IENYSEMetal MiningUS GAAP · USD

Ivanhoe Electric Inc.

Ivanhoe Electric Inc. is a U.S.-based mineral exploration and technology company focused on advancing the Santa Cruz Copper Project in Arizona while also building exposure to critical metals, data processing services, and energy storage. The company combines early-stage mining assets with proprietary geophysical technology, including Typhoon™, and a Saudi Arabia exploration joint venture with Maaden.

Revenue3.2m USD
+11.8 %y/y
Operating profit (EBIT)-114m USD
+35.8 %y/y
EBIT margin-3,501.0%
+2,598.7 ppy/y
Net income-106m USD
+17.7 %y/y
Free cash flow-90.4m USD
+45.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-200-150-100-50050m USD2021: 4.7 m USD2021: EBIT -61 m USD20212022: 8.4 m USD2022: EBIT -132 m USD20222023: 3.9 m USD2023: EBIT -180 m USD20232024: 2.9 m USD2024: EBIT -177 m USD20242025: 3.2 m USD2025: EBIT -114 m USD20253.2-114
RevenueOperating profit (EBIT)

Business

Share of revenue
Mineral exploration and development0 %

Includes the Santa Cruz Copper Project and other mineral properties under exploration or evaluation.

Data processing services55 %

Geophysical data analysis and processing services provided mainly to mining and oil & gas customers.

Energy storage systems45 %

Vanadium redox flow battery systems developed and sold through VRB Energy.

Critical metals investments0 %

Equity interests, joint ventures, and project positions in critical metals opportunities.

Products

Reported · share of revenue
97.6%FY2024100 %
  • Data Processing Services97.6 %
  • Renewable Energy Storage Systems2.4 %

Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company’s mining projects do not yet generate revenue, so its current paying customers are mainly industrial and resource-sector clients served through CGI and VRB Energy. CGI sells data processing services to mining and oil & gas companies, while VRB Energy sells vanadium redox flow energy storage systems to customers seeking long-duration storage solutions. For the Santa Cruz Copper Project, the eventual customer base is expected to be copper cathode buyers in the United States.

Mining and oil & gas service customers

Buy CGI data processing and geophysical analysis to interpret survey data and support exploration decisions.

Energy storage customers

Buy VRB Energy vanadium redox flow systems for long-duration storage applications.

Future copper buyers

Would buy copper cathode from Santa Cruz once the project reaches production; sales are expected in the U.S.

Joint venture partners

Maaden and other partners fund and enable exploration access, technology deployment, and project advancement.

Strategy

The company is using capital to advance Santa Cruz toward a preliminary feasibility study and eventual development decision, while continuing exploration across its broader mineral portfolio. At the same time, it is monetizing technology capabilities through CGI and VRB Energy and using the Maaden joint venture to expand exploration reach in Saudi Arabia. This mix is intended to reduce dependence on a single project and create optionality across mining, services, and energy storage.

Complete Santa Cruz preliminary feasibility and permitting workShort term

Moves the flagship copper asset closer to development and future production.

Scale Saudi Arabia exploration through the Maaden JVMedium term

Provides access to a very large land package and validates Typhoon™ in a major mining jurisdiction.

Monetize technology businesses alongside mining assetsMedium term

Creates cash-generating activity while mineral projects remain pre-revenue.

Geography

2025

Ivanhoe Electric is headquartered in Tempe, Arizona and its core project is the Santa Cruz Copper Project in Arizona. The company also has a 50/50 exploration joint venture in Saudi Arabia with Maaden, where it has access to a very large land package and has deployed Typhoon™ systems. It plans to sell future copper production in the United States, while current technology and exploration activities span the U.S., Saudi Arabia, and other jurisdictions tied to project interests.

Canada98 %
China2.1 %

Share of the revenue the company reports by geography.

Risks

Ivanhoe Electric remains highly exposed to exploration risk because its mineral projects are still pre-production and may never become operating mines. The business also faces funding, permitting, commodity price, and geopolitical risks, especially given its Saudi Arabia joint venture and the capital-intensive nature of copper development. Technology and service businesses add diversification, but they also introduce execution, customer demand, and cyber risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Exploration and development failure1Permitting and regulatory delay2Commodity price risk3Geopolitical and trade policy risk4Cybersecurity and IT disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Exploration and development failureImpact: CriticalLikelihood: High

    The company operates no mines and mineral projects may not reach commercial production.

    Exposure: Santa Cruz Copper Project and other mineral interests

  2. Permitting and regulatory delayImpact: HighLikelihood: Medium

    Project advancement depends on environmental and other approvals, including in Colombia for related transactions and in Arizona for Santa Cruz.

    Exposure: Project timelines and capital deployment

  3. Commodity price riskImpact: HighLikelihood: Medium

    Copper project economics and potential sale premiums depend on benchmark copper prices.

    Exposure: Santa Cruz Copper Project

  4. Geopolitical and trade policy riskImpact: MediumLikelihood: High

    Operations and supply chains can be affected by tariffs, trade restrictions, and foreign jurisdiction exposure.

    Exposure: Saudi Arabia JV and international project activities

  5. Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium

    Data processing and geophysical businesses rely on systems that could be compromised or interrupted.

    Exposure: CGI and Typhoon™-related operations

Accounting

Judgemental items
Recoverable value of exploration mineral interests

Management must assess whether project carrying values remain supportable as exploration progresses or stalls.

Impact: Potential impairment charges on mineral properties

Equity method investment accounting

The Maaden joint venture is accounted for using the equity method, so its losses flow into Ivanhoe Electric’s results.

Impact: Reported net loss and investment carrying value

Revenue recognition for CGI and VRB Energy

Service revenue and equipment sales may be recognized differently depending on contract terms and delivery milestones.

Impact: Quarterly revenue timing and gross margin

Exploration expense classification

Drilling, geophysical work, salaries, and related taxes are expensed as exploration costs rather than capitalized in many cases.

Impact: Operating loss and comparability across periods

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026