TORONTO, July 3, 2026, 14:11 ET
- Shares of HydroGraph Clean Power Inc. (HG:CNSX) dropped 12.2% to C$4.39 as of 1:49 p.m. EDT. Volume hit 1.05 million, compared to an average of 466,110.
- The stock had a market cap of C$1.48 billion. That’s on trailing 12-month sales of about US$90,800 as of March 31, according to company filings.
- HydroGraph’s shares on the U.S. OTC market (HGRAF:OTCMKTS) ended at US$3.54 on July 2. U.S. equity markets are closed July 3 for Independence Day observed.
HydroGraph Clean Power Inc. (HG:CNSX) fell in Toronto on Friday while Canadian small-cap and mining indexes were up. Shares dropped C$0.61 to C$4.39, after hitting C$4.22 earlier. Volume was over double the usual amount. The stock has traded between C$0.22 and C$11.34 this year.
HydroGraph traded well behind both the main Canadian index and the venture index as of the latest available marks.
| Security/index | Latest | Move | Trading read |
|---|---|---|---|
| HydroGraph Clean Power (HG:CNSX) | C$4.39 | -12.20% | Volume hit 1.05 mln shares, way over the 466,110 daily average. |
| S&P/TSX Composite | 35,247.73 | +0.80% | Trading close to its 52-week top |
| S&P/TSX Venture Composite | 937.54 | +2.53% | Risk appetite for small caps kept climbing |
The valuation story stands out more than the stock price today. HydroGraph is valued at C$1.48 billion versus its reported sales of just US$90,803 for the four quarters to March 31. That works out to over 11,000 times trailing sales after using about C$1.420 per U.S. dollar for the conversion.
| Bridge item | Figure | Investor read |
|---|---|---|
| Market value | C$1.48 bln | Valuation depends on future bookings, not current revenue |
| Trailing 12-month sales through March 31 | about US$90,803, or about C$129,000 | Sales are still tiny |
| Cash at March 31 | US$42.78 mln, or about C$60.8 mln | Enough cash for about 4.4 years if they keep burning at the last six months’ pace |
| Six-month net loss | US$6.97 mln | Loss ran about 99 times what they sold in the same period |
HydroGraph launched its Fractal Graphene Paste commercially on June 29. The new product is a pre-dispersed aqueous graphene paste with 20% graphene, well above the 1% to 5% seen in most commercial dispersions, the company said. Samples have gone out to over 30 customers, HydroGraph added.
“Dispersion is where many graphene projects make it or don’t,” President and CEO Kjirstin Breure said in a statement. She said customers are looking for products that go into plants “without significant process changes.” GlobeNewswire
That’s important since investors now can watch if samples start converting into revenue. The company listed target uses in concrete, coatings, thermal management and rubber, but didn’t provide contract sizes, customer names or sales targets.
HydroGraph still has limited revenue, according to its most recent results. For the fiscal second quarter, the company posted sales of US$51,015 and a net loss of US$3.82 million for the period ending March 31. Sales for the first half came in at US$70,700, while the six-month net loss was US$6.97 million.
Balance sheet looks firmer than the income statement right now. Cash stood at US$42.78 million as of March 31, thanks mostly to a US$40.85 million financing inflow over six months. Operating cash burn was US$4.81 million in that period.
HydroGraph’s share count climbed to 349.77 million as of March 31, up from 324.89 million at September 30, 2025. The move comes after a private placement, warrants and options exercised and a debt settlement. The Canadian Securities Exchange puts the figure at 336.61 million shares outstanding.
Trading this week was divided by holidays. Canada’s markets shut down July 1 for Canada Day, and U.S. markets will be shut Friday for Independence Day observed. HydroGraph’s Canadian listing will give Friday’s final price, while the OTC listing in the U.S. will reopen after the holiday.
Looking to next week, the focus will be on how many customers take up the new paste. The company said the product is on the market and buyers can request samples through its website, but it did not mention any purchase orders in the June 29 release.
