Graphene Manufacturing Group

GMG.V

Chemicals - Specialty · Basic Materials

Price

C$2.03

-0.06 (-2.87%)

Market Cap

C$255.2M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+62.6% over 4y

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

Diluted shares outstanding: 60.5M (2021) → 98.4M (2025)

Graphene Manufacturing Group Ltd, a clean-technology company, engages in the manufacture of graphene powder and energy saving and energy storage solutions enabled by graphene in Australia. The company offers graphene products, including Thermal-XR HVAC coating system, which improves the conductivity of corroded heat exchange surfaces; G Lubricant, a concentrate of GMG Graphene and lubricating oil designed for energy savings, emission savings, and wear prevention; Supa G, a graphene slurry used to enhance the performance of lithium-ion batteries; and graphene aluminum-ion battery. It also provides Thermal-XR coating and energy savings application services. The company was incorporated in 2016 and is based in Brisbane, Australia.

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

+243.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+147.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Runway

~14 months

$14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Strong grower

Graphene Manufacturing Group is growing revenue at 243% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

-1110.7%

Thin — -1110.7% gross margin

Operating Margin

-2267.0%

Losing money on operations — -2267.0%

ROCE

-62.6%

Weak — -62.6% return on capital

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

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Growth

Sales YoY

+2034.1%

Fast-growing sales (2034.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-202.4%

Burning cash (-202.4%)

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

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

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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