The Ecograf Ltd (ASX: EGR) share price is falling today after the company released its report for the quarter ended 30 June.
Ecograf’s quarterly activities and cash flow report details the performance of its battery anode material business, lithium-ion battery materials recycling business, and graphite mining business.
The Ecograf share price is currently 72 cents, 3.38% lower than its previous close.
Let’s take a closer look at today’s news from Ecograf.
What’s driving the Ecograf share price today?
Cash flow report
The Ecograf share price is down on the back of the company’s final quarter of the 2021 financial year report.
Over the quarter ended 30 June, Ecograf used $553,000 in operating activities.
It spent $79,000 on exploration, $195,000 on staffing, and $242,000 on administration and corporate costs.
The company received $374,000 worth of government grants and tax incentives.
That brings its total spend on operating activities over the 2021 financial year to $2.33 million.
Ecograf finished the quarter with $52.6 million cash in the bank, mostly left over from its February capital raise.
That’s enough to fund it for another 88 quarters, or 22 years, if its outflows stay the same.
The Ecograf share price is slipping despite the company’s productive quarter.
Over the quarter, the company’s Battery Anode Material Facility, located near Perth, was awarded Major Project Status.
It also completed locked cycle testing for the facility’s pre-construction program.
The company is also in discussions with European countries about developing a Battery Anode Material Facility in Europe.
Finally, Ecograf listed on the OTCQX market over the quarter.
Ecograf share price snapshot
Despite today’s fall, Ecograf has been performing well this year.
So far, Ecograf shares have gained 320% since the start of 2021. They are also 921% higher than they were this time last year.
The company has a market capitalisation of around $321 million, with approximately 449 million shares outstanding.