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NIOCORP DEVELOPMENTS LTD (NB)·Q4 2025 Earnings Summary

Executive Summary

  • Q4 FY2025 posted a preliminary full-year net loss of $16.7M ($0.35/share), versus $11.4M ($0.31/share) in FY2024, with cash ending FY2025 at $25.6M and 58.49M shares outstanding .
  • EPS missed Wall Street consensus in Q4: Primary EPS actual -$0.19 vs -$0.17 estimate (miss of $0.02)*.
  • No formal revenue or margin guidance was provided for Q4 FY2025; management reiterated focus on financing and progressing Elk Creek feasibility work .
  • Subsequent quarter updates highlight aggressive capital raising and project advancement (407 acres acquired; DoD reimbursement potential up to $10M; $155M gross proceeds across offerings), strengthening liquidity and execution runway .

Values marked with an asterisk (*) were retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Liquidity improved meaningfully by FY2025 year-end: cash reached $25.6M in Q4 FY2025 (from prior quarters), supporting near‑term project activities .
  • Post‑Q4 funding momentum: three equity offerings in the subsequent quarter raised ~$155M gross, plus ~$15.2M from warrant exercises, creating a record ~$162.8M cash balance by September 30, 2025 .
  • Execution progress: updated feasibility study work and drilling campaign underway; Company acquired ~407 acres encompassing Elk Creek mineral resources and reserves needed to commence construction (subject to financing) .
    • “NioCorp intends to file its unaudited interim condensed consolidated financial statements…on or before November 14, 2025.”
    • “The Company…is entitled to receive up to an aggregate of approximately $10.0 million of reimbursement payments from the U.S. Department of Defense upon the achievement of certain project milestones…”

What Went Wrong

  • EPS missed consensus for Q4 FY2025 by $0.02 (actual -$0.19 vs -$0.17 estimate)*.
  • Loss profile widened vs prior quarter: Q4 net loss stepped up vs Q3 (reflecting ongoing pre‑revenue stage and development spending)*.
  • FY2025 loss increased YoY ($16.7M vs $11.4M), underscoring continuing financing and development demands ahead of Elk Creek commercialization .

Values marked with an asterisk (*) were retrieved from S&P Global.

Financial Results

Quarterly comparison (oldest → newest)

MetricQ2 FY2025Q3 FY2025Q4 FY2025
Net Income ($USD Millions)-0.45*-5.30*-9.59*
Diluted EPS - Continuing Ops ($USD)-0.0098*-0.1145*-0.1651*
Cash And Equivalents ($USD Millions)0.48*1.29*25.60

Values marked with an asterisk (*) were retrieved from S&P Global.

Full-year YoY (FY2024 → FY2025)

MetricFY 2024FY 2025
Net Loss ($USD Millions)-11.4 -16.7
EPS ($USD)-0.31 -0.35

EPS vs Estimates (Q4 FY2025)

MetricConsensusActualSurprise
Primary EPS ($USD)-0.17*-0.19*-0.02 (miss)*

Values marked with an asterisk (*) were retrieved from S&P Global.

Segment breakdown

SegmentRevenueNotes
Elk Creek Project (Niobium/Scandium/Titanium; evaluating rare earths)n/aPre‑revenue development stage

KPIs

KPIQ4 FY2025Comment
Cash Balance ($USD Millions)25.60 Year‑end liquidity improved
Shares Outstanding (Millions)58.49 Share count at FY2025 end
Equity Proceeds During Q4 ($USD Millions)31.1 Underwritten/public/Yorkville/warrants in quarter

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY2025/Q4NoneNoneMaintained (no guidance)
MarginsFY2025/Q4NoneNoneMaintained (no guidance)
OpEx / OI&EFY2025/Q4NoneNoneMaintained (no guidance)
Tax RateFY2025/Q4NoneNoneMaintained (no guidance)
Segment GuidanceFY2025/Q4NoneNoneMaintained (no guidance)
DividendsFY2025/Q4NoneNoneMaintained (no dividend)

No formal quantitative guidance was provided in the quarter .

Earnings Call Themes & Trends

No earnings call transcript was available for Q4 FY2025.

TopicPrevious Mentions (Q2, Q3)Current Period (Q4 FY2025)Trend
Financing progressQ2: preliminary results and continued financing focus ; Q3: reiterated financing needs FY2025 ended with $25.6M cash; continued focus on financing Improving liquidity; financing remains critical
Project execution (feasibility/drilling)Q2/Q3: ongoing work referenced Post‑Q4: feasibility update and drilling activity; 407 acres acquired Acceleration post‑Q4
DoD reimbursementNot highlighted in Q2/Q3Post‑Q4: up to $10.0M potential reimbursement upon milestones Positive optionality
Equity capital actionsQ2/Q3: ongoing use of Yorkville and offerings FY2025: $31.1M proceeds; subsequent ~$155M in offerings + $15.2M warrants Strong capital access post‑Q4
Rare earths optionalityOngoing evaluation mentioned Continues post‑Q4 Steady strategic optionality

Management Commentary

  • “NioCorp Provides Preliminary Unaudited Financial Results for the fiscal year ended June 30, 2025.”
  • “The Company ended the fiscal year with a cash balance of approximately $25.6 million and 58,491,196 common shares outstanding.”
  • “NioCorp is developing a critical minerals project in Southeast Nebraska…expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths…”
  • “NioCorp…is entitled to receive up to an aggregate of approximately $10.0 million of reimbursement payments from the U.S. Department of Defense upon the achievement of certain project milestones…”

Q&A Highlights

No Q4 FY2025 earnings call Q&A was available in our document search.

Estimates Context

  • Q4 FY2025 EPS missed consensus: -$0.19 actual vs -$0.17 estimate (miss of $0.02). With only one covering estimate, model uncertainty is high and revisions may be limited near term.
  • Revenue consensus was $0.00 (pre‑revenue), consistent with development stage*.
  • Target Price Consensus Mean stood at $12.75 in Q4 FY2025*.

Values marked with an asterisk (*) were retrieved from S&P Global.

Key Takeaways for Investors

  • Liquidity base improved by FY2025 year‑end ($25.6M cash), and subsequent quarter capital raises materially extended runway (record ~$162.8M cash) .
  • EPS undershot consensus in Q4, consistent with pre‑revenue development dynamics and rising execution costs; focus remains on financing and feasibility completion*.
  • Execution milestones (feasibility update, drilling, land assembly) de‑risk project path to construction, contingent on project financing .
  • DoD reimbursement up to $10M provides non‑dilutive funding potential upon milestone achievement, improving capital efficiency .
  • Near‑term trading: headlines around financing commitments, DoD milestone reimbursements, and feasibility update timing likely drive stock narrative; absence of revenue limits fundamental catalysts .
  • Medium‑term thesis: successful financing for Elk Creek (including potential export credit support) and clarity on rare earths economics are central to rerating .
  • Maintain vigilance on dilution and listing requirements while monitoring capital sources and milestone execution .