First Graphene Limited

FGPHF

Chemicals · Basic Materials

Price

$0.04

+0.00 (+0.00%)

Market Cap

$38.9M

Exchange

Other OTC

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+31.6% over 4y

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

Diluted shares outstanding: 530.1M (2021) → 697.7M (2025)

First Graphene Limited is an Australian company that makes high-purity graphene, a material that is essentially a single layer of carbon atoms arranged in a flat sheet. Graphene is known for being extremely strong and conductive, and First Graphene sells it as an additive to improve products like rubber, concrete, coatings, and plastics. Its customers are mainly industrial manufacturers looking to make their materials stronger or more durable.

The company earns revenue by selling graphene powder and related products, primarily under its PureGRAPH brand, and by licensing its technology to partners. It operates mainly in Australia and the United Kingdom, and remains a very small company with no meaningful profits. The negative margins reflect that it is still in an early commercial stage, spending heavily while revenues are minimal. The key risk is that graphene has struggled to achieve widespread industrial adoption for years, and First Graphene must prove its materials deliver enough real-world benefit to justify the cost for manufacturers.

Winston Score History

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

+67.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+12.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$1M/ year

↑ Rising (+24% vs prior year)

262.2% of revenue

87.4x the sector average (3%)

Investing heavily in future products and technology

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~12 months

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

First Graphene Limited grew revenue 68% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Gross Margin

-90.3%

Thin — -90.3% gross margin

Operating Margin

-710.1%

Losing money on operations — -710.1%

ROCE

-24.1%

Weak — -24.1% return on capital

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

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Growth

Sales YoY

+59.1%

Fast-growing sales (+59.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-260.8%

Burning cash (-260.8%)

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

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

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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