The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 87.9M (2022) → 129.4M (2026)
NEO Battery Materials Ltd., founded in 2006 and headquartered in Vancouver, Canada, operates as an emerging resource enterprise specializing in the search for battery metals throughout North America. The company possesses stakes in mining claims covering an area of 467 hectares, situated in the vicinity of Golden, British Columbia. Additionally, it is actively involved in the development of silicon anode materials. The firm adopted its current name, NEO Battery Materials Ltd., in March 2021, having previously been known as Pan Andean Minerals Ltd.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
Revenue data limited
-69.5% YoY
YoY Growth Rate
Earnings declining
C$509,434/ year
↑ Rising (+60% vs prior year)
190.3% of revenue
63.4x the sector average (3%)
Investing heavily in future products and technology
~6 months
C$3M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
NEO Battery Materials is putting 190% of revenue into R&D and that number is rising. That's 63.4x the sector average.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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