NOVONIX Ltd Sponsored ADR (NVX) AI Stock Analysis

• Market Cap: $198.91M
• Dividend Yield: N/A
• Average Volume (3M): 166.39K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: -14.27%
• EPS Growth: -28.56%
• Country: US
• Employees: 210
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.60
• Shares Outstanding: 166,406,000
• 10 Day Avg. Volume: 220,805
• 30 Day Avg. Volume: 166,386
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 35.60
• Enterprise Value/Gross Profit: -21.91
• Enterprise Value/Ebitda: -3.13
• 1Y Price Target: $1.00
• Price Target Upside: -18.03% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 41 Neutral
• Price Target: $1.00 ▼(-18.03% Downside)

NOVONIX Ltd's stock score is primarily impacted by its poor financial performance, characterized by operational losses and negative cash flows. Technical indicators suggest a bearish trend with limited momentum. The negative P/E ratio and lack of dividend yield further contribute to a low valuation score, reflecting the company's financial instability and unattractiveness as an investment.

NOVONIX Ltd Sponsored ADR Business Overview & Revenue Model

Company Description

Novonix Limited develops and supplies battery materials, equipment, and services to the lithium-ion battery market in North America. It operates through three segments: Graphite Exploration and Mining, Battery Technology, and Battery Materials. The Graphite Exploration and Mining segment explores for graphite in Australia. The Battery Technology segment develops battery cell testing equipment and batteries, and consulting services. The Battery Materials segment develops and manufactures battery anode materials. The company is also involved in the investment and battery testing activities. Novonix Limited has strategic alliance with Harper International Corporation to develop specialized furnace technology that would enhance Novonix's synthetic graphite manufacturing process; and partnership with Emera Technologies to develop and manufacture energy storage systems for community microgrids. The company was formerly known as Graphitecorp Limited and changed its name to Novonix Limited in July 2017. Novonix Limited was incorporated in 2012 and is headquartered in Brisbane, Australia.

How the Company Makes Money

NOVONIX generates revenue through multiple key streams, including the sale of high-purity graphite materials and battery testing services. The company leverages its proprietary technologies to produce superior battery materials that meet the increasing demand for electric vehicle batteries and energy storage systems. Additionally, NOVONIX has established strategic partnerships with leading companies in the automotive and energy sectors, which contribute to its revenue growth through collaborative projects and long-term supply agreements. The company's focus on research and development also positions it to capitalize on emerging trends in energy storage, further enhancing its revenue potential.

NOVONIX Ltd Sponsored ADR Financial Statement Overview

Summary

NOVONIX Ltd faces considerable financial challenges, with ongoing operational losses and negative cash flows indicating struggling performance. While the balance sheet shows moderate leverage, the overall financial health requires attention to improve profitability and liquidity. Strategic initiatives to enhance revenue growth and cost efficiency are essential to stabilize the company's financial outlook.

Income Statement

NOVONIX Ltd has faced significant challenges in its profitability, with a negative EBITDA and net income indicating ongoing operational losses. The gross profit margin is positive, but the net profit margin is negative due to high operating expenses. Revenue growth is inconsistent, showing a decline from the previous year. These factors suggest financial instability and a need for improved cost management.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio, indicating some leverage but not excessive. The equity ratio is relatively strong, suggesting reliance on equity financing. However, declining stockholders' equity and total assets indicate potential financial strain. The company's financial position is relatively stable but needs improvement in asset and equity management.

Cash Flow

The company has negative operating and free cash flow, indicating challenges in generating cash from operations. The free cash flow growth rate is negative, reflecting financial difficulties. The operating cash flow to net income ratio is unfavorable, suggesting issues in converting income into cash. Overall, cash flow management needs significant improvement.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.85M	12.13M	―	6.10M	5.23M
Gross Profit	4.08M	9.32M	-20.63M	4.38M	-3.28M
EBITDA	-66.61M	-38.86M	-33.28M	-43.26M	-12.04M
Net Income	-74.82M	-46.25M	-38.08M	-51.86M	-18.08M
Balance Sheet
Total Assets	226.10M	263.34M	189.59M	302.98M	202.86M
Cash, Cash Equivalents and Short-Term Investments	42.56M	78.63M	73.93M	142.74M	136.66M
Total Debt	70.42M	68.22M	31.34M	42.31M	20.01M
Total Liabilities	88.51M	83.74M	38.20M	51.85M	24.68M
Stockholders Equity	137.59M	183.94M	151.39M	251.13M	178.18M
Cash Flow
Free Cash Flow	-70.32M	-55.42M	-29.65M	-113.02M	-25.66M
Operating Cash Flow	-40.42M	-36.23M	-12.89M	-29.23M	-6.09M
Investing Cash Flow	-18.17M	-12.04M	-16.10M	-106.80M	-19.68M
Financing Cash Flow	25.21M	44.16M	―	180.69M	103.77M

NOVONIX Ltd Sponsored ADR Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.22
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVX, the sentiment is Negative. The current price of 1.22 is below the 20-day moving average (MA) of 1.29, below the 50-day MA of 1.34, and below the 200-day MA of 1.32, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.50 is Neutral, neither overbought nor oversold. The STOCH value of 34.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NVX.

NOVONIX Ltd Sponsored ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SLDP	58 Neutral	676.19M	-7.18	-25.23%	―	14.82%	-19.27%
MVST	54 Neutral	1.26B	-8.53	-38.32%	―	20.84%	24.84%
FCEL	51 Neutral	255.13M	-0.86	-36.15%	―	78.82%	-20.81%
ENVX	50 Neutral	1.98B	-12.02	―	―	60.04%	52.49%
GWH	43 Neutral	23.28M	-0.26	-2271.61%	―	-16.98%	2.43%
NVX	41 Neutral	$198.91M	―	-45.13%	―	-14.27%	-28.56%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

NOVONIX Ltd Sponsored ADR Corporate Events

NOVONIX Issues New Securities to Strengthen Market Position

On September 1, 2025, NOVONIX Limited announced the issuance of 250,000 new ordinary fully paid securities on the Australian Securities Exchange (ASX) as a result of the conversion of performance rights. This move is part of the company’s strategy to enhance its capital structure and support its ongoing growth in the battery materials sector. The new securities are intended to rank equally with existing shares, reflecting NOVONIX’s commitment to expanding its market presence and providing value to its stakeholders.

NOVONIX Announces Cessation of Performance Rights

On September 1, 2025, NOVONIX Limited announced the cessation of 3,236,775 performance rights due to the lapse of conditional rights that were not met. This development affects the company’s issued capital and reflects a strategic adjustment in its equity securities management, potentially impacting investor perceptions and market positioning.

NOVONIX Ltd Issues New Securities Following Convertible Debentures Conversion

On August 12, 2025, NOVONIX Ltd announced the issuance of 2,800,013 ordinary fully paid securities on the Australian Securities Exchange (ASX). This issuance resulted from the conversion of convertible debentures, reflecting the company’s strategic financial maneuvers to optimize its capital structure. The new securities are intended to be quoted on the ASX, aligning with NOVONIX’s ongoing efforts to enhance its market presence and shareholder value.

NOVONIX and Lithium Energy Withdraw Axon Graphite IPO Amid Market Conditions

On August 1, 2025, NOVONIX Limited announced that it, along with Lithium Energy Limited, has decided not to proceed with the Initial Public Offering (IPO) of Axon Graphite due to unfavorable market conditions. This decision affects the planned spin-out of their consolidated graphite assets, initially intended to be completed under the Mt Dromedary Share Sale and Purchase Agreement. The company is now reassessing strategies to maximize shareholder value from the Mt Dromedary asset, and NOVONIX’s nominees have resigned from their director positions at Axon Graphite.

NOVONIX Limited Issues New Securities Following Performance Rights Conversion

On July 29, 2025, NOVONIX Limited announced the issuance of 48,531 ordinary fully paid securities on the Australian Securities Exchange (ASX) as a result of the conversion of performance rights. This move is part of the company’s ongoing efforts to enhance its capital structure by converting existing securities into additional quoted securities, which could potentially improve liquidity and market perception.

NOVONIX Ltd Issues Performance Rights to Boost Employee Engagement

On July 2, 2025, NOVONIX Ltd announced the issuance of 82,506 performance rights under an employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize its workforce, potentially enhancing employee motivation and aligning their interests with the company’s growth objectives.

NOVONIX Ltd Announces Quotation of New Securities on ASX

On June 30, 2025, NOVONIX Ltd announced the issuance of 66,896 ordinary fully paid securities on the Australian Securities Exchange (ASX) as a result of options being exercised and convertible securities being converted. This move is part of an employee incentive scheme, with some securities being converted by key management personnel. This development is expected to enhance the company’s operational capabilities and strengthen its market position in the battery materials industry.