Ivanhoe Electric Inc. (IE)
🔔 Watch stock
symbol.quality_heading
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.
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.
symbol.quality_note
Ivanhoe Electric calculated an after-tax net present value of $1.4 billion for its Santa Cruz copper project in Arizona — and the market already pays roughly $1.5 billion for the company (data as of July 31, 2026). One problem: the mine does not exist. It requires $1.24 billion of initial capital, and the balance sheet showed exactly $289.8 million of cash on March 31, 2026. The only profit in company history came from selling a project, not from copper — and of that $81.4 million, $39.6 million never belonged to Ivanhoe Electric shareholders at all. We read the filings line by line: reserves, cash runway, dilution, fine print. Not investment advice — just the arithmetic that sits between the treasure map and the metal.
Read the analysis
Stock Watch
This analysis is as of July 31, 2026. Stock Watch will tell you what's changed at IE since then.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 9.20 $ — 9% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIDie 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.
„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.
„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.
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
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.
Analysts & Price Target
The price target sits 132.8% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 4
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.16 | -0.16 – -0.16 | 3 | 77.0% | 1 |
| 12/31/2027 | -0.50 | -1.00 – -0.22 | 3 | -210.4% | 3 |
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.
Next Reporting Date
- Expected Earnings per Share
- -0.15 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.39 | -195.10 | 1 | -59.10 | -8,695.70 | -45 | -45 |
| 2024: Q3 | -0.36 | 51.40 | 1 | 180.80 | -6,443.50 | -37 | -37 |
| 2024: Q4 | 0.14 | 136.80 | 1 | -20.30 | 1,269.40 | -31 | -32 |
| 2025: Q1 | -0.24 | 47.80 | 1 | 104.20 | -4,151.70 | -16 | -16 |
| 2025: Q2 | -0.16 | 59.00 | 1 | 98.50 | -2,233.20 | -20 | -21 |
| 2025: Q3 | -0.13 | 63.90 | 1 | -18.80 | -3,214.90 | -28 | -28 |
| 2025: Q4 | -0.17 | -218.40 | 1 | -32.70 | -3,793.20 | -26 | -29 |
| 2026: Q1 | -0.47 | -95.80 | 1 | 16.70 | 4,864.30 | -47 | -49 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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.
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 | 28. Jun 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 | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.