Evolution Metals & Technologies
Evolution Metals & Technologies Corp. (EM&T) (Nasdaq: EMAT) makes rare earth magnets. Its facilities in South Korea have produced bonded magnets for more than 18 years, added sintered magnet production in 2024 and made first sintered sales in 2025; the company does not mine. EM&T has completed quality certification with two global Tier-1 electronics OEMs across seven sintered grades, including heavy-rare-earth compositions, which it produces at commercial scale today from non-China NdPr metal supplied under contract through SRE Vietnam, a Tokai subsidiary. An eighth grade is in the final stages of customer certification. All 57 containers of equipment for thirteen additional ULVAC sintered magnet production lines arrived at Pohang in October 2026, and commissioning is under way. The lines are intended to take annual capacity from about 1,000 tons to approximately 10,000 tons, ahead of the January 1, 2027 DFARS deadline on magnet sourcing. EM&T has secured approximately 754 metric tons of non-China neodymium metal, delivered or committed through 2027, and has 880 MW of power in place at Pohang.
Stock information
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Proven Manufacturing Matters
Rare earth magnet supply is a manufacturing problem more than a mining problem. The rules now reward the company that can make a certified, traceable magnet. EM&T is already doing it.
Guidance
On October 9, 2026 the company raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the initial range of $5 million to $8 million issued on September 10, 2026, and reaffirmed guidance of $400 million to $460 million for fiscal 2027, the first full year of operations following the Pohang expansion. The guidance reflects anticipated utilization during the production ramp rather than full capacity, and depends on equipment commissioning, customer qualification, feedstock availability, working capital, product mix, pricing and shipment timing.
Read the release ยท See the risk factors in the company's SEC filings
What to watch
- November 2026: commissioning of the thirteen additional ULVAC sintered magnet production lines at Pohang, under way since all 57 equipment containers arrived in October.
- November 10, 2026: China's one-year suspension of its October 2025 rare earth export controls is scheduled to end unless extended.
- December 17, 2026: ribbon-cutting and operational showcase at Pohang.
- January 1, 2027: DFARS 252.225-7052 restrictions on covered-nation magnets in U.S. defense deliverables take effect.
- 2027: deliveries under a 600-metric-ton Senri Trading contract for non-China neodymium metal; dysprosium supply of 1.5 metric tons a month committed from February 2027.
- Quarterly results: per the SEC filings calendar.
Investor FAQ
Is EM&T a mining company?
No. EM&T makes rare earth magnets and the alloy and powder that go into them. It has said it does not intend to enter the mining business. Its metal is sourced under contract from outside China.
Where does EM&T produce?
In South Korea, through facilities with more than 18 years of magnet production, consolidating at Pohang. The company is headquartered in Miami and listed on Nasdaq.
What is a certified grade?
A magnet grade that a customer has tested and approved for use in its products. Two global Tier-1 electronics OEMs have certified seven EM&T sintered grades, and an eighth is in the final stages of certification. Certification of a grade is not a purchase order for a volume; it is the step that has to come before one.
How much does EM&T produce today, and what is the plan?
About 1,000 tons of magnets a year today. All 57 containers of additional ULVAC equipment arrived at Pohang in October 2026, and commissioning is under way. The equipment is intended to take annual capacity to approximately 10,000 tons, including about 6,000 tons of sintered magnets.
What feedstock has EM&T secured?
Approximately 754 metric tons of non-China neodymium metal: about 42 tons delivered to Pohang, 72 tons pending shipment through March 2027 and 640 tons committed through the end of 2027, including a 600-ton contract with Senri Trading. EM&T also holds about 520 kilograms of dysprosium metal at Pohang, with 1.5 tons a month committed from February 2027. The company expects the neodymium to cover about half the feedstock needed for its 2027 revenue guidance.
What does the DFARS deadline mean for EM&T?
From January 1, 2027, DFARS 252.225-7052 restricts NdFeB and samarium-cobalt magnets from covered nations in U.S. defense deliverables. EM&T makes its magnets from non-China metal and expects that to matter to defense contractors and their suppliers.
Where can I find the company's financial position and funding?
In the SEC filings. EM&T's quarterly reports and its current reports describe its cash position, its financing facilities and the risks relating to liquidity.
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