NextSource Materials

NEXT.TO

Industrial Materials · Basic Materials

Price

C$0.28

+0.00 (+0.00%)

Market Cap

C$53.7M

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+165.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 66.7M (2021) → 176.7M (2025)

Winston Score History

The full picture

NextSource Materials is a Canadian mining company focused on producing graphite, a mineral used to make batteries for electric vehicles and energy storage systems. Its main project is the Molo Graphite Mine in Madagascar, one of the largest known graphite deposits in the world. The company is working to supply natural graphite to battery manufacturers and other industrial customers.

NextSource makes money by selling graphite it mines and processes, though it is still in the early stages of production and is not yet generating meaningful revenue. It operates primarily in Madagascar for mining and is headquartered in Canada, with a market cap of roughly $100 million. The company's main opportunity is riding demand growth for EV batteries, but its biggest risk is that it is pre-revenue with deeply negative margins, meaning it depends on outside funding to keep operating while it tries to scale up production.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-33.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-119.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

53.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$17M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

NextSource Materials has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-1624.3%

Thin — -1624.3% gross margin

Profit after running costs

Operating Margin

-4620.8%

Losing money on operations — -4620.8%

Return on the money invested

ROCE

-29.6%

Weak — -29.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+343.2%

Fast-growing sales (+343.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-2421.7%

Burning cash (-2421.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.11

Elevated debt (1.11)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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