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South Korea

Evolution Metals & Technologies Corp. (Pohang)

A South Korean producer of NdPr metal, NdPr alloy powder and sintered magnets at Pohang, listed on Nasdaq since January 2026 through a SPAC merger. Its annual report discloses 660 t/yr of magnet capacity; its press releases describe 1,000 t/yr today and more than 10,000 t/yr by the end of 2026. Its latest quarterly report records substantial doubt about its ability to continue as a going concern.

At a glance

Founded

2007 — The operating history begins with a first magnet plant in South Korea in 2007. The listed parent was created on January 5, 2026, when Evolution Metals LLC combined with Welsbach Technology Metals Acquisition Corp., a blank check company that had listed in December 2021, and the combined company was renamed Evolution Metals & Technologies Corp. The four Korean operating companies — KMMI INC., KCM Industry Co., Ltd., NS World Co., Ltd. and Handa Lab Co., Ltd. — were acquired by Evolution Metals LLC before that closing.

Headquarters

Pohang, North Gyeongsang Province, South Korea. The listed parent is a Delaware corporation trading on Nasdaq as EMAT, Commission File No. 001-41183.

Ownership

Public, Nasdaq: EMAT. At the close of the business combination on January 5, 2026 the company had 593,349,852 shares outstanding, rising to 621,790,646 by June 30, 2026. The four Korean operating companies received approximately 0.52% of the shares issued at closing between them; the remainder went to Evolution Metals LLC's pre-existing holders. Financing since has been through convertible debentures with YA II PN, Ltd. under a facility of up to $100 million, converting at the lower of $12.09 or 95% of the lowest daily volume-weighted average price over the five preceding trading days, with a floor of $1.86.

Stage

Ramping. Selling magnets and alloy from Pohang since 2007-2008 on 660 t/yr of disclosed capacity, and partway through an announced expansion to more than 10,000 t/yr by the end of 2026. No tonnage produced has been disclosed, and the company reports substantial doubt about continuing as a going concern.

Listing

Nasdaq: EMAT

Revenue

$3.5 million
Reported, six months ended June 30, 2026.
Quarterly revenue was $1.9 million in the first quarter of 2026 and $1.6 million in the second. Company guidance, which is not revenue, is $5 million to $8 million for fiscal 2026 and $400 million to $460 million for fiscal 2027; the company states the 2027 range does not represent full utilization and it is not based on contracted volumes.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

Narrative

The company's filings and its announcements describe very different scales of business. The annual report filed February 20, 2026 gives magnet capacity of 660 t/yr across a 400 t/yr plant from 2007 and a 260 t/yr plant from 2024, plus an NdPr metal and alloy plant from 2021. Press releases from May to September 2026 describe approximately 1,000 t/yr and an expansion to more than 10,000 t/yr by the end of 2026, supported by a binding equipment order with ULVAC for delivery by November 30, 2026, a conditional grant of about $20.7 million from Pohang City and Gyeongbuk Province, and an agreement in principle with Korea Electric Power Corporation to raise site power from 130 MW to 750 MW. No filing reports a tonnage produced or shipped. Revenue was $3.5 million for the first half of 2026. The second-quarter report discloses cash of $5.3 million, a net working capital deficit of $78.8 million, $2.3 million of convertible notes in maturity default, and management's conclusion that substantial doubt about the company's ability to continue as a going concern has not been alleviated. The operating business is four Korean companies acquired by Evolution Metals LLC before its combination with Welsbach Technology Metals Acquisition Corp.; the magnet business is KMMI at Pohang.

Where public sources disagree

• Current magnet capacity is given as 660 t/yr by the annual report of February 20, 2026, which lists a 400 t/yr plant from 2007 and a 260 t/yr plant from 2024, and as approximately 1,000 t/yr in press releases of August and September 2026. No filing records a capacity addition between the two dates that would account for the difference.
• No tonnage of magnets produced or shipped appears in any filing. The only tonnage in a filed document is an inbound receipt of 5 metric tons of NdPr metal on July 22, 2026. The annual report names Ford, Hyundai, LG and Samsung as customers of the predecessor Korean business from 2008; no current customer is named in any filing, which identifies only Customer A and Customer B.
• The announced power requirement and the announced magnet capacity are not reconcilable with the only published comparator at the same tonnage. The company states that Korea Electric Power Corporation is expected to raise its Pohang electrical capacity from 130 MW to 750 MW to support more than 10,000 t/yr of magnet production. Vulcan Elements' announced plant in Benson, North Carolina, also at 10,000 t/yr, is described as sited next to a 30 MW substation. 750 MW sustained across 10,000 t/yr implies approximately 657 kWh of electricity per kilogram of magnet produced. The company's own disclosures also record that it purchases NdPr metal from Senri Trading and SRE Vietnam rather than producing all of its own, which places the most electricity-intensive step in the chain off its site and would be expected to lower its power requirement relative to an integrated plant rather than raise it. The company has not published a reconciliation, and no Korea Electric Power Corporation, Pohang City or Gyeongbuk Province source confirming the 750 MW arrangement has been located.
• Promotional articles about the company published on News Direct and webdisclosure.com under the byline Wall Street Wire carry the disclosure that Wall Street Wire receives cash compensation from Evolution Metals & Technologies Corp. for coverage and awareness services provided on an ongoing subscription basis, and that the content is a form of paid advertising and promotion. The same channel distributed a research note carrying a $12 price target. These pieces are syndicated across several outlets under one byline and are not independent corroboration of any claim in them.
• Fiscal 2027 revenue guidance of $400 million to $460 million is approximately fifty-seven times the midpoint of fiscal 2026 guidance. The company states it is not based on contracted volumes, and no customer offtake agreement, named customer or contracted volume appears in any filing or release.
• Revenue guidance and claimed capacity are difficult to reconcile. Fiscal 2026 guidance of $5 million to $8 million against a claimed 1,000 t/yr of magnet capacity would imply a realized price of about $8 per kilogram across the full nameplate. The company publishes no selling price and no tonnage shipped, so neither figure can be checked against the other.
• The 10,000 t/yr figure is described as capacity in releases of May 14 and August 17, 2026 and as production in the release of August 27, 2026. Capacity and production are not the same measurement and the company uses the terms interchangeably.
• The United States capacity timeline differs between documents. The annual report of February 20, 2026 says approximately 55,000 t/yr within two years; an exhibit filed January 9, 2026 says up to 55,000 t/yr by 2028.
• The company's release of January 5, 2026 says it "believes it is the only company outside of communist China with proven, real-world operational expertise to produce rare earth magnets, including high-performance magnets, at large commercial scale in the United States." E-VAC Magnetics, MP Materials, Neo Performance Materials, Shin-Etsu Chemical and Vulcan Elements are all separately documented as producing or building magnet capacity outside China.

Latest reports

Across these reports

Quarterly revenue fell from US$1.9M to US$1.6M across the first two quarters of 2026, cash was US$5.3M against a US$78.8M working capital deficit at June 30, and the share count rose by about 28 million. Stated magnet capacity rose from 660 t/yr in the annual report to about 1,000 t/yr in releases, with 10,000 t/yr targeted for end-2026 and no tonnage produced reported.

Stated dates

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Sources

1. Annual report on Form 10-K, fiscal year 2025 — Evolution Metals & Technologies Corp., via SEC (2026-02-20)
2. Quarterly report on Form 10-Q, period ended June 30, 2026 — Evolution Metals & Technologies Corp., via SEC (2026-08-17)
3. Current report on Form 8-K, completion of business combination — Evolution Metals & Technologies Corp., via SEC (2026-01-09)
4. 750 megawatt power infrastructure expansion announcement — Evolution Metals & Technologies Corp. (2026-08-27)
5. Equipment purchase agreements with ULVAC — Evolution Metals & Technologies Corp. (2026-05-14)
6. First NdPr metal shipment received — Evolution Metals & Technologies Corp., via SEC (2026-07-22)
7. Vulcan Elements selects Benson, North Carolina for magnet facility — Vulcan Elements (2025-11-18)
8. Vulcan Elements Benson site, 30 MW substation — The Center Square (2025-11)
9. Evolution Metals projects $400 million to $460 million in 2027 revenue (carries Wall Street Wire's paid-promotion disclosure) — Wall Street Wire via News Direct (2026-09)
10. Evolution Metals & Technologies consummates business combination — Evolution Metals & Technologies Corp. via GlobeNewswire (2026-01-05)

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