NOVONIX Ltd (AU:NVX)
ASX:NVX
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NOVONIX Ltd
(Sydney:NVX)
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Rating:45Neutral
Price Target:
AU$0.27
â–¼(-63.60% Downside)
Action:ReiteratedDate:03/02/26
The score is primarily constrained by weak financial performance—widening losses, negative operating/free cash flow, and rising leverage despite strong revenue growth. Technicals add pressure given a bearish moving-average setup and negative MACD, while valuation is only modestly supportive because the negative P/E reflects ongoing losses and no dividend data is available.
Positive Factors
Revenue Growth
Sustained ~49% annual revenue growth signals strong underlying demand for NOVONIX’s products and services across battery materials and testing. Over 2-6 months this supports scaling potential, customer traction and future margin improvement if unit economics and production yield trends normalize.
Negative Factors
Negative Cash Flow
Consistent negative operating and free cash flow indicate persistent cash burn and reliance on external funding. Over months this reduces financial flexibility, increases dilution/refinancing risk, and constrains the company’s ability to invest in capacity or improve unit economics without new capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained ~49% annual revenue growth signals strong underlying demand for NOVONIX’s products and services across battery materials and testing. Over 2-6 months this supports scaling potential, customer traction and future margin improvement if unit economics and production yield trends normalize.
Read all positive factors
NOVONIX Ltd (NVX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$232.58M
Dividend YieldN/A
Average Volume (3M)4.26M
Price to Earnings (P/E)―
Beta (1Y)2.75
Revenue Growth-12.84%
EPS Growth-29.62%
CountryAU
Employees202
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.16
Shares Outstanding861,396,900
10 Day Avg. Volume3,337,951
30 Day Avg. Volume4,257,492
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$147.40M
NOVONIX Ltd 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. Th...
How the Company Makes Money
NOVONIX makes money primarily through two operating revenue streams:
1) Battery materials (synthetic graphite anode material): NOVONIX earns revenue by manufacturing and selling synthetic graphite anode material used in lithium-ion battery cells....
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 | -33.28M | -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 | 189.59M | 302.98M |
| Cash, Cash Equivalents and Short-Term Investments | 42.56M | 84.21M | 42.56M | 78.63M | 73.93M | 142.74M |
| Total Debt | 70.42M | 110.84M | 70.42M | 132.83M | 40.37M | 41.41M |
| Total Liabilities | 88.51M | 125.86M | 88.51M | 83.74M | 51.37M | 51.85M |
| Stockholders Equity | 137.59M | 157.25M | 137.59M | 183.94M | 151.39M | 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
Neutral
0.75
Price Trends
0.30
Negative
0.37
Negative
0.45
Negative
Market Momentum
>-0.01
Negative
49.79
Neutral
55.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NVX, the sentiment is Neutral. The current price of 0.75 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.30, and above the 200-day MA of 0.45, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.79 is Neutral, neither overbought nor oversold. The STOCH value of 55.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
53 Neutral | AU$1.80B | -63.42 | -25.08% | ― | ― | 21.35% | |
47 Neutral | AU$22.71M | 25.00 | -7.13% | ― | 2.92% | 61.36% | |
45 Neutral | AU$232.58M | -2.98 | -70.19% | ― | -12.84% | -29.62% | |
42 Neutral | AU$38.52M | -25.46 | -107.26% | ― | ― | 63.36% | |
42 Neutral | AU$41.01M | -7.75 | -55.54% | ― | 8.35% | 54.55% | |
40 Underperform | AU$80.03M | -20.20 | -14.26% | ― | ― | -40.28% |
* Industrials Sector Average
AU:NVX
NOVONIX Ltd
0.29
-0.11
-27.85%
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Lithium Australia NL
0.01
0.00
0.00%
AU:NMT
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0.05
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-19.64%
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Suvo Strategic Minerals
0.03
>-0.01
-5.88%
AU:LIS
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0.13
0.02
13.64%
NOVONIX Ltd Corporate Events
NOVONIX Discloses Final Shareholdings of Departing Director
Apr 16, 2026
NOVONIX Limited has reported that director Nick Liveris ceased to be a director of the company on 15 April 2026, with his most recent prior notice dated 16 March 2026. The filing records that upon his departure he held 459,090 ordinary shares in t...
Novonix Discloses Exit of YA II PN as Substantial Shareholder
Apr 13, 2026
Novonix Limited has disclosed that YA II PN, Ltd. has ceased to be a substantial holder in the company, according to a statutory notice filed under Australian corporate law. The change reflects a reduction in YA II PN, Ltd.’s relevant intere...
NOVONIX Gains U.S. Certification for US$103 Million in Tax Credits for Synthetic Graphite Plant
Apr 9, 2026
NOVONIX has secured U.S. Government certification for US$103 million in Section 48C Advanced Energy Project tax credits tied to its Riverside synthetic graphite facility in Chattanooga, Tennessee. The certification underscores Washington’s v...
Novonix Seeks ASX Quotation for Additional Ordinary Shares
Mar 26, 2026
Novonix Ltd has applied to the ASX for quotation of 31,777 new ordinary fully paid shares, to be traded under its existing NVX code. The additional securities arise from the exercise or conversion of existing options or other convertible instrumen...
NOVONIX Director Trims Shareholding in On-Market Trade
Mar 16, 2026
NOVONIX Ltd has disclosed a change in the shareholding of director Nicholas Liveris, who executed an on-market trade on 13 March 2026. Liveris sold 100,000 ordinary shares for total consideration of $28,275.32, reducing his direct holding from 559...
Novonix Calls Hybrid 2026 AGM, Seeks Approval for Equity Incentives
Mar 16, 2026
Novonix Limited has called its 2026 annual general meeting for 15 April 2026 as a hybrid event, allowing shareholders to attend either online or in person in Brisbane, with full capability to watch, ask questions and vote remotely. The agenda incl...
NOVONIX Eyes Expansion With Option on Adjacent Chattanooga Site
Mar 9, 2026
NOVONIX Limited has secured an exclusive access agreement to evaluate the purchase of 17.5 acres of land directly adjacent to its Riverside anode materials mass production facility in Chattanooga, Tennessee. The company will conduct due diligence ...
Novonix Director Trims Shareholding in Routine On-Market Trade
Mar 6, 2026
Novonix Ltd has disclosed a change in director Nicholas Liveris’s holdings, after he sold 69,948 ordinary shares in an on-market trade on 3 March 2026 for approximately $23,782. Following the transaction, Liveris’s direct holding in No...
NOVONIX Director Increases Shareholding Through Vesting of Share Rights
Mar 2, 2026
NOVONIX Limited has disclosed a change in director Nicholas Liveris’s holdings following the vesting of share rights into ordinary shares. Liveris converted 164,409 share rights into an equal number of ordinary shares, increasing his direct ...
NOVONIX Director Restructures Equity Following Vesting of Share Rights
Mar 2, 2026
NOVONIX has disclosed a change in director Anthony Bellas’s interests following the vesting of share rights into ordinary shares. Bellas converted 120,594 directly held share rights into an equivalent number of ordinary shares now held indir...
NOVONIX Director Sharan Burrow Increases Equity Stake Through Vesting of Share Rights
Mar 2, 2026
NOVONIX Limited has disclosed a change in the interests of director Sharan Burrow, who has converted 120,594 share rights into the same number of ordinary shares. As a result of this vesting, Burrow’s holdings have increased from 95,145 to 2...
Novonix Director Increases Direct Shareholding Through Vesting of Share Rights
Mar 2, 2026
Novonix Limited has reported a change in the equity interests of director Robert Natter, following the vesting of share rights into ordinary shares. Natter converted 120,594 share rights into an equal number of directly held ordinary shares, incre...
Novonix Director Increases Shareholding Through Vesting of Share Rights
Mar 2, 2026
Novonix Limited disclosed a change in the shareholding of director Jean Oelwang following the vesting of equity incentives. On 27 February 2026, Oelwang converted 120,594 share rights into an equivalent number of ordinary shares, increasing her di...
NOVONIX Director Ron Edmonds Converts Share Rights Into Ordinary Shares
Mar 2, 2026
NOVONIX Limited disclosed a change in the shareholdings of director Ron Edmonds following the vesting of share-based incentives. On 27 February 2026, 241,188 share rights previously held by Edmonds were converted into an equivalent number of ordin...
NOVONIX Issues 7.7 Million Unquoted Performance Rights Under Employee Scheme
Mar 1, 2026
NOVONIX Limited has issued 7,704,361 unquoted performance rights under its employee incentive scheme, effective March 2, 2026. The move underscores the company’s ongoing use of equity-based compensation to align staff incentives with long-te...
NOVONIX Seeks ASX Quotation for Over 1 Million New Shares
Feb 26, 2026
NOVONIX Limited has applied to the ASX for quotation of 1,008,567 new ordinary fully paid shares, which are scheduled to be issued and commence quotation on February 27, 2026. The additional securities, arising from the exercise or conversion of e...
NOVONIX Sets Out 2025 Governance Framework and Diversity Profile
Feb 26, 2026
NOVONIX Limited has detailed its corporate governance framework for the year ended 31 December 2025, outlining how its Board, management and company secretary operate under formally adopted charters and policies. The company emphasizes clear delin...
NOVONIX Narrows Annual Loss as Revenue Slips and Asset Base Erodes
Feb 26, 2026
NOVONIX Limited reported preliminary results for the year ended December 31, 2025, showing revenue of $5.62 million, down 4% from the prior year, and a net loss of $92.73 million, an improvement of 24% year on year. Net tangible assets per share f...
NOVONIX Performance Rights Lapse, Trimming Potential Equity Incentives
Feb 2, 2026
NOVONIX Limited has announced the cessation of 139,547 performance rights (ASX code: NVXAD), which have lapsed because the applicable conditions were not met or can no longer be satisfied. The lapse marginally reduces the company’s pool of p...
NOVONIX Pushes Toward 2026 Industrial Graphite Production as Panasonic Timeline Slips to 2027
Jan 28, 2026
NOVONIX has advanced its commercial efforts in synthetic graphite by delivering over 100 samples to 15 customers and prospects in 2025 and producing its first mass-production, industrial-grade synthetic graphite sample for a major North American c...
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.