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NOVONIX Ltd
(Sydney:NVX)
NOVONIX Ltd (NVX) vs. iShares MSCI Australia ETF (EWA)
NOVONIX Ltd Business Overview & Revenue Model
NOVONIX Ltd Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.85M | 8.71M | 5.85M | 8.05M | 3.69M | 6.10M |
| Gross Profit | 4.08M | -37.75M | 4.08M | 5.24M | -20.63M | 4.38M |
| EBITDA | -66.61M | -73.89M | -66.61M | -38.86M | -33.28M | -46.18M |
| Net Income | -74.82M | -143.80M | -74.82M | -46.25M | -38.08M | -51.86M |
Balance Sheet | ||||||
| Total Assets | 226.10M | 424.26M | 226.10M | 263.34M | 189.59M | 302.98M |
| Cash, Cash Equivalents and Short-Term Investments | 42.56M | 126.19M | 42.56M | 78.63M | 73.93M | 142.74M |
| Total Debt | 70.42M | 166.11M | 70.42M | 132.83M | 40.37M | 41.41M |
| Total Liabilities | 88.51M | 188.61M | 88.51M | 83.74M | 51.37M | 51.85M |
| Stockholders Equity | 137.59M | 235.66M | 137.59M | 183.94M | 151.39M | 251.13M |
Cash Flow | ||||||
| Free Cash Flow | -70.32M | -158.76M | -70.32M | -55.42M | -29.65M | -113.02M |
| Operating Cash Flow | -40.42M | -65.44M | -40.42M | -36.23M | -12.89M | -29.23M |
| Investing Cash Flow | -18.17M | -50.96M | -18.17M | -11.74M | -16.10M | -106.80M |
| Financing Cash Flow | 25.21M | 170.43M | 25.21M | 29.31M | -531.57K | 180.69M |
NOVONIX Ltd Technical Analysis
NOVONIX Ltd Peers Comparison
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% | |
63 Neutral | AU$168.25M | 47.78 | 12.33% | 0.74% | 24.67% | 96.27% | |
54 Neutral | AU$90.98M | -5.00 | 5.66% | 1.28% | -14.88% | -56.89% | |
52 Neutral | AU$80.03M | -15.82 | -16.49% | ― | ― | -40.28% | |
45 Neutral | AU$288.41M | -1.60 | -45.24% | ― | -12.84% | -29.62% |
NOVONIX Ltd Corporate Events
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 holding from 494,681 to 659,090 ordinary shares.
The transaction reflects the issuance of shares upon the vesting of previously granted equity-based incentives rather than an on-market purchase or sale. This adjustment aligns Liveris’s interests more closely with shareholders and signals the ongoing use of share-based remuneration as part of NOVONIX’s governance and executive incentive structure.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 indirectly through Loch Explorations, with no net cash consideration, reflecting routine equity incentive vesting and a shift in how his holdings are structured.
After the transaction, Bellas’s indirect interest via Loch increased to 2,398,145 ordinary shares, while his direct ordinary shareholding remained unchanged and his share rights balance decreased by the vested amount. The move underscores ongoing alignment of executive compensation with equity performance but does not indicate any on-market trading activity or broader strategic change for NOVONIX.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 215,739 ordinary shares, reflecting equity-based remuneration and further aligning the director’s interests with those of shareholders.
The transaction involved the issue of shares upon the vesting of share rights, with the rights valued at an estimated $40,399 based on the company’s closing share price on 26 February 2026. This adjustment in director equity underscores ongoing use of performance or service-based incentives at NOVONIX and provides investors with updated transparency on board-level ownership in the company.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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, increasing his direct shareholding while maintaining his existing indirect holdings through HSBC Custody Nominees, in a routine remuneration-related adjustment with limited immediate operational impact.
The transaction, valued at approximately $40,399 based on the prior day’s closing price, reflects the exercise of previously granted share-based incentives rather than an on-market purchase or sale. This type of conversion underscores the company’s use of equity-linked compensation to align directors’ interests with shareholders, but does not in itself signal a change in strategic direction or capital structure for Novonix.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 direct holding from 188,914 to 309,508 ordinary shares.
The transaction reflects the exercise of previously granted share rights with an estimated value of $40,399 based on the prior day’s closing price, and resulted in the cancellation of those rights. This adjustment underscores the ongoing use of equity-based remuneration at Novonix, further aligning director interests with shareholders through increased direct ownership in the company.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 ordinary shares, with an estimated value of $80,798 based on the prior day’s closing price.
Following this transaction, Edmonds’ total holding increased to 416,342 ordinary shares, while his share rights balance was reduced to zero. The change reflects the execution of an equity compensation arrangement rather than an on-market trade, signalling alignment of the director’s interests with shareholders through increased direct equity ownership.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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-term corporate performance, potentially impacting share-based remuneration costs and reinforcing talent retention in a competitive battery materials industry.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 existing instruments, modestly expand the company’s issued capital base and may marginally enhance liquidity for shareholders while signaling ongoing capital-related activity.
The move indicates continued engagement with equity markets as NOVONIX progresses its business in advanced battery materials and technology. While the size of the new issuance is relatively limited, it reflects incremental funding or incentive-related structuring that could support the company’s operational and growth objectives without materially altering its capital structure.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 delineation of responsibilities, written agreements for directors and senior executives, and adherence to the ASX Corporate Governance Principles and Recommendations.
The group highlights ongoing efforts to strengthen diversity and inclusion, reporting that women represent 23% of total employees, 33% of senior executives and 25% of board members as at 31 December 2025. NOVONIX’s governance statement underscores regular review of policies, structured board oversight and measurable diversity objectives as central to its long-term performance, risk management and alignment with evolving stakeholder and regulatory expectations.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 fell to $0.18 from $0.22, no dividends were declared, and the audited figures underscore that the company remains in an investment and scale-up phase without new controlled entities, associates, or joint ventures, which may concern income-focused investors but aligns with its long-term growth strategy in advanced battery materials.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 potential equity-based incentives, signaling no new dilution for existing shareholders from these particular rights and reflecting an adjustment in the company’s issued capital structure.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.36 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
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 carbon processor. The company now plans to start mass production of industrial-grade graphite in 2026, providing a quicker route to revenue than battery-grade materials, while mass production of battery-grade anode material for Panasonic has been pushed to the second half of 2027 as qualification and furnace calibration continue at its Riverside facility. NOVONIX also reported termination of its offtake agreement with Stellantis, progress in U.S. trade case developments affecting anode active materials, and corporate moves including a US$100 million convertible debenture financing, the appointment of CEO Mike O’Kronley as Managing Director, and the hiring of a new Chief Operating Officer, alongside further development and licensing activity for its all-dry, precursor-free cathode technology, supported by a key patent grant in China and the launch of a new UHPC calibration module.
The most recent analyst rating on (AU:NVX) stock is a Sell with a A$0.40 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX has revised the timeline for mass production of synthetic graphite anode material for its key customer Panasonic Energy, now expecting production for Panasonic to begin in the second half of 2027 instead of 2026, while remaining on track to start mass production of industrial-grade synthetic graphite for other customers this year. The change reflects the rigorous and variable qualification process required to meet Panasonic’s specific material standards, but the company emphasizes its continued close collaboration with Panasonic and its progress in commissioning and installing mass-production equipment, underscoring its strategic role in developing a North American synthetic graphite supply chain for the battery industry.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.58 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Limited has applied to the ASX for quotation of 1,000,725 ordinary fully paid shares, effective 13 January 2026. The new securities arise from the exercise or conversion of existing options or other convertible securities, modestly increasing the company’s quoted share capital and potentially affecting its capital structure and liquidity profile for investors.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.58 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Ltd has applied for quotation on the ASX of 18,700,876 new fully paid ordinary shares, issued on 12 January 2026. The additional shares, resulting from the exercise or conversion of existing options or other convertible securities, will expand the company’s quoted capital base and may have implications for existing shareholders through dilution and increased trading liquidity once admitted to quotation.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.56 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
Novonix Limited has disclosed that YA II PN, Ltd. has ceased to be a substantial holder in the company following the disposal of its shareholding. According to the notice, YA II PN, Ltd. sold 1,631,473 fully paid ordinary shares in Novonix for approximately $846,396.57, reducing its voting power below the substantial holding threshold and potentially broadening the company’s shareholder base as a significant investor exits its position.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Ltd has reported the lapse of 1,342,570 performance rights that were on issue under ASX code NVXAD after the conditions attached to those rights were not satisfied or became incapable of being satisfied by 31 December 2025. The cessation of these conditional securities reduces the company’s pool of potential equity issuance tied to performance incentives, marginally tightening its issued capital structure and signaling that certain performance or service milestones linked to these rights were not achieved within the prescribed timeframe.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Limited has announced the application for quotation of 18,833 fully paid ordinary securities on the Australian Securities Exchange (ASX). This step reflects the company’s ongoing efforts to align with its strategic goals, potentially enhancing its market presence and providing additional opportunities for stakeholders.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Ltd has announced the appointment of Mike O’Kronley as a director, effective December 15, 2025. As part of his appointment, O’Kronley holds 3,723,971 performance rights, indicating a significant stake in the company’s future performance. This move is expected to strengthen NOVONIX’s leadership team and potentially enhance its strategic direction in the competitive battery materials industry.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.
NOVONIX Limited has announced the appointment of its CEO, Mike O’Kronley, as Managing Director, effective December 15, 2025. This move is expected to enhance the company’s strategic execution and governance framework, aligning with its goals of strengthening board oversight. The appointment underscores NOVONIX’s commitment to its strategic objectives and may positively impact its operations and industry positioning.
The most recent analyst rating on (AU:NVX) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on NOVONIX Ltd stock, see the AU:NVX Stock Forecast page.