IEIvanhoe Electric Inc.
Metal Mining
- Revenue
- $3M
- 12% YoY
- Operating margin
- -3501.0%
- 43% YoY
- EBITDA
- −$111M
- 37% YoY
- Market cap
- $1.2B
- Employees
- 286
- $11K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes359% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$11K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 46th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5M | $8M | $4M | $3M | $3M | 12% |
| Operating income | −$61M | −$132M | −$180M | −$177M | −$114M | 36% |
| Net income | — | — | −$199M | −$129M | −$106M | 18% |
| Operating cash flow | −$48M | −$116M | −$151M | −$162M | −$89M | 45% |
| Capex | $4M | $9M | $2M | $3M | $1M | 59% |
| Stock-based comp | $4M | $5M | $21M | $15M | $12M | 22% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 31, 2023 | Saudi Arabian Mining Co (Ma'aden) | SC 13D/A | 9.9% | Passive |
| Oct 23, 2023 | Saudi Arabian Mining Co (Ma'aden) | SC 13D/A | 8.7% | Passive |
| Oct 16, 2023 | Saudi Arabian Mining Co (Ma'aden) | SC 13D/A | 8.7% | Passive |
| Jul 18, 2023 | ORION RESOURCE PARTNERS (USA) LP | SC 13D/A | 3.8% | Passive |
| Jul 17, 2023 | Saudi Arabian Mining Co (Ma'aden) | SC 13D | 9.9% | Passive |
| Jun 23, 2023 | ORION RESOURCE PARTNERS (USA) LP | SC 13D/A | 5.3% | Passive |
| May 24, 2023 | ORION RESOURCE PARTNERS (USA) LP | SC 13D/A | 6.7% | Passive |
| Mar 21, 2023 | ORION RESOURCE PARTNERS (USA) LP | SC 13D/A | 8.0% | Passive |
| Jul 11, 2022 | ORION RESOURCE PARTNERS (USA) LP | SC 13D | 8.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $4M · 8
- Net
- −$4M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 184 | 191 |
| FY2024 | — | — | 87 | 100 |
| FY2023 | — | — | 116 | 116 |
| FY2022 | — | — | 140 | 112 |