NanoXplore Inc (GRA) AI Stock Analysis

• Market Cap: C$497.11M
• Dividend Yield: N/A
• Average Volume (3M): 123.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: -11.90%
• EPS Growth: -0.32%
• Country: CA
• Employees: 438
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): -0.02
• Shares Outstanding: 181,428,790
• 10 Day Avg. Volume: 165,439
• 30 Day Avg. Volume: 123,835
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$2.50
• Price Target Upside: -8.76% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: C$3.00 ▲(9.49% Upside)

NanoXplore Inc's overall stock score is primarily impacted by its financial performance challenges, including negative profitability and revenue decline. While there are promising developments from recent earnings call highlights, such as new contracts and operational improvements, the current market momentum and valuation concerns weigh heavily on the stock's attractiveness.

Positive Factors

Major industrial partnership

A large supply agreement with Chevron Phillips provides durable demand validation from an established chemical industry leader. This enhances NanoXplore's credibility, supports scale-up economics, and can open other industrial channels, improving long-term revenue visibility and OEM adoption.

Contracted recurring revenue (Club Car)

A multiyear customer like Club Car, with ~$15M of expected annual revenue, materially increases predictable sales and helps diversify the customer base. This recurring contract supports capacity utilization, revenue stability, and longer-term margin recovery as volume ramps at the Statesville facility.

Strengthened liquidity for scale-up

The $25.7M equity raise materially improves liquidity to fund dry-process scale-up and capex without adding immediate leverage. This reduces near-term financing risk, enables capacity investments that lower unit costs, and supports execution of long-term commercialization plans.

Negative Factors

Revenue decline & customer concentration

A 30% YoY Q1 revenue decline driven by reduced demand from two largest customers highlights concentration risk and demand volatility. Sustained declines impair utilization and margin leverage, making long-term growth contingent on customer diversification and new program wins.

Ongoing unprofitability

Negative adjusted EBITDA signals the business has not yet converted sales into sustainable operating profit. Persistent losses limit internal cash generation for reinvestment, increase reliance on external financing, and heighten execution risk until margins and volumes scale.

Underutilized expanded capacity

Underused production capacity raises per-unit costs and weakens margin recovery despite investment. Unless demand from new contracts or markets ramps, expected returns on expansion will be delayed, pressuring cash flow and the timeline to achieve scalable manufacturing economics.

NanoXplore Inc Business Overview & Revenue Model

Company Description

NanoXplore Inc., a graphene company, manufactures and supplies graphene powder for use in industrial markets. The company offers graphene-based solutions, including GrapheneBlack powder and graphene-enhanced masterbatch pellets. It also provides standard and custom graphene-enhanced plastic and composite products to customers in transportation, packaging, electronics, and other industrial sectors. In addition, the company offers graphene-enhanced sheet molding compounds used to create lightweight composite exterior and battery enclosure parts for cars and trucks, such as hoods, bumpers, roofs, and battery packs. It has operations in the United States, Canada, France, Switzerland, and internationally. The company was founded in 2011 and is headquartered in Montréal, Canada.

How the Company Makes Money

NanoXplore generates revenue primarily through the sale of its graphene products to various industrial sectors. The company's revenue model includes direct sales of graphene powder, composite materials, and graphene-enhanced products. Key revenue streams are derived from contracts with manufacturing companies that seek to incorporate graphene into their products for improved performance. Additionally, NanoXplore benefits from strategic partnerships with industry leaders and research institutions, which facilitate collaborative projects and access to new markets. The ongoing demand for innovative materials that enhance sustainability and performance also contributes to the company's earnings potential.

NanoXplore Inc Financial Statement Overview

Summary

NanoXplore Inc. is experiencing revenue growth and improving margins, but ongoing net losses and negative free cash flow highlight significant profitability challenges. The balance sheet is stable, with low leverage, but cash flow constraints need attention.

Income Statement

NanoXplore Inc.'s income statement reveals improving revenue growth with a 7% increase in TTM compared to the previous annual report. However, the company continues to face challenges with profitability, evidenced by negative net profit margins and an EBIT margin of -6.3% in TTM. The company did improve its EBITDA margin to 2.4%, indicating better control over operating expenses.

Balance Sheet

The balance sheet shows a stable equity base with a debt-to-equity ratio of 0.22 in TTM, suggesting manageable leverage. The equity ratio of 67.4% in TTM reflects a strong equity position relative to total assets, but returns on equity remain negative due to ongoing net losses.

Cash Flow

Cash flow analysis indicates a negative free cash flow, although there is a slight improvement in operating cash flow. The free cash flow growth rate is negative, highlighting cash constraints. The operating cash flow to net income ratio is positive, showing some strength in cash generation relative to reported losses.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	137.55M	128.92M	128.60M	122.70M	92.33M	66.66M
Gross Profit	25.16M	30.73M	20.75M	15.41M	9.38M	7.63M
EBITDA	3.35M	3.07M	1.44M	-2.47M	-7.92M	-4.74M
Net Income	-11.12M	-9.66M	-11.66M	-12.80M	-15.54M	-11.81M
Balance Sheet
Total Assets	151.70M	151.20M	159.69M	165.25M	167.26M	145.30M
Cash, Cash Equivalents and Short-Term Investments	21.05M	18.59M	26.50M	36.21M	51.23M	50.52M
Total Debt	22.30M	22.62M	20.84M	24.57M	29.33M	22.57M
Total Liabilities	49.48M	51.85M	52.04M	48.97M	49.73M	42.32M
Stockholders Equity	102.22M	99.36M	107.65M	116.28M	117.53M	102.99M
Cash Flow
Free Cash Flow	-4.69M	-7.26M	-5.35M	-5.72M	-24.17M	-15.08M
Operating Cash Flow	4.06M	5.95M	4.42M	2.45M	-20.11M	-6.13M
Investing Cash Flow	-7.51M	-12.03M	-10.65M	-9.84M	-5.74M	-15.15M
Financing Cash Flow	-3.06M	-1.94M	-3.50M	-7.66M	26.55M	38.09M

NanoXplore Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.74
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRA, the sentiment is Positive. The current price of 2.74 is above the 20-day moving average (MA) of 2.39, above the 50-day MA of 2.34, and above the 200-day MA of 2.55, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 73.24 is Negative, neither overbought nor oversold. The STOCH value of 93.63 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GRA.

NanoXplore Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHE.UN	73 Outperform	C$1.80B	15.71	14.30%	4.73%	10.20%	-11.22%
MX	66 Neutral	C$4.85B	14.51	9.35%	1.87%	-0.65%	46.15%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GRA	49 Neutral	C$497.11M	-43.63	-10.65%	―	-11.90%	-0.32%
FAT	48 Neutral	C$44.75M	-9.40	-15.37%	―	―	61.75%

NanoXplore Inc Corporate Events

NanoXplore Promotes Nima Moghimian to Chief Technology Officer

NanoXplore Inc. has announced the promotion of Nima Moghimian to Chief Technology Officer, highlighting his significant contributions to the company’s technology strategy and growth in the graphene sector. Moghimian’s expertise in research and development, intellectual property, and product certification has been pivotal in advancing NanoXplore’s proprietary technologies and market leadership. His promotion is expected to further drive the company’s profitability and reinforce its position in the graphene industry.

The most recent analyst rating on (TSE:GRA) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on NanoXplore Inc stock, see the TSE:GRA Stock Forecast page.

NanoXplore Inc. Concludes Successful Annual Shareholder Meeting

NanoXplore Inc. held its Annual Meeting of Shareholders where all resolutions were adopted, including the election of the Board of Directors and the reappointment of PricewaterhouseCoopers LLP as the independent auditor. The meeting, attended by shareholders representing 60.99% of outstanding shares, also featured a presentation by the newly appointed CEO, Rocco Marinaccio, highlighting the company’s activities and strategic direction. This meeting underscores NanoXplore’s stable governance and commitment to transparency, potentially reinforcing its market position and stakeholder confidence.

The most recent analyst rating on (TSE:GRA) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on NanoXplore Inc stock, see the TSE:GRA Stock Forecast page.

NanoXplore Secures $25.7 Million to Boost Graphene Production

NanoXplore Inc. has successfully closed a bought deal private placement, raising $25,728,840 through the issuance of 10,720,350 common shares at $2.40 each. The proceeds will be used to expand graphene production capacity and for general corporate purposes. This strategic move, supported by a syndicate of underwriters, including Ventum Financial Corp. and Cormark Securities Inc., aims to bolster NanoXplore’s growth and market positioning. Martinrea International Inc., an insider, participated significantly in the offering, maintaining its stake in the company.

The most recent analyst rating on (TSE:GRA) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on NanoXplore Inc stock, see the TSE:GRA Stock Forecast page.

NanoXplore to Host Webcast on Q1 Financial Results

NanoXplore Inc. announced it will host a webcast on November 13, 2025, to discuss its first-quarter financial results, which will be released on November 12, 2025. This event highlights the company’s ongoing transparency and engagement with stakeholders, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (TSE:GRA) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on NanoXplore Inc stock, see the TSE:GRA Stock Forecast page.

NanoXplore Secures $25 Million in Bought Deal Private Placement

NanoXplore Inc. announced a bought deal private placement worth $25,000,080, facilitated by Ventum Financial Corp. and a syndicate of underwriters. The proceeds will be used to support the company’s growth, particularly in expanding dry graphene production, and for general corporate purposes. The offering is expected to close by October 30, 2025, pending necessary approvals, and will be available in all Canadian provinces under specific exemptions, with shares being freely tradeable under Canadian securities laws.

The most recent analyst rating on (TSE:GRA) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on NanoXplore Inc stock, see the TSE:GRA Stock Forecast page.