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NOVONIX Ltd
(Sydney:NVX)
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Rating:44Neutral
Price Target:
AU$0.08
▼(-42.86% Downside)
Action:Upgraded
Date:09/19/26
The score is driven primarily by weak financial performance—widening losses and heavy, increasing cash burn—despite strong top-line growth. Technicals add pressure with the stock below all major moving averages and a negative MACD. Valuation is difficult to support using earnings due to the negative P/E and lack of a dividend yield.
Positive Factors
Revenue Growth
Meaningful annual revenue growth indicates that NOVONIX is expanding commercial activity across its battery-materials and technology businesses. If the company can convert this demand into profitable production and service delivery, the larger revenue base could support operating leverage over the next several quarters.
Negative Factors
Deteriorating Profitability
Persistent losses and a sharply negative gross profit show that NOVONIX has not yet established an efficient cost structure. This weakens the quality of its revenue growth and means additional sales may not translate into durable earnings until production and operating economics improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Meaningful annual revenue growth indicates that NOVONIX is expanding commercial activity across its battery-materials and technology businesses. If the company can convert this demand into profitable production and service delivery, the larger revenue base could support operating leverage over the next several quarters.
Read all positive factors
NOVONIX Ltd (NVX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$81.83M
Dividend YieldN/A
Average Volume (3M)4.93M
Price to Earnings (P/E)―
Beta (1Y)2.38
Revenue Growth-53.32%
EPS Growth-5.22%
CountryAU
Employees192
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.15
Shares Outstanding997,927,370
10 Day Avg. Volume4,879,202
30 Day Avg. Volume4,931,121
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)1.82
Price to Sales (P/S)49.25
P/FCF Ratio-2.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.06
Revenue Forecast (FY)AU$3.35M
NOVONIX Ltd Business Overview & Revenue Model
Company Description
Based in Brisbane, Australia, and established in 2012, Novonix Limited is a prominent supplier of essential components, specialized machinery, and expert services to the burgeoning North American lithium-ion battery industry. The company's operati...
How the Company Makes Money
NOVONIX makes money primarily through (1) selling battery-grade synthetic graphite anode material and (2) providing battery testing, research, and analytics services.
1) Synthetic graphite anode materials sales: Revenue is generated by producing ...
NOVONIX Ltd Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.85M | 5.81M | 5.85M | 8.05M | 3.69M | 6.10M |
| Gross Profit | 4.08M | -25.19M | 4.08M | 5.24M | -20.63M | 4.38M |
| EBITDA | -66.61M | -49.31M | -66.61M | -38.86M | -35.57M | -46.18M |
| Net Income | -74.82M | -95.96M | -74.82M | -46.25M | -38.08M | -51.86M |
Balance Sheet | ||||||
| Total Assets | 226.10M | 283.11M | 226.10M | 263.34M | 277.42M | 302.98M |
| Cash, Cash Equivalents and Short-Term Investments | 42.56M | 84.21M | 42.56M | 78.63M | 99.04M | 142.74M |
| Total Debt | 70.42M | 100.35M | 70.42M | 132.83M | 40.37M | 41.41M |
| Total Liabilities | 88.51M | 125.86M | 88.51M | 79.41M | 51.37M | 51.85M |
| Stockholders Equity | 137.59M | 157.25M | 137.59M | 183.94M | 226.06M | 251.13M |
Cash Flow | ||||||
| Free Cash Flow | -70.32M | -105.94M | -70.32M | -55.42M | -29.65M | -113.02M |
| Operating Cash Flow | -40.42M | -43.67M | -40.42M | -36.23M | -12.89M | -29.23M |
| Investing Cash Flow | -18.17M | -34.00M | -18.17M | -11.74M | -16.10M | -106.80M |
| Financing Cash Flow | 25.21M | 113.73M | 25.21M | 29.31M | -531.57K | 180.69M |
NOVONIX Ltd Technical Analysis
Negative
0.14
Price Trends
0.10
Negative
0.13
Negative
0.22
Negative
Market Momentum
>-0.01
Negative
36.58
Neutral
47.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NVX, the sentiment is Negative. The current price of 0.14 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.10, and below the 200-day MA of 0.22, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 36.58 is Neutral, neither overbought nor oversold. The STOCH value of 47.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NVX.
NOVONIX Ltd Risk Analysis
NOVONIX Ltd disclosed 1 risk factors in its most recent earnings report. NOVONIX Ltd reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NOVONIX Ltd Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | AU$96.03M | -19.48 | -14.96% | ― | ― | 23.76% | |
46 Neutral | AU$13.71M | -3.50 | -42.15% | ― | -11.28% | 41.18% | |
45 Neutral | AU$24.53M | -2.97 | -43.52% | 26.19% | ― | 76.51% | |
44 Neutral | AU$81.83M | -0.44 | -63.44% | ― | -53.32% | -5.22% | |
42 Neutral | AU$2.24B | -119.27 | -18.83% | ― | ― | -65.11% | |
38 Underperform | AU$32.09M | -2.84 | -55.54% | ― | -13.70% | 12.50% |
* Industrials Sector Average
AU:NVX
NOVONIX Ltd
0.09
-0.58
-86.57%
AU:SRL
Sunrise Energy Metals
13.75
9.29
208.30%
AU:LIT
Lithium Australia NL
0.01
>-0.01
-9.09%
AU:NMT
Neometals Ltd
0.03
-0.03
-54.39%
AU:GT3
Suvo Strategic Minerals
0.03
-0.01
-32.43%
AU:LIS
Li-S Energy Ltd
0.16
>-0.01
-3.13%
NOVONIX Ltd Corporate Events
Novonix Redeems 7 Million Convertible Debentures, Streamlining Capital Structure
Oct 22, 2026
NOVONIX Limited has notified the cessation of 7,000,000 NVXAH convertible debentures on the ASX following their repayment or redemption without conversion on October 22, 2026. The move removes this tranche of convertible debt securities from the c...
NOVONIX Redeems 7 Million Convertible Debentures, Adjusting Capital Structure
Oct 22, 2026
NOVONIX Limited has notified the cessation of 7,000,000 NVXAH convertible debentures on the ASX, following repayment or redemption of the convertible debt securities without conversion. The cessation is recorded as of 21 September 2026, with the a...
Novonix Issues Over 2 Million Unquoted Performance Rights Under Staff Incentive Plan
Oct 22, 2026
NOVONIX Limited has notified the market of the issue of 2,069,742 unquoted performance rights under its employee incentive scheme, effective October 22, 2026. The new securities, designated as NVXAD performance rights, are not intended to be quote...
NOVONIX Cuts Convertible Debt With Second US$7m Amortisation Payment
Oct 21, 2026
NOVONIX Limited has made a second amortisation payment of US$7 million under its convertible debenture funding agreement with YA II PN, Ltd., an affiliate of Yorkville Advisors. The payment, funded from existing cash reserves, reduces the amount o...
NOVONIX Revises PowerCo Battery Materials Deal Amid Shifting EV Market
Oct 19, 2026
NOVONIX Limited has amended and restated its supply framework agreement with PowerCo SE, Volkswagen Group’s battery subsidiary, replacing a previous offtake deal tied to fixed volumes and timelines. Under the revised arrangement, the parties...
NOVONIX Gains ISO 9001 Certification as It Scales U.S. Battery Materials Production
Oct 7, 2026
NOVONIX Limited has secured ISO 9001:2015 certification for its quality management system, marking a key operational milestone as it scales its Riverside facility in Chattanooga for commercial production of high‑performance synthetic graphit...
NOVONIX Lists Additional Shares on ASX After Option Conversions
Sep 28, 2026
NOVONIX Limited has applied for quotation on the ASX of 74,694 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares modestly expand the company’s equi...
NOVONIX Reports Lapse of Performance Rights and Adjustment to Issued Capital
Sep 17, 2026
NOVONIX Limited has reported the cessation of 460,452 performance rights, following their lapse on 18 September 2026 after specified conditions were not met or became incapable of being satisfied. The adjustment in issued capital reflects the non-...
NOVONIX Advances Synthetic Graphite Qualification With Lead Customer Feedback
Sep 10, 2026
NOVONIX has received testing results from its lead customer on an initial mass production qualification sample of synthetic graphite anode material, with the product meeting 12 of 14 specification parameters. While two specifications were not full...
S&P Dow Jones Sets Broad Rebalance Across S&P/ASX Indices for September 2026
Sep 4, 2026
SP Dow Jones Indices has announced its September 2026 quarterly rebalance of the SP/ASX indices, reshuffling constituents across the 50, 100, 200 and 300 benchmarks. The SP/ASX 20 remains unchanged, while shifts in the broader indices may influenc...
NOVONIX Details Global Corporate Structure and Dual Market Listings
Aug 31, 2026
NOVONIX Ltd operates in the battery materials and technology sector, with its principal place of business in Chattanooga, Tennessee, and a registered office in Brisbane, Australia. The company’s shares are listed on the ASX and its ADRs trad...
Novonix seeks ASX quotation for additional ordinary shares
Aug 13, 2026
Novonix Ltd has applied to the ASX for quotation of 171,591 new fully paid ordinary shares, following the exercise of options or conversion of other securities. The additional shares, to be issued on August 14, 2026, will modestly expand the compa...
NOVONIX to execute one‑for‑ten ADS ratio change to support Nasdaq compliance
Aug 12, 2026
NOVONIX Limited has agreed with depositary bank BNY Mellon to change the ratio of its American Depositary Shares so that each ADS will represent forty ordinary shares instead of four. The new ratio, effectively a one‑for‑ten reverse AD...
NOVONIX Advances Panasonic Deal as U.S. Policy Backs Domestic Graphite Push
Jul 29, 2026
NOVONIX has delivered a C-sample of synthetic graphite anode material to Panasonic Energy, with internal tests indicating it meets Panasonic’s specifications ahead of formal validation. The company reaffirmed its expectation for mass product...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.