Home / Going-concern warnings / 5E Advanced Materials, Inc.
Filed 2025-09-29 路 Form 10-K 路 Accession 0001193125-25-223170 micro
Price before filing: $3.66 (2025-09-26 close, split/dividend-adjusted)
Market cap at flag: $77.0M (2025-09-29) 路 Latest: $121.6M (2026-10-16)
| Window | FEAM | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +34.2% | +3.9% | +30.3% | 2025-10-29 |
| 90 days | -14.8% | +4.2% | -19.0% | 2025-12-29 |
| 180 days | -66.7% | -4.0% | -62.7% | 2026-03-30 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 4 insiders bought $711K (4 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-08-25 | Ascend Global Investment Fund SPC - Strategic Segregated Portfolio (+4 joint filers) Director, 10% owner | Purchase | 100,000 | $3.50 | $350K | no | Form 4 |
| 2025-08-25 | BEP Special Situations IV LLC (+1 joint filer) Director, 10% owner | Purchase | 100,000 | $3.50 | $350K | no | Form 4 |
| 2025-08-25 | Malm Joshua CFO | Purchase | 1,425 | $3.50 | $5K | no | Form 4 |
| 2025-08-25 | Weibel Paul Wesley III Chief Executive Officer | Purchase | 1,628 | $3.50 | $6K | no | Form 4 |
| 2025-09-29: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-07-01 to 2025-10-29. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 1 to the consolidated financial statements, the Company currently generates no revenue from operations and has incurred recurring losses from operations and will need to secure additional financing in the next twelve months to maintain its operations, which raises substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: PricewaterhouseCoopers LLP
Source: independent auditor report in Form 10-K (period 2025-06-30)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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