NOVONIX Ltd Sponsored ADR (NVX) AI Stock Analysis

• Market Cap: $245.33M
• Dividend Yield: N/A
• Average Volume (3M): 4.38M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: -14.27%
• EPS Growth: -28.56%
• Country: US
• Employees: 210
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): N/A
• Shares Outstanding: 214,943,850
• 10 Day Avg. Volume: 12,149,374
• 30 Day Avg. Volume: 4,376,663
• PEG Ratio: -0.42
• Price to Book (P/B): 1.63
• Price to Sales (P/S): 38.19
• P/FCF Ratio: -3.18
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 35.60
• Enterprise Value/Gross Profit: -21.91
• Enterprise Value/Ebitda: -3.13
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $1.00 ▼(-36.31% Downside)

The score is weighed down primarily by weak financial performance, including ongoing losses and negative operating/free cash flow. Technicals are supportive with price above major moving averages and a positive MACD, but overbought RSI/Stoch readings add near-term risk. Valuation is also pressured by a negative P/E and no dividend yield data.

Positive Factors

Diversified battery materials and services model

NOVONIX’s dual revenue streams—synthetic graphite production plus battery testing and engineering—provide structural diversification. Materials sales offer scale economics while testing services create recurring high-margin engagements and customer stickiness, supporting durable revenue capture as battery demand grows.

Access to committed funding tranche

The approved drawdown of convertible debentures netting ~$38M materially extends liquidity to fund plant scale-up and R&D. Reliable near-term funding reduces execution risk for capacity expansion and technology deployment, improving the company’s ability to execute its multi‑year industrialization roadmap.

Strategic focus on scaling and localization

Public strategy to scale production and localize the battery supply chain aligns with durable structural trends favoring near‑shore suppliers. Expanding Riverside and planned second plant targets higher volumes and vertical relevance, increasing potential to capture large OEM and EV supply contracts over the medium term.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow erodes internal funding capacity and forces reliance on external capital for capex and working capital. Over months, this constrains discretionary investment, increases refinancing risk, and can delay reaching profitable scale unless operational cash conversion improves.

Ongoing unprofitability and inconsistent revenue

Sustained operating losses and volatile revenue compromise margin sustainability and reinvestment ability. High operating costs relative to revenue mean scale is required to achieve profitability; until consistent top‑line growth and cost control occur, long‑term margin recovery remains uncertain.

Loss of major offtake partner

Termination of an offtake with a major OEM removes a key revenue and validation channel, reducing demand visibility and slowing plant ramp economics. Customer specification disputes signal potential product fit or execution gaps that can impede new OEM contracts and lengthen timelines to stable volume production.

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	41.41M	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: 1.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 1.57 is above the 20-day moving average (MA) of 1.22, above the 50-day MA of 1.16, and above the 200-day MA of 1.30, indicating a bearish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 44.09 is Neutral, neither overbought nor oversold. The STOCH value of 39.12 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
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ENVX	55 Neutral	$1.78B	-10.16	-68.95%	―	45.98%	44.14%
FCEL	51 Neutral	$383.80M	-1.03	-26.12%	―	41.05%	-1.02%
PLUG	48 Neutral	$3.28B	-1.08	-95.42%	―	2.53%	-2.83%
NVX	47 Neutral	$245.33M	-2.31	-45.13%	―	-14.27%	-28.56%
GWH	43 Neutral	$36.10M	-0.36	-265.36%	―	-3.53%	24.37%
SDST	43 Neutral	$37.11M	-0.98	―	―	―	61.78%

NOVONIX Ltd Sponsored ADR Corporate Events

NOVONIX Ltd Announces New Director Appointment

On December 15, 2025, NOVONIX Ltd announced the appointment of Mike O’Kronley as a director, effective immediately. This appointment is significant as it involves 3,723,971 performance rights, indicating a strategic move to strengthen the company’s leadership and potentially enhance its market position in the battery technology sector.

The most recent analyst rating on (NVX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Announces Cessation of Performance Rights

On December 8, 2025, NOVONIX Ltd announced the cessation of 77,345 performance rights due to unmet conditions, effective December 3, 2025. This cessation reflects a lapse in employee performance rights, impacting the company’s issued capital and potentially influencing stakeholder perceptions of its operational efficiency.

The most recent analyst rating on (NVX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Issues Performance Rights to Key Management

On December 4, 2025, NOVONIX Limited announced the issuance of 1,208,596 unquoted performance rights under an employee incentive scheme. These securities, which are not intended to be quoted on the ASX, were issued to key management personnel, including Dwayne Johnson. This move is part of NOVONIX’s strategy to incentivize its management team, potentially impacting the company’s operational focus and aligning management interests with long-term shareholder value.

The most recent analyst rating on (NVX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Announces Cessation of Performance Rights

On December 3, 2025, NOVONIX Limited, a company involved in the energy sector, announced the cessation of 644,729 performance rights due to unmet conditions. This cessation reflects a lapse in conditional rights, impacting the company’s equity structure but not involving any financial consideration.

The most recent analyst rating on (NVX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Unveils Strategic Initiatives in November 2025 Investor Presentation

On November 27, 2025, NOVONIX Limited released an investor presentation detailing its strategic initiatives and operational progress. The presentation highlighted the company’s focus on scaling production capacity and enhancing its battery testing equipment and research services. NOVONIX aims to localize the battery supply chain and contribute to cleaner energy solutions, positioning itself as a key player in the industry. The announcement underscores NOVONIX’s commitment to innovation and growth, which could have significant implications for stakeholders and the broader market.

The most recent analyst rating on (NVX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Issues New Securities Following Employee Incentive Conversion

On November 19, 2025, NOVONIX Ltd announced the issuance of 7,534 ordinary fully paid securities on the Australian Securities Exchange (ASX) as a result of the conversion of performance rights. This move is part of an employee incentive scheme and reflects the company’s ongoing efforts to enhance its capital structure and incentivize its workforce. The newly issued securities will rank equally with existing shares, reinforcing NOVONIX’s commitment to aligning employee interests with those of its shareholders.

The most recent analyst rating on (NVX) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Faces Setback as Stellantis Terminates Offtake Agreement

On November 4, 2025, NOVONIX Limited announced the termination of its offtake agreement with FCA US LLC, a subsidiary of Stellantis NV, due to disagreements over battery cell product specifications and production milestones. Despite this setback, NOVONIX remains committed to its partnerships with Panasonic and PowerCo and continues to provide samples to other potential customers. The company’s Riverside facility is set to become a major production site for synthetic graphite, with plans for a second plant to meet growing demand, aiming for a total production capacity of over 50,000 tonnes per year.

The most recent analyst rating on (NVX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Issues New Securities Following Performance Rights Conversion

On November 4, 2025, NOVONIX Ltd announced the issuance of 5,482 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 employee incentive scheme, reflecting its commitment to rewarding performance and potentially strengthening its market position by aligning employee interests with shareholder value.

The most recent analyst rating on (NVX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Announces Change in Substantial Holding

NOVONIX Ltd, a company involved in the energy sector, announced a change in substantial holding as of October 31, 2025. YA II PN, Ltd., a substantial holder, reduced its voting power from 7.91% to 6.80% by disposing of 9,288,631 fully paid ordinary shares. This change in shareholding could impact the company’s market dynamics and influence shareholder decisions.

The most recent analyst rating on (NVX) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Secures Additional $38 Million Funding Tranche

On October 28, 2025, NOVONIX Limited announced the drawdown of an additional tranche of US$40 million in convertible debentures, netting US$38 million after a 5% discount. This funding, part of a previously established agreement with Yorkville Advisors Global, LP, was approved by shareholders in September 2025. The move is expected to bolster NOVONIX’s financial resources, enhancing its operations and market positioning in the battery technology industry.

The most recent analyst rating on (NVX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Announces Change in Substantial Holding

On October 27, 2025, NOVONIX Limited, a company involved in the energy sector, announced a change in substantial holding. YA II PN, Ltd. reduced its voting power in NOVONIX from 9.213% to 7.91% through the disposal of shares on October 21 and 22, 2025. This change in holdings reflects a shift in investor interest and could impact the company’s market dynamics and stakeholder relationships.

The most recent analyst rating on (NVX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Issues New Performance Rights Under Employee Incentive Scheme

On October 23, 2025, NOVONIX Ltd announced the issuance of 247,278 performance rights under its 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 impacting its operational efficiency and market positioning by aligning employee interests with corporate goals.

The most recent analyst rating on (NVX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Ltd Announces Change in Substantial Holding

On October 16, 2025, NOVONIX Ltd announced a change in substantial holding, with YA II PN, Ltd. adjusting its voting power in the company. The changes, which occurred on October 14 and 15, 2025, involved the disposal and conversion of shares, resulting in an increase in voting power from 11.03% to 11.23%. This adjustment reflects strategic financial maneuvers that could impact NOVONIX’s market positioning and stakeholder interests.

The most recent analyst rating on (NVX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.

NOVONIX Announces Change in Substantial Holding

NOVONIX Ltd, a company involved in the energy sector, recently announced a change in substantial holding. YA II PN, Ltd. reduced its voting power in NOVONIX from 11.23% to 9.21% through the disposal of shares on October 16 and 17, 2025. This change may impact the company’s shareholder dynamics and influence its market positioning.

The most recent analyst rating on (NVX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on NOVONIX Ltd Sponsored ADR stock, see the NVX Stock Forecast page.