Ivanhoe Electric Inc.

ivanhoeelectric.com

What Do They Do?

Provides data-processing services to mineral, oil and gas, and water exploration customers, and explores and develops copper and other critical-metal projects.

How Do They Make Money?

Customers pay within 15 days for data-processing services. Short jobs are tied to delivery and customer acceptance, while longer services follow an agreed billing schedule.

revenue

Segment	Share	Revenue	How money arrives
Data processing services	100% FY2022: 10%
Energy storage systems Sold outright	0.0% FY2022: 8.4%		Sold outright

Who Are Their Customers?

The company sells data-processing services to customers in the mineral, oil and gas, and water exploration industries.

Do Revenues Turn Into Profits?

No. It lost $105.9M in FY2025.

Operating income, FY2025

−3501% of revenue

▼ −36% (Loss) vs FY2024 (−$177M, −6100%)

Net income, FY2025

−3264% of revenue

▼ −18% (Loss) vs FY2024 (−$128.6M, −4434%)

Free cash flow, FY2025

−2787% of revenue

▼ −45% (Loss) vs FY2024 (−$165M, −5689%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −32%; vs $1.1M in Q2 FY2025
Net income: ▲ +3% (Loss); vs −$23.9M in Q2 FY2025

Data processing services share of revenue vs 100.0% in Q2 FY2025

Mar 2, 2026 Cordoba scheduled the sale of its Colombian assets The transaction covers its remaining 50% interest in the Alacrán Project and other Colombian exploration assets.

Shrinking. Revenue fell 30% in 4 years, from $4.7M in FY2021 to $3.2M in FY2025, about 9% a year.

Revenue over time

Data processing services Energy storage systems Software licensing

$10M$5M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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