🚀 Graphene Competitors Comparison: Black Swan, HydroGraph, Argo Graphene

1. Company Overviews & Recent Developments

Black Swan Graphene Inc. (TSXV: SWAN; OTCQX: BSWGF)

• Patent granted for continuous graphene production; expanding plant capacity to ~140 tpa. Strategic partnerships in multiple industries secure ~40 customers worldwide .

• Recent PR highlights scale-up progress and industrial mastery. Retail momentum surges during news events.

HydroGraph Clean Power Inc. (OTCQB: HGRAF; CSE: HG.CX)

• Uses Hyperion detonation to generate ~99.8% pure graphene in modular systems  .

• Limited fresh news; core materials and investor decks shared but no big press since May 2025. Retail trading shows occasional volume spikes tied to tech announcements.

Argo Graphene Solutions Corp. (CSE: ARGO; OTCQB: ARLSF)

• Transitioned from living soils to graphene-focused business in June 2025; opened U.S. mixing facility; placed first graphene oxide order; appointed new board leadership  .

• Intense PR cycle has driven retail excitement, with share price increasing ~4× recently.

2. Share Structure & Trading Metrics

Black Swan Graphene:

• ~283.9M shares outstanding (TSXV) with undisclosed float; reverse split (0.125×) in Feb 2025 facilitated U.S. OTC listing .

• Current OTC price: USD ~1.06 (CAD ~0.085); daily volume modest (~63K on TSXV)  .

• Market cap ~CAD 29M (~USD 22M); no debt; cash ~CAD 3M; equity ~CAD 10.4M; book value ~CAD 0.28/share .

HydroGraph Clean Power:

• 266.85M shares outstanding; float ~262.71M (~98% free float) .

• Price: USD 0.2593 (July 18, 2025), after ~95.8% YoY gain; average 20‑day volume ~778K; spikes past 4.3M .

• Market cap ~USD 68M; assets/cash ~USD 3M; liabilities modest; net loss ~USD 4.8M in FY 2023; operating cash flow negative ~USD 1.5M  .

Argo Graphene Solutions:

• ~19.9M shares outstanding on CSE; OTC float unspecified but microcap structure; market cap ~USD 11.9M (~CAD 14.4M)  .

• Price (OTC): USD 0.63; average volume ~123K shares; volume peaks over 6K daily trades on news events .

• Financial: Net loss ~CAD 968K; EPS –CAD 0.05/share; no revenues disclosed; shareholder equity ~CAD 704K; zero debt  .

3. Financial Health & Performance Metrics

Black Swan:

• Net loss ~USD 0.85M (2024); negative free cash flow ~USD 0.75M; assets ~CAD 10.44M; liabilities ~CAD 0.27M .

• Strong liquidity ratios (current ratio ~13×); ROE ~–37%; ROA ~–16%  .

• No revenue yet; dependent on scale-up and masterbatch commercialization for future income.

HydroGraph:

• FY 2023 net loss ~USD 4.82M; sales ~USD 7.4K (meaning cost of sales far higher than revenue); assets ~USD 8.88M; liabilities ~USD 0.74M; book value ~USD 0.03/share   .

• Operating loss trends (–USD 1.48M FCF for FY 2023); loss per share –USD 0.04  .

• Limited financial scale; investors buy into technology potential.

Argo Graphene:

• Significant losses (5‑yr CAGR net income growth of –37%; negative margins accelerating) .

• Equity ~CAD 0.7M; no debt; liquidity ratios >1×.

• No current revenue stream; legacy living soils business transitioning; R&D and admin costs dominate.

🧠 Investor Insights & Final Takeaways

• Black Swan is the most financially mature: high liquidity ratios, no debt, real scale in production. Investors should monitor upcoming revenue deliveries and scaling throughput.

• HydroGraph relies on retail enthusiasm tied to its premium tech narrative. Though the float is large, financial results remain minimal. Investor exposure is speculative unless revenue traction emerges.

• Argo Graphene offers the highest volatility and promotional momentum but is still in early execution. It’s a small cap with weak financial track record, yet PR-driven narrative fuels attention.