NanoXplore Inc (TSE:GRA)
TSX:GRA
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NanoXplore Inc
(TSX:GRA)
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Rating:45Neutral
Price Target:
C$1.50
▼(-32.43% Downside)
Action:Reiterated
Date:06/12/26
The score is held down primarily by persistent losses and consistently negative free cash flow, including a return to negative operating cash flow in TTM. Technicals add pressure due to a clear downtrend across moving averages and negative MACD, with only a near-oversold RSI providing modest support. Valuation is difficult to justify on earnings due to a negative P/E and no dividend yield provided.
Positive Factors
Historical revenue expansion
Multi-year revenue growth demonstrates genuine market adoption of graphene products and provides a larger base to leverage fixed costs. Sustained top-line expansion helps justify continued investment in capacity, R&D, and customer integration services, supporting a durable path to scale if margins improve.
Negative Factors
Negative operating and free cash flow
Persistent cash burn forces reliance on external financing or equity dilution and limits the company’s ability to self-fund capacity expansion or R&D. Until operating cash flow sustainably turns positive, cash constraints will remain a structural headwind to durable margin and scale improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Historical revenue expansion
Multi-year revenue growth demonstrates genuine market adoption of graphene products and provides a larger base to leverage fixed costs. Sustained top-line expansion helps justify continued investment in capacity, R&D, and customer integration services, supporting a durable path to scale if margins improve.
Read all positive factors
NanoXplore Inc (GRA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$324.86M
Dividend YieldN/A
Average Volume (3M)123.83K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth-15.00%
EPS Growth-25.13%
CountryCA
Employees438
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-0.07
Shares Outstanding181,487,400
10 Day Avg. Volume165,439
30 Day Avg. Volume123,835
Financial Highlights & Ratios
PEG Ratio2.22
Price to Book (P/B)4.14
Price to Sales (P/S)3.19
P/FCF Ratio-56.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.50Price Target Upside12.61% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.07
Revenue Forecast (FY)C$117.61M
NanoXplore Inc Business Overview & Revenue Model
Company Description
NanoXplore Inc., a specialist in graphene technology, focuses on manufacturing and distributing graphene powder for a wide array of industrial applications. The company's diverse portfolio of graphene-based solutions encompasses its proprietary Gr...
How the Company Makes Money
NanoXplore makes money primarily by selling (1) graphene-based materials and (2) graphene-enhanced polymer products and services. Revenue is generated through business-to-business supply arrangements in which customers purchase graphene powders an...
NanoXplore Inc Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: clear operational and strategic positives (commercial milestones, dry-process commercialization timeline, Club Car launch, Volvo contract, and CPChem traction) alongside material near-term financial challenges (17% YoY revenue decline, sharply lower adjusted EBITDA, negative operating cash flow and ongoing CapEx). Management emphasized disciplined capital allocation (not pursuing the CAD 100M CSPG project) and provided FY2026 revenue guidance (CAD 115M–120M), but recovery timing remains uncertain. Overall, the company shows constructive commercial progress and a path to margin expansion, while still facing meaningful short-term financial headwinds.Positive Updates
Dry Process Graphene Commercialization On Track
First fully commercial dry process graphene module expected operational by early April 2026; each module adds ~500–1,000 tonnes annual capacity; module capex ~CAD 1.5M–2M and is materially lower capital intensity than previously contemplated wet process investments.
Negative Updates
Revenue Decline Year-over-Year
Total Q2 revenue was CAD 27.6M, down 17% YoY (approx. CAD 5.6M decrease) primarily due to reduced volume demand from the two largest customers and lower-than-usual tooling revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Dry Process Graphene Commercialization On Track
First fully commercial dry process graphene module expected operational by early April 2026; each module adds ~500–1,000 tonnes annual capacity; module capex ~CAD 1.5M–2M and is materially lower capital intensity than previously contemplated wet process investments.
Read all positive updates
Company Guidance
The company guided full‑year FY2026 revenue of CAD 115–120 million, noting Q2 revenue of CAD 27.6 million (down 17% YoY) with adjusted gross margin of 21.5% (ex‑depreciation) and adjusted EBITDA of CAD 224,000 (Advanced Materials segment CAD 181,000; Battery Cells CAD 43,000); management expects gross margins to trend higher to roughly 22–23% as volumes recover. Liquidity at Dec. 31 was CAD 40.1 million (CAD 30.1 million cash and equivalents, CAD 14.6 million debt), operating cash flow was negative CAD 6.4 million, and Q2 CapEx was CAD 3.6 million; the company plans another CAD 4–5 million of CapEx in Q3 (then < CAD 1 million per quarter thereafter) and has financed CAD 4 million of in‑progress CapEx with an RBC facility. Major program and capacity milestones include first commercial dry‑process graphene module online by early April (each module costing ~CAD 1.5–2.0 million and adding ~500–1,000 tpa capacity), the decision to cancel the previously contemplated >CAD 100 million CSPG investment, a Volvo Trucks takeover contract adding ~CAD 9–10 million annually beginning summer 2027 (incremental to ~CAD 40 million of contracted graphene solutions business), and ongoing commercial/field testing and early shipments for CPChem/Tribograf and the Club Car program.NanoXplore Inc Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
58
Neutral
Cash Flow
29
Negative
| Breakdown | TTM | Jun 2025 | Jun 2023 | Jun 2022 | Sep 2020 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 115.06M | 128.92M | 128.60M | 92.33M | 66.66M | 62.20M |
| Gross Profit | 17.78M | 30.73M | 20.75M | 9.38M | 7.63M | 9.89M |
| EBITDA | 351.68K | 3.07M | 1.44M | -7.92M | -4.74M | -2.00M |
| Net Income | -12.56M | -9.66M | -11.66M | -15.54M | -11.81M | -8.27M |
Balance Sheet | ||||||
| Total Assets | 184.00M | 151.20M | 159.69M | 167.26M | 145.30M | 113.65M |
| Cash, Cash Equivalents and Short-Term Investments | 24.40M | 18.59M | 26.50M | 51.23M | 50.52M | 33.80M |
| Total Debt | 46.03M | 22.62M | 20.84M | 29.33M | 22.57M | 36.99M |
| Total Liabilities | 69.15M | 51.85M | 52.04M | 49.73M | 42.32M | 52.68M |
| Stockholders Equity | 114.86M | 99.36M | 107.65M | 117.53M | 102.99M | 60.97M |
Cash Flow | ||||||
| Free Cash Flow | -30.47M | -7.26M | -5.35M | -24.17M | -15.08M | -22.12M |
| Operating Cash Flow | -14.31M | 5.95M | 4.42M | -20.11M | -6.13M | -2.93M |
| Investing Cash Flow | -16.18M | -12.03M | -10.65M | -5.74M | -15.15M | -19.72M |
| Financing Cash Flow | 34.12M | -1.94M | -3.50M | 26.55M | 38.09M | 28.61M |
NanoXplore Inc Technical Analysis
Negative
2.22
Price Trends
2.06
Negative
2.10
Negative
2.34
Negative
Market Momentum
-0.08
Positive
35.26
Neutral
17.29
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRA, the sentiment is Negative. The current price of 2.22 is above the 20-day moving average (MA) of 1.91, above the 50-day MA of 2.06, and below the 200-day MA of 2.34, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 35.26 is Neutral, neither overbought nor oversold. The STOCH value of 17.29 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GRA.
NanoXplore Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$6.09B | -96.32 | -1.78% | 1.87% | -1.57% | -114.04% | |
64 Neutral | C$1.82B | 15.60 | 15.37% | 4.73% | 10.86% | -10.00% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
45 Neutral | C$324.86M | -25.43 | -11.76% | ― | -15.00% | -25.13% | |
44 Neutral | C$33.56M | -9.11 | -11.13% | ― | ― | 75.45% |
* Basic Materials Sector Average
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1.76
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NanoXplore Inc Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
NanoXplore CEO Charts Growth as Graphene Wins Major Commercial Traction
Positive
Apr 8, 2026
NanoXplore’s new CEO, Rocco Marinaccio, outlined a confident growth trajectory, citing a stronger balance sheet, improved liquidity and mounting commercial momentum. He highlighted new agreements with Club Car, Volvo Trucks and Chevron Phill...
Business Operations and Strategy
NanoXplore Issues First Sustainability Report, Deepening ESG Focus
Positive
Mar 24, 2026
NanoXplore has released its first Sustainability Report for fiscal 2025, marking a formal step in embedding environmental, social and governance considerations into its core business. The graphene producer highlights new sustainability data manage...
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.