Black Swan Graphene Ratios and Metrics

Market cap in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY	FY
Period Ending	Mar '26 Mar 12, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Apr '22 Apr 30, 2022	Jan '22 Jan 31, 2022
Net Debt / Equity Ratio	-0.53	-0.29	-0.38	-0.53	0.06	-0.35
Net Debt / EBITDA Ratio	1.27	1.17	1.42	1.17	0.09	2.53
Net Debt / FCF Ratio	1.66	1.30	1.50	3.03	0.45	5.53
Quick Ratio	22.49	13.24	51.64	14.14	0.05	49.38
Current Ratio	22.53	13.24	51.65	14.14	0.05	49.59
Return on Equity (ROE)	-56.01%	-30.02%	-21.68%	-55.59%	-4.74%	-27.56%
Return on Assets (ROA)	-53.59%	-28.54%	-30.00%	-54.11%	-4.35%	-27.19%
Return on Invested Capital (ROIC)	-95.48%	-44.14%	-57.44%	-100.46%	-7.13%	-42.31%
Return on Capital Employed (ROCE)	-54.95%	-28.99%	-30.75%	-55.43%	-4.54%	-27.56%

Updated Sep 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.