Electra Battery Materials' second quarter 2026 net income of $9M driven by warrant revaluation

Electra Battery Materials reported second quarter 2026 net income of $9.0 million CAD, or $0.09 per share, largely due to a $15.2 million non-cash gain from the fair value adjustment of US warrants. The company remains in a pre-revenue development phase as it continues construction on its hydrometallurgical cobalt refinery in Ontario.

Key Highlights

• Construction in progress assets for the Ontario cobalt refinery reached $57.5 million CAD, up from $48.3 million at year-end 2025.
• Secured a binding $20 million CAD investment agreement with the Canadian Government’s Strategic Response Fund to support eligible project costs.
• Ended the quarter with $35.9 million CAD in cash, supported by $9.0 million in net proceeds from an at-the-market equity program.
• Operating loss widened to $4.0 million CAD compared to $3.5 million CAD in the prior year period due to increased consulting and professional fees.