EMAT reports Q1 GAAP net loss of $440.3M on $425M non-cash charge; adjusted loss $15.1M

Evolution Metals & Technologies Corp.

Adjusted net loss of $15.1M ($0.02/share) vs $2.5M in Q1 2025; GAAP net loss $440.3M including $425.2M non-cash fair-value charge.
Gross profit $0.4M (24% margin); operating loss $15.7M on $16.1M SG&A driven by consolidation and one-time public-company costs.
Subsequent to quarter-end: $100M convertible debenture facility with Yorkville secured on May 7, 2026.
Binding purchase orders for 13 ULVAC sintered magnet machines; expects annual capacity of ~10,000 metric tons by Nov 2026.
Policy tailwinds: Section 232 Proclamation, $12B Project Vault, DFARS deadline Jan 1, 2027 restricting Chinese-origin magnets.

item 2.02 item 7.01 item 9.01

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