NanoXplore Inc (TSE:GRA)
TSX:GRA
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NanoXplore Inc
(TSX:GRA)
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Rating:43Neutral
Price Target:
C$2.00
▲(1.01% Upside)
Action:ReiteratedDate:02/18/26
The score is held down primarily by weak financial performance (ongoing losses, declining TTM revenue, and negative operating/free cash flow) and bearish technicals (below key moving averages with negative MACD and weak RSI/Stoch). Earnings-call guidance and commercialization progress provide some offset, but near-term cash burn and demand softness keep risk elevated; valuation support is limited due to negative earnings and no dividend.
Positive Factors
Modular Dry-Process Capacity
Modular dry-process units materially lower capital intensity versus large wet-process builds, enabling incremental capacity additions at CAD ~1.5–2.0M per module. That supports scalable production, faster time-to-market, and lower unit costs, reducing execution risk and improving long-term margin potential.
Negative Factors
Negative Cash Generation
Persistent negative operating and free cash flow indicate the business consumes cash to fund operations and growth. This increases reliance on external financing or equity raises, constraining financial flexibility for incremental modules, prolonging dilution risk, and limiting ability to self-fund commercialization steps.
Read all positive and negative factors
Positive Factors
Negative Factors
Modular Dry-Process Capacity
Modular dry-process units materially lower capital intensity versus large wet-process builds, enabling incremental capacity additions at CAD ~1.5–2.0M per module. That supports scalable production, faster time-to-market, and lower unit costs, reducing execution risk and improving long-term margin potential.
Read all positive factors
NanoXplore Inc (GRA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$359.23M
Dividend YieldN/A
Average Volume (3M)123.83K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-11.90%
EPS Growth-0.32%
CountryCA
Employees438
SectorBasic Materials
Sector Strength58
IndustryChemicals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding181,428,790
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 Upside26.26% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.07
Revenue Forecast (FY)C$118.66M
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 s...
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:May 19, 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
63
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Jun 2025 | Jun 2023 | Jun 2022 | Jun 2021 | Sep 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 113.16M | 128.92M | 128.60M | 122.70M | 92.33M | 66.66M |
| Gross Profit | 20.77M | 30.73M | 20.75M | 15.41M | 9.38M | 7.63M |
| EBITDA | 425.61K | 3.07M | 1.44M | -2.47M | -7.92M | -4.74M |
| Net Income | -11.66M | -9.66M | -11.66M | -12.80M | -15.54M | -11.81M |
Balance Sheet | ||||||
| Total Assets | 179.35M | 151.20M | 159.69M | 165.25M | 167.26M | 145.30M |
| Cash, Cash Equivalents and Short-Term Investments | 30.14M | 18.59M | 26.50M | 36.21M | 51.23M | 50.52M |
| Total Debt | 44.21M | 22.62M | 20.84M | 24.57M | 29.33M | 22.57M |
| Total Liabilities | 62.11M | 51.85M | 52.04M | 48.97M | 49.73M | 42.32M |
| Stockholders Equity | 117.24M | 99.36M | 107.65M | 116.28M | 117.53M | 102.99M |
Cash Flow | ||||||
| Free Cash Flow | -18.71M | -7.26M | -5.35M | -5.72M | -24.17M | -15.08M |
| Operating Cash Flow | -5.92M | 5.95M | 4.42M | 2.45M | -20.11M | -6.13M |
| Investing Cash Flow | -16.51M | -12.03M | -10.65M | -9.84M | -5.74M | -15.15M |
| Financing Cash Flow | 31.45M | -1.94M | -3.50M | -7.66M | 26.55M | 38.09M |
NanoXplore Inc Technical Analysis
Neutral
1.98
Price Trends
2.21
Negative
2.29
Negative
2.51
Negative
Market Momentum
-0.10
Negative
48.67
Neutral
48.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRA, the sentiment is Neutral. The current price of 1.98 is above the 20-day moving average (MA) of 1.92, below the 50-day MA of 2.21, and below the 200-day MA of 2.51, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 48.67 is Neutral, neither overbought nor oversold. The STOCH value of 48.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | C$1.84B | 11.01 | 18.28% | 4.73% | 10.20% | -11.22% | |
63 Neutral | C$6.25B | 35.38 | 9.35% | 1.87% | -0.65% | 46.15% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
45 Neutral | C$36.62M | -5.65 | -11.13% | ― | ― | 61.75% | |
43 Neutral | C$359.23M | -29.68 | -10.65% | ― | -11.90% | -0.32% |
* Basic Materials Sector Average
TSE:GRA
NanoXplore Inc
1.98
-0.37
-15.74%
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107.44%
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56.63%
NanoXplore Inc Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
NanoXplore Posts Lower Q2 Revenue but Marks EBITDA Turnaround and Refocuses Capital Plan
Negative
Feb 10, 2026
NanoXplore reported Q2-2026 revenues of $27.6 million, down 17% from a year earlier, while maintaining an adjusted gross margin of 21.5% and posting a net loss of $3.8 million. Despite lower year-over-year sales and adjusted EBITDA falling to $0.2...
Financial Disclosures
NanoXplore Sets February Webcast to Review Second-Quarter 2025 Results
Neutral
Jan 26, 2026
NanoXplore Inc. will release its second-quarter financial results for the period ended December 31, 2025, after markets close on February 10, 2026, and will host a webcast the following day, February 11, 2026, at 10:00 a.m. Eastern Time to discuss...
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.