FMST

MKT CAP:$23M

Foremost Clean Energy Ltd.

Market Cap

$23M

Basic Materials·Chemicals·🇨🇦 Canada·NASDAQ

Materials·Chemicals·🇨🇦·NASDAQ

Stock Price

$1.81-$0.48 (-20.96%)

Apr 24, 2026

Company Details

Foremost Clean Energy Ltd. engages in uranium and lithium exploration. Its uranium properties include the Eastern Athabasca and Blue Sky projects. The firm also maintains a secondary portfolio of lithium projects including Zoro, Jean Lake, ...

CEO

Jason Barnard

IPO Date

Jul 24, 2023

Website

foremostcleanenergy.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$2M

EPS (Diluted)

-$0.16

Free Cash Flow

-$5M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q3 2026

Feb 11, 2026

$0EPS -$0.10

Q2 2026

Nov 13, 2025

$0EPS -$0.15

Q1 2026

Aug 12, 2025

$0EPS $0.03

FY 2025

Jun 20, 2025

$0EPS -$0.35

Q4 2025

Jun 20, 2025

$0EPS $0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$0	$0	-$69.9K
Q3 21	$0	$0	-$482.1K
Q4 21	$0	$0	-$823.2K
Q2 23	$0	$0	-$642.8K
Q3 23	$0	$0	-$1M
Q4 23	$0	-$3.2K	-$64.0K
Q2 24	$0	$0	-$1M
Q3 24	$0	$0	-$715.5K
Q4 24	$0	$0	-$444.4K
Q1 25	$0	$0	-$752.2K
Q2 25	$0	$0	-$964.7K
Q3 25	$0	$0	-$2M
Q4 25	$0	$0	-$946.0K
Q1 26	$0	$0	-$1M
Q2 26	$0	$0	-$2M
Q3 26	$0	$0	-$1M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	91.4x
Q2 24	—	834.7x
Q3 24	—	144.0x
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—
Q1 26	—	—
Q2 26	—	—
Q3 26	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$102.7K	-$168.5K
Q3 21	-$42.3K	-$83.3K
Q4 21	-$410.8K	-$422.9K
Q2 23	-$443.8K	-$499.7K
Q3 23	$2M	$2M
Q4 23	-$3M	-$3M
Q2 24	-$1M	-$1M
Q3 24	-$613.7K	-$595.8K
Q4 24	-$723.0K	-$1M
Q1 25	-$1M	-$1M
Q2 25	$102.5K	$88.8K
Q3 25	-$2M	-$2M
Q4 25	$140.5K	$140.0K
Q1 26	-$1M	-$1M
Q2 26	-$2M	-$2M
Q3 26	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q2 21	$65.8K
Q3 21	$41.1K
Q4 21	$12.1K
Q2 23	$55.9K
Q3 23	$329.9K
Q4 23	$1M
Q2 24	$43.1K
Q3 24	$113.7K
Q4 24	$830.9K
Q1 25	$295.9K
Q2 25	$13.7K
Q3 25	$65.6K
Q4 25	$466
Q1 26	$109.6K
Q2 26	$54.8K
Q3 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	—	-94.0%
Q3 21	—	+32.7%
Q4 21	—	+387.6%
Q2 23	—	+76.6%
Q3 23	—	+1764.0%
Q4 23	—	-86.7%
Q2 24	—	+23.0%
Q3 24	—	+11.3%
Q4 24	—	-65.9%
Q1 25	—	+1075.7%
Q2 25	—	-4.8%
Q3 25	—	+118.4%
Q4 25	—	+112.9%
Q1 26	—	+71.8%
Q2 26	—	+141.3%
Q3 26	—	-6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$4.4K	—
Q3 21	$469.4K	—
Q4 21	$585.2K	—
Q2 23	$152.3K	—
Q3 23	$567.8K	—
Q4 23	-$366.5K	—
Q2 24	$507.9K	—
Q3 24	$105.7K	—
Q4 24	$40.4K	—
Q1 25	$0	—
Q2 25	$82.0K	—
Q3 25	$434.3K	—
Q4 25	$121.6K	—
Q1 26	$25.4K	—
Q2 26	$299.5K	—
Q3 26	$0	—

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$66.5K	$3.4K	—
Q3 21	$13.8K	$468.3K	—
Q4 21	$239.1K	$584.1K	—
Q2 23	$441.9K	$49.7K	—
Q3 23	$698.8K	$37.8K	—
Q4 23	$391.9K	$108.1K	—
Q2 24	$478.6K	$534.3K	—
Q3 24	$497.7K	$126.6K	—
Q4 24	$393.4K	$51.0K	—
Q1 25	$750.5K	$1.7K	—
Q2 25	$676.9K	$201.6K	—
Q3 25	$1M	$265.0K	—
Q4 25	$569.9K	$194.4K	—
Q1 26	$1M	$25.7K	—
Q2 26	$2M	—	—
Q3 26	—	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$172.1K	$0	$172.1K
Q1 23	$197.1K	$0	$197.1K
Q2 23	$223.5K	$0	$223.5K
Q3 23	$2M	$0	$2M
Q4 23	$419.9K	$0	$419.9K
Q1 24	$32.6K	$0	$32.6K
Q2 24	$2M	$0	$2M
Q3 24	$1M	$0	$1M
Q4 24	$729.5K	$0	$729.5K
Q1 25	$377.0K	$0	$377.0K
Q2 25	$122.3K	$0	$122.3K
Q3 25	$5M	$0	$5M
Q4 25	$4M	$0	$4M
Q1 26	$4M	$1M	$6M
Q2 26	$5M	$0	$5M
Q3 26	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	3M	+0.4%	+26.0%
Q3 21	3M	+3.8%	+27.7%
Q4 21	3M	+10.5%	+37.1%
Q2 23	4M	+25.9%	+45.0%
Q3 23	4M	+5.6%	+52.5%
Q4 23	4M	-0.6%	+46.0%
Q2 24	4M	+8.0%	+42.8%
Q3 24	5M	+11.8%	+26.8%
Q4 24	5M	+1.9%	+22.4%
Q1 25	5M	+9.1%	+34.3%
Q2 25	5M	+2.1%	+27.0%
Q3 25	9M	+59.9%	+81.6%
Q4 25	9M	0.0%	+78.2%
Q1 26	11M	+30.0%	+112.2%
Q2 26	12M	+9.0%	+126.5%
Q3 26	14M	+15.3%	+63.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$0	2
Q1 25	$0	2
Q2 25	$0	2
Q3 25	$0	2
Q4 25	$0	2
Q1 26	$0	2
Q2 26	$0	2
Q3 26	$0	2

Revenue / Employee