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NVX

Novonix Limited

NVX

Novonix Limited • NASDAQ
$1.19 ▲ 5.80% (+0.07)
Market Cap $175.72 M
52w High $3.86
52w Low $0.81
Dividend Yield 0%
P/E -3.49
Volume 856.84K
Outstanding Shares 148.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.818M ▼ $11.758M ▲ $-20.142M ▲ -714.663% ▲ $-0.13 ▲ $-16.013M ▲
Q4-2024 $3.102M ▲ $11.476M ▼ $-45.934M ▼ -1.481K% ▼ $-0.37 ▼ $-41.874M ▼
Q2-2024 $2.739M ▼ $29.388M ▲ $-28.7M ▼ -1.048K% ▼ $-0.36 ▼ $-24.541M ▼
Q4-2023 $4.314M ▲ $9.802M ▼ $-18.938M ▲ -438.963% ▲ $-0.15 ▲ $-14.668M ▲
Q2-2023 $3.853M $11.413M $-27.622M -716.824% $-0.23 $-24.366M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $26.946M ▼ $239.038M ▲ $99.733M ▲ $139.304M ▲
Q4-2024 $42.558M ▼ $226.096M ▼ $88.505M ▲ $137.59M ▼
Q2-2024 $47.114M ▼ $240.744M ▲ $82.735M ▲ $158.009M ▲
Q4-2023 $53.589M ▼ $179.286M ▼ $54.061M ▲ $125.225M ▼
Q2-2023 $65.796M $186.541M $52.422M $134.119M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-20.142M ▲ $-22.266M ▼ $-20.831M ▼ $23.725M ▼ $-17.064M ▼ $-56.325M ▼
Q4-2024 $-45.934M ▼ $-18.112M ▲ $-8.74M ▲ $26.033M ▲ $-4.843M ▲ $-38.396M ▼
Q2-2024 $-28.711M ▼ $-22.151M ▼ $-14.234M ▼ $-1.394M ▼ $-15.111M ▼ $-16.921M ▼
Q4-2023 $0 $0 ▲ $-2.256M ▼ $-447.212K ▼ $-8.038M ▼ $-8.065M ▲
Q2-2023 $0 $-8.513M $1.094M $29.568M $20.368M $-14.766M

Revenue by Products

Product Q4-2022
Hardware Sales
Hardware Sales
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Novonix is still very much in a development phase. Revenue has been tiny and fairly flat over several years, while expenses have been much larger, leading to ongoing losses. Profitability has not yet appeared, and net losses have tended to deepen rather than shrink. This suggests the business is still building out technology and capacity rather than operating as a mature, revenue-generating manufacturer. The income statement tells a clear story: promising technology, but not yet a commercial-scale business that covers its own costs.

Balance Sheet

Balance Sheet The balance sheet shows a company investing heavily while gradually drawing down its financial cushion. Total assets have come down from earlier highs, and cash has materially declined over the last few years, meaning there is less buffer to fund future operations. Debt has crept up, while equity has trended lower, indicating cumulative losses are weighing on the company’s net worth. Overall, the balance sheet looks acceptable for an early-stage industrial technology firm, but it also signals that continued progress will likely depend on either improved cash generation or fresh external funding over time.

Cash Flow

Cash Flow Cash flow patterns are typical of a company still ramping up. Operating cash flow has been consistently negative, showing the core business consumes cash instead of generating it. On top of that, the company has been spending meaningfully on capital projects, so free cash flow has been even more negative. While capital spending is somewhat lower now than at the peak build-out period, Novonix still burns cash each year. The key question going forward is whether production ramp-up and commercial contracts can gradually close this cash gap before the company needs substantial new capital.

Competitive Edge

Competitive Edge Competitively, Novonix appears well placed within a specialized niche of the battery supply chain. It aims to be an early, large-scale producer of high-performance synthetic graphite and advanced cathode materials in North America, a region that is actively trying to reduce reliance on Asian suppliers. Its strengths include patented production technologies, an integrated model that combines materials with testing services, and alignment with environmental and supply-chain priorities of major battery and EV makers. However, it operates in a space that attracts large, well-funded competitors, and its advantage will depend on how quickly and reliably it can scale, keep costs under control, and lock in long-term customer relationships.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Novonix. The company is pushing proprietary processes for both anode and cathode materials that aim to be cleaner, more efficient, and higher performing than traditional methods. Its in-house battery testing arm not only brings in some revenue, but also accelerates product development by letting it test and refine new materials quickly. The technology roadmap is ambitious: scaling synthetic graphite, commercializing dry-process cathodes, and exploring next-generation battery chemistries. This heavy R&D focus supports a strong technical story but also contributes to ongoing losses and execution risk if commercialization takes longer than expected.

Summary

Novonix looks like an advanced materials and battery-technology platform that is still in the transition from laboratory and pilot stages to full commercial operations. Financially, it remains loss-making and cash-consuming, with a shrinking cash balance and modestly higher debt, reflecting the cost of building out its capabilities. Strategically, it has meaningful strengths: differentiated technology, intellectual property, environmental advantages, and a strong positioning in the emerging North American battery supply chain, supported by notable partners and government interest. The main tensions to watch are the pace of revenue growth versus cash burn, the ability to scale production reliably, and how well the company can turn its technical edge into durable, profitable customer relationships over time.

NEWS

September 29, 2025 · 6:54 AM UTC

NOVONIX Achieves Critical Operational Milestone

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