidiary VRB Energy.
Business model & earning power
There is no business yet: $3.2 million of revenue in 2025 against a $125.0 million net loss, and all of that revenue comes from the data interpretation subsidiary CGI rather than from mining. The filing states the company relies on financing activities to fund operations and investment. The $81.4 million of quarterly net income (Q1 2026) was a gain on a sale, not earnings.
Santa Cruz project quality
Solid parameters in a safe jurisdiction: 136.2 million tonnes of probable reserves at 1.08 percent copper across roughly 26.0 square kilometers of private land in Arizona, with water rights and rail, interstate and transmission access. The June 23, 2025 study shows an after-tax net present value of $1.376 billion, a 20.0 percent internal rate of return and a 4.4-year payback — independently prepared by BBA USA Inc. under the SEC standard S-K 1300.
Construction funding
Against $1.24 billion of initial capital stood roughly $490 million as of March 31, 2026 ($289.8 million of cash plus a $200.0 million undrawn facility) — leaving about $750 million open. The EXIM letter of interest for up to $825 million is not a commitment, and the quarterly report states construction will require capital beyond it. The facility also requires tangible net worth of $225.0 million at all times.
Dilution
Shares outstanding rose from 145.5 million (December 31, 2025) to 158,291,593 as of May 7, 2026, up 8.8 percent in a little over four months; year over year the weighted average grew from 126.7 million to 152.2 million. The company has 700 million shares authorized. Because the funding gap has to be closed, further dilution is the most likely route — it is the price existing holders pay for construction.
Partners & governance
Strong partners: a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) under an amended and restated shareholders agreement dated July 7, 2026, and an exploration alliance with BHP carrying $15 million of initial funding. At the annual meeting on June 4, 2026 all nine directors were elected and Deloitte LLP was ratified. At the same time the group buys its Typhoon transmitters from I-Pulse, whose chief executive and principal owner is its own Executive Chairman (six units for $12.4 million, four delivered as of December 31, 2025) — fully disclosed, but a proximity worth knowing about.
Worth Noting
Ivanhoe Electric reached our research list through the routine review of new SEC filings: between May 11 and July 10, 2026 the company submitted five current reports (Form 8-K) and one conflict minerals report (Form SD), including a May 28, 2026 purchase agreement for a tunnel boring machine at $64,710,043. The most recent periodic report evaluated here is the quarterly report (Form 10-Q) as of March 31, 2026, filed May 7, 2026.
Valuation figures are dated and evergreen: a market capitalization of roughly $1.48 billion and a price-to-book multiple of roughly 2.7 based on the closing price of July 30, 2026 and the share count of May 7, 2026 (158,291,593). No price-to-earnings ratio exists; the price-to-sales ratio of roughly 440 is a signal that revenue is missing rather than a valuation.
Not to be confused: Ivanhoe Electric Inc. (NYSE American: IE, headquartered in Tempe, Arizona) is a separate U.S. company and is not the same as Ivanhoe Mines Ltd. of Canada or Ivanhoe Atlantic. The only thing they share is Robert Friedland. As of the data cutoff it remains open how the $34.5 million convertible bond at subsidiary VRB Energy, maturing in July 2026, was settled — no filing through July 10, 2026 addresses it.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at IE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.10 $ to 19.90 $ · Last price: 9.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Sector comparison: Basic Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ivanhoe Electric Inc. IE | 1.5 | – | 159.6 | 58.7 | -3,259.6 | 11.8 | 5.1 |
| Linde plc LIN | 212.0 | 30.6 | 17.5 | 48.4 | 28.5 | 3.0 | -3.2 |
| Southern Copper Corporation SCCO | 174.0 | 32.1 | 16.4 | 64.5 | 58.3 | 17.4 | 92.5 |
| Newmont Goldcorp Corp NEM | 132.8 | 16.0 | 7.9 | 68.0 | 61.4 | 19.1 | 59.6 |
| Freeport-McMoran Copper & Gold Inc FCX | 102.2 | 37.9 | 11.7 | 38.3 | 31.1 | 1.1 | 58.8 |
| Sherwin-Williams Co SHW | 77.7 | 31.5 | 19.5 | 49.0 | 14.2 | 2.1 | -7.5 |
| Ecolab Inc ECL | 76.7 | 37.6 | 21.6 | 44.2 | 16.9 | 2.2 | 3.5 |
| Barrick Mining Corporation B | 72.0 | 12.3 | 5.0 | 56.3 | 56.3 | 31.2 | 50.6 |
| Air Products and Chemicals Inc APD | 64.1 | 30.2 | 48.8 | 32.1 | 23.6 | -0.5 | 1.1 |
| Median of companies shown | 77.7 | 31.1 | 17.5 | 49.0 | 28.5 | 3.0 | 5.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 4 | 26 | -25 | -0.27 | -23 | 31 | 53 |
| 2020 | 5 | 27 | -25 | -0.27 | -23 | 42 | 72 |
| 2021 | 5 | -61 | -59 | -0.64 | -48 | 22 | 154 |
| 2022 | 8 | -132 | -150 | -1.61 | -116 | 206 | 260 |
| 2023 | 4 | -180 | -199 | -1.95 | -151 | 374 | 487 |
| 2024 | 3 | -177 | -129 | -1.07 | -162 | 269 | 375 |
| 2025 | 3 | -111 | -106 | -0.79 | -89 | 416 | 484 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.39 | -195.10 | 1 | -59.10 | -8,695.70 | -45 | -45 |
| 2024: Q3 | -0.36 | 51.40 | 1 | 180.80 | -6,443.50 | -37 | -37 |
| 2024: Q4 | 0.14 | 136.80 | 1 | -20.30 | 1,269.40 | -31 | -32 |
| 2025: Q1 | -0.24 | 47.80 | 1 | 104.20 | -4,151.70 | -16 | -16 |
| 2025: Q2 | -0.16 | 59.00 | 1 | 98.50 | -2,233.20 | -20 | -21 |
| 2025: Q3 | -0.13 | 63.90 | 1 | -18.80 | -3,214.90 | -28 | -28 |
| 2025: Q4 | -0.17 | -218.40 | 1 | -32.70 | -3,793.20 | -26 | -29 |
| 2026: Q1 | -0.26 | -8.30 | 1 | 16.70 | 4,864.30 | -47 | -49 |
| 2026: Q2 | 0.16 | 200.00 | 1 | -36.40 | -3,528.60 | -20 | -20 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.81 | -0.81 – -0.81 | 3 | -16.3% | 1 |
| 12/31/2027 | -0.63 | -1.00 – -0.26 | 3 | 22.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die zu 94,3 Prozent gehaltene Tochter Computational Geosciences (CGI) verkauft KI-Dienste und Softwarelizenzen an Dritte — das Segment Datenverarbeitung erwirtschaftet den gesamten Konzernumsatz (858 Tsd. US-Dollar im ersten Quartal 2026), während der Bergbau noch keinen Cent erlöst.
View the full file — quotes, sources, reviewed filings
„CGI provides fee-for-service and software licensing agreements to customers in the area of critical minerals, energy and water exploration. … CGI also offers mineral prospectivity mapping services which are based on deep learning AI algorithms to help identify and rank prospective areas for critical minerals."
CGI bietet Kunden im Bereich kritische Mineralien, Energie und Wassererkundung Verträge über Dienstleistungen gegen Entgelt und über Softwarelizenzen an. … CGI bietet außerdem Dienste zur Kartierung mineralischer Höffigkeit an, die auf Deep-Learning-KI-Algorithmen beruhen und dabei helfen, aussichtsreiche Gebiete für kritische Mineralien zu identifizieren und zu bewerten.
10-K · 2026-02-23 · View SEC filing
„CGI’s technology consists of sophisticated software codes and artificial intelligence tools (“AI”). … The AI tools use machine learning networks and proprietary deep-learning algorithms that analyze vast amounts of geoscientific data to generate prospectivity maps for greenfields and brownfields mineral exploration."
Die Technologie von CGI besteht aus hochentwickelten Softwarecodes und Werkzeugen der künstlichen Intelligenz („KI“). … Die KI-Werkzeuge nutzen Netze des maschinellen Lernens und eigene Deep-Learning-Algorithmen, die riesige Mengen geowissenschaftlicher Daten auswerten, um Höffigkeitskarten für die Mineralexploration auf unerschlossenen und bereits erschlossenen Flächen zu erzeugen.
10-K · 2026-02-23 · View SEC filing
„Computational Geosciences Inc. (“CGI”), provides data analytics, geophysical modeling, software licensing and artificial intelligence services for the mineral, oil & gas, geothermal, and water exploration industries."
Computational Geosciences Inc. („CGI“) erbringt Datenanalyse-, geophysikalische Modellierungs-, Softwarelizenz- und Dienstleistungen der künstlichen Intelligenz für die Explorationsbranchen Mineralien, Öl und Gas, Geothermie und Wasser.
10-Q · 2026-05-07 · View SEC filing
Filings Reviewed: 10-K 2026-02-23 · 10-Q 2026-05-07 · 8-K 2026-05-11 · 8-K 2026-05-29 · 8-K 2026-06-04 · 8-K 2026-07-08
Rated on July 31, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -27.3%
- More than 10% revenue growth is expected for the coming year -69.2%
- Share count grows by less than 3% a year 12.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -2,861.3%
- Gross margin at 40% or higher and without meaningful erosion -1,976.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 139 m net cash
- Operating cash flow covers the profits of the last three years 32 m
- Return on capital at 15% or higher, or up versus two years ago -25.8%
- Insiders hold at least 10% or are net buyers 19.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -2.4%
- Exp. sales growth 3Y > 5% -3.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -3.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -25.4%
- ROCE > 15% -25.8%
- Expected return > 10% -9.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Ivanhoe Electric Inc. engages in exploration and development of minerals in the United States, Canada, and China. It primarily explores copper, gold, silver, nickel, cobalt, and platinum group elements deposits. The company's flagship projects are the Santa Cruz Project, a copper exploration project that comprises 6,000 acres on private land and associated water rights located in Arizona. Ivanhoe Electric Inc. was incorporated in 2020 and is headquartered in Tempe, Arizona.
- Employees
- 286
- Headquarters
- Tempe, AZ
- Address
- 450 E Rio Salado Parkway, 85281 Tempe, United States
- Phone
- 480 656 5821
- Website
- ivanhoeelectric.com
- IPO Date
- 06/28/2022
- ISIN
- US46578C1080
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert Martin Friedland | Founder & Executive Chairman | 1951 |
| Taylor Melvin | President, CEO & Director | 1970 |
| Jordan Neeser | Chief Financial Officer | 1983 |
| Cassandra Pulskamp Joseph Esq. | VP, General Counsel & Corporate Secretary | 1972 |
| Quentin Markin | Executive Vice President of Business Development & Strategy Execution | 1973 |
| Glen Nickolas Kuntz P.Geo | Senior VP of Mine Development & Principal Operating Officer | 1968 |
| Mike Patterson | Vice President of Investor Relations & Business Development | – |
| Amanda Miller | Vice President of Corporate Communications | – |
| Stephani Terhorst | Vice President of Human Resources | 1979 |
| Alex Neufeld | Senior Vice President of Exploration | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 Ivanhoe Electric Inc. (IE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/08/2026 Ivanhoe Electric Inc. (IE): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.