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what it is
Ivanhoe Electric hunts for copper, gold, silver, and nickel deposits and sells investors on what those deposits might become.
how it gets paid
Last year Ivanhoe Electric made $3M in revenue. exploration technology and data services was the main engine at $1.2M, or 40% of sales.
why it's growing
Revenue grew 11.8% last year. Revenue remains tiny, but the vs. prior year jump shows how lumpy this business is.
what just happened
Revenue hit $2M, up 331% vs. prior year, while gross margin reached 63.7%.
At a glance
B balance sheet — gets the job done, barely
-$1.40 fy2024 eps est
$3M fy2024 rev est
n/a operating margin
1.55 beta
xvary composite: 62/100 — average
What they do
Ivanhoe Electric hunts for copper, gold, silver, and nickel deposits and sells investors on what those deposits might become.
The edge is land plus tools. Ivanhoe controls 2 material U.S. copper projects and owns Typhoon patents that can image deposits to depths of 1.5 kilometers. If you want new domestic copper supply, your shortlist is already tiny, and that scarcity matters more than current revenue.
How they make money
$3M
annual revenue · their business grew +11.8% last year
exploration technology and data services
$1.2M
santa cruz project-related activity
$0.9M
tintic project-related activity
$0.6M
other mineral projects and interests
$0.3M
The products that matter
proprietary exploration technology
typhoon geophysical survey system
supports a $3M revenue base
this is the technical edge management is selling, but the whole company still generated only $3M in revenue last year. if typhoon matters, it has to show up in discoveries before it shows up in financials.
technology bet
land exploration portfolio
arizona & utah mineral projects
backing a ~$2B equity story
these projects are the actual asset base. you are effectively valuing them at roughly $2B today even though the company is still operating with just $3M in annual revenue and no producing mine.
flagship assets
royalties and other revenue
mineral royalties & other
$0.9M · 30% of revenue
this segment contributed $0.9M last year. it helps, but it does not fund an $89M operating cash burn. that's why financing risk sits front and center.
small cushion
Key numbers
$3M
annual revenue
Revenue was $3 million in 2024. Plain English: almost nothing. So what: the stock trades on future mines, not current business output.
$1.40
2024 EPS
EPS means profit per share. Plain English: the company is still losing money. So what: you need future project success to justify today's price.
$25M
long-term debt
Long-term debt means money owed over years. Plain English: leverage is low at just 1% of capital. So what: the balance sheet is clean, but future funding may come from new shares.
1.55
beta
Beta measures volatility versus the market. Plain English: this stock swings harder than the index. So what: your position size matters.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 10 / 100
- long-term debt $25M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IE right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $2M, up 331% vs. prior year, while gross margin reached 63.7%.
Revenue remains tiny, but the vs. prior year jump shows how lumpy this business is. The bigger picture is still the full-year loss profile, with 2024 EPS estimated at negative $1.40.
$2M
revenue
$0.55
eps
63.7%
gross margin
the number that mattered
$2 million of quarterly revenue matters because when your full-year revenue is only $3 million, every quarter can rewrite the story.
source: company earnings report, 2026
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What could go wrong
the top risk is funding a pre-production mineral explorer with $89M of annual operating cash burn and only $3M of revenue.
high
cash burn outruns progress
operating cash flow was -$89M over the last year against $3M in revenue. that's roughly 30x more cash going out than revenue coming in.
if that gap stays wide, dilution becomes a funding tool rather than a contingency plan.
high
the rocks do not cooperate
a $2B valuation only works if exploration results eventually support an economic resource. if drilling disappoints, there is no mature operating business underneath to absorb the shock.
the stock is priced for discovery potential, so poor results can compress the multiple fast.
med
valuation leaves little room for operating proof
at roughly 667x sales, traditional valuation metrics barely apply. you are paying for what management might prove later, not what the income statement shows today.
even decent project updates may not help if they fall short of the market's embedded expectations.
med
volatility can become the story
beta is 1.55 and price stability is just 10 out of 100. that means the stock can react hard to financing headlines, drill updates, or risk-off markets.
sharp swings can force weak holders out before the underlying thesis is resolved.
a company generating $3M of revenue while using $89M of operating cash is living on financing and future geology. if either slips, the equity story gets harder very quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst window
santa cruz project updates
any resource update tied to the flagship arizona copper project matters more than quarterly revenue. that's where a $2B valuation either gains support or loses it.
financing
cash runway versus burn rate
$173M of cash against -$89M of operating cash flow implies roughly two years of runway if spending stays near current levels. any acceleration in burn brings the funding question forward.
business quality
whether revenue stops shrinking
exploration services and royalties both grew, yet total revenue still fell 25.6%. you want to see fewer moving parts canceling each other out.
market signal
valuation versus proof
at roughly 667x sales, the stock already assumes a lot of future success. watch whether new project data is strong enough to justify that premium rather than merely explain it.
Analyst rankings
coverage status
thin
standardized ranking and target data are limited here. in human-speak, the street does not give you much of a map.
balance sheet read
b+
$173M of cash and $25M of long-term debt keeps the balance sheet cleaner than the stock chart.
valuation read
stretched
667x sales is the market paying for a future discovery, not for present cash flow.
what matters next
proof
$3M of revenue and -$89M of operating cash flow leave very little room for story time.
source: institutional data
Institutional activity
institutional ownership data for IE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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