FEAMHIGH SIGNALFINANCIAL10-K

FEAM achieved a dramatic debt reduction from $64.8M to virtually zero while substantially improving net losses, though operating performance and cash position weakened.

The near-complete elimination of debt represents a major balance sheet restructuring that significantly reduces financial risk and interest burden for the company. However, the deterioration in operating income and continued cash burn suggests underlying business challenges persist despite the improved capital structure.

Comparing 2025-09-29 vs 2024-09-09View on EDGAR →
FINANCIAL ANALYSIS

FEAM's balance sheet underwent a major transformation with total debt falling from $64.8M to just $22K and total liabilities declining 90.4% to $7.5M, dramatically improving the company's financial position. Net losses improved meaningfully from $62.0M to $31.6M, though this was offset by worsening operating income which declined 21.9% to negative $43.7M. The company's cash position weakened modestly to $3.8M while operating cash flow burn improved slightly to negative $23.6M, indicating ongoing liquidity concerns despite the debt restructuring.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-100%
$64.8M$22K

Debt reduced 100% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-90.4%
$78.8M$7.5M

Liabilities reduced 90.4% — deleveraging improves balance sheet strength and financial flexibility.

Net Income
P&L
+49.1%
-$62.0M-$31.6M

Net income grew 49.1% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+40.9%
$88K$124K

Capital expenditure jumped 40.9% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
-33.7%
$9.7M$6.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
-32.3%
$6.8M$4.6M

Current assets declined 32.3% — monitor working capital adequacy and short-term liquidity.

Operating Income
P&L
-21.9%
-$35.9M-$43.7M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Cash & Equivalents
Balance Sheet
-21.7%
$4.9M$3.8M

Cash decreased 21.7% — monitor burn rate and upcoming capital needs.

Total Assets
Balance Sheet
-21%
$89.5M$70.7M

Total assets contracted 21% — asset sales, write-downs, or balance sheet optimization underway.

Operating Cash Flow
Cash Flow
+12%
-$26.9M-$23.6M

Operating cash flow grew 12% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2025-09-29
PRIOR — 2024-09-09
ADDED
Form 10-K Summary 118 Signatures 119 i Selected Definitions 5E Boron Americas refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation).
CERLA refers to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.
Certificate of Incorporation refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc., as amended.
FEL refers to front end loading, a stage gated project management system (with a number to the corresponding stage, e.g., FEL-1, FEL-2, FEL-3.) LCE refers to lithium carbonate equivalents.
Preliminary Feasibility Study or PFS refers to the Preliminary Feasibility Study and Technical Report Study, dated August 7, 2025, included as Exhibit 96.1 to this Annual Report.
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REMOVED
Form 10-K Summary 111 Signatures 115 i Selected Definitions 5E Boron Americas refers to 5E Boron Americas, LLC (f/k/a Fort Cady (California) Corporation).
CERLA refers to the Comprehensive Environmental Response, Compensation and Liability Act.
Certificate of Incorporation refers to the Amended and Restated Certificate of Incorporation of 5E Advanced Materials, Inc.
FEL refers to front end loading, a stage gated project management system (with a number to the corresponding stage, e.g., FEL-2.) LCE refers to lithium carbonate equivalents.
We qualify all of our forward-looking statements by these cautionary statements.
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