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NOVONIX Ltd
(Sydney:NVX)
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Rating:43Neutral
Price Target:
AU$0.11
▼(-24.29% Downside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by weak financial performance—widening losses, negative gross profit, and deepening operating/free-cash-flow burn—despite strong revenue growth. Technicals also weigh on the score with the stock trading below key moving averages and negative MACD. Valuation is constrained by a negative P/E (loss-making) and no provided dividend yield.
Positive Factors
Battery materials and testing platform
NOVONIX operates across two complementary parts of the lithium-ion battery supply chain: synthetic graphite anode materials and testing services. This combination gives the company exposure to both recurring qualification work and longer-term demand for battery materials.
Negative Factors
Persistent cash burn
Persistent negative operating and free cash flow means the business is not yet funding itself through operations. Continued heavy burn can increase dependence on external capital, constrain investment flexibility, and make execution of planned capacity expansion more financially demanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Battery materials and testing platform
NOVONIX operates across two complementary parts of the lithium-ion battery supply chain: synthetic graphite anode materials and testing services. This combination gives the company exposure to both recurring qualification work and longer-term demand for battery materials.
Read all positive factors
NOVONIX Ltd (NVX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$109.76M
Dividend YieldN/A
Average Volume (3M)3.50M
Price to Earnings (P/E)―
Beta (1Y)2.50
Revenue Growth-53.32%
EPS Growth-5.22%
CountryAU
Employees192
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.15
Shares Outstanding997,784,600
10 Day Avg. Volume5,550,143
30 Day Avg. Volume3,500,723
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
0.14
Negative
0.19
Negative
0.28
Negative
Market Momentum
-0.01
Positive
28.18
Positive
16.67
Positive
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 0.13, below the 50-day MA of 0.14, and below the 200-day MA of 0.28, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 28.18 is Positive, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NVX.
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% | |
55 Neutral | AU$108.83M | -22.08 | -14.96% | ― | ― | 23.76% | |
46 Neutral | AU$15.23M | -3.50 | -42.15% | ― | -11.28% | 41.18% | |
43 Neutral | AU$109.76M | -0.57 | -63.44% | ― | -53.32% | -5.22% | |
40 Underperform | AU$2.58B | -219.74 | -25.08% | ― | ― | 8.20% | |
38 Underperform | AU$37.07M | -3.18 | -55.54% | ― | 1.93% | 44.44% | |
37 Underperform | AU$29.78M | -1.33 | -107.26% | 26.19% | ― | 71.99% |
* Industrials Sector Average
AU:NVX
NOVONIX Ltd
0.11
-0.36
-76.34%
AU:SRL
Sunrise Energy Metals
15.25
13.25
662.50%
AU:LIT
Lithium Australia NL
0.01
>-0.01
-16.67%
AU:NMT
Neometals Ltd
0.03
-0.02
-32.00%
AU:GT3
Suvo Strategic Minerals
0.03
>-0.01
-15.15%
AU:LIS
Li-S Energy Ltd
0.17
0.01
6.25%
NOVONIX Ltd Corporate Events
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...
NOVONIX Seeks ASX Quotation for 6 Million New Shares
Jul 21, 2026
NOVONIX Ltd has applied for quotation of 6,016,250 new ordinary fully paid shares on the ASX, with an issue date of July 22, 2026. The securities are being brought to market under the exchange’s standard listing rules framework, signalling a...
NOVONIX Raises A$962,600 in Share Purchase Plan to Boost Battery Materials Capacity
Jul 21, 2026
NOVONIX has closed its Share Purchase Plan, raising A$962,600 through the issue of 6,016,250 new shares at A$0.16 each to eligible retail investors. The proceeds will be used to fund capital expenditure aimed at supporting increased production cap...
NOVONIX Brings Forward Share Purchase Plan Closing Date
Jul 9, 2026
NOVONIX has revised the timetable for its Share Purchase Plan, bringing forward the closing date to July 17, 2026, from the previously announced August 14, 2026. The company has outlined an updated schedule for key milestones, including the announ...
NOVONIX launches share purchase plan to raise additional equity
Jun 21, 2026
NOVONIX Limited has opened a Share Purchase Plan, allowing eligible shareholders to subscribe for up to A$30,000 of new fully paid ordinary shares without brokerage or participation costs. The offer is scheduled to close on 14 August 2026, though ...
Novonix Raises Capital via Institutional Share Placement and Confirms Regulatory Compliance
Jun 21, 2026
Novonix Limited has issued 129,334,163 new fully paid ordinary shares at $0.16 each to institutional and sophisticated investors through an institutional placement conducted alongside a non-underwritten share purchase plan. The company stated that...
Novonix Seeks ASX Quotation for 129 Million New Shares
Jun 19, 2026
Novonix Ltd has applied to the ASX for quotation of 129,334,163 new fully paid ordinary shares, to be issued on June 22, 2026, under the code NVX. The application formalizes the listing of securities previously flagged to the market, expanding Nov...
NOVONIX Plans Major Equity Raise via Placement and Share Purchase Plan
Jun 17, 2026
NOVONIX Limited has outlined plans to issue up to 18,750,000 ordinary fully paid shares under a securities purchase plan, with a record date of 16 June 2026 and an offer period running until mid-August before settlement later that month. The compa...
NOVONIX Raises Capital to Expand Battery Materials Production Capacity
Jun 17, 2026
NOVONIX has secured firm commitments of approximately A$20.7 million through an institutional placement of fully paid ordinary shares at A$0.16, a steep discount to recent trading levels. In tandem, the company has launched a non-underwritten shar...
NOVONIX Appoints Interim CFO as Finance Chief Departs
Jun 9, 2026
NOVONIX has announced that Chief Financial Officer Robert Long will leave the company in July to pursue other opportunities, prompting a planned leadership transition in its finance function. To manage the change, current Chair Ron Edmonds will se...
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.