NanoXplore Inc (GRA) AI Stock Analysis

• Market Cap: C$371.93M
• Dividend Yield: N/A
• Average Volume (3M): 123.83K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.18
• 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: 2.22
• Price to Book (P/B): 4.14
• Price to Sales (P/S): 3.19
• P/FCF Ratio: -56.65
• 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: 21.95% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.07
• Revenue Forecast (FY): C$118.66M

• Rating: 43 Neutral
• Price Target: C$2.00 ▼(-2.44% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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

Proprietary dry-process scalability

Modular dry-process units materially lower capital intensity versus prior wet-process plans, enabling stepwise capacity additions with modest capex. That scalable technology reduces execution risk, accelerates commercialization, and supports durable margin improvement as volumes scale.

OEM contracts & commercial traction

Secured OEM and large-customer contracts provide multi-year revenue visibility and third-party validation. These agreements diversify sales, anchor longer-term demand, and support the business case for expanded capacity and higher sustainable margins once integration and scale are achieved.

Near-term liquidity and moderate leverage

A sizable cash buffer and available revolver, combined with modest short-/long-term debt, provide runway to complete planned module capex and commercialization milestones. This balance-sheet posture reduces immediate refinancing pressure and supports execution through mid-term volume recovery.

Negative Factors

Negative cash generation

Persistent negative operating and free cash flow erodes liquidity and forces reliance on external financing or balance-sheet reserves. Over a multi-quarter horizon this constrains discretionary investment, increases financing cost risk, and can delay commercialization or scale initiatives if cash burn persists.

Declining revenue and ongoing losses

A shrinking revenue base undermines scale economics and limits the firm's ability to leverage fixed costs. Continued net losses prevent internal capital accumulation, keep returns negative, and mean long-term viability depends on sustained volume recovery and sustained margin expansion.

Customer concentration & slow qualification cycles

Reliance on a few large customers and lengthy qualification timelines for high-margin products create persistent revenue visibility risk. That makes forecasting cash flow and justifying incremental capacity harder, delaying benefits from commercial wins and keeping margin improvement uncertain.

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

Overall financials are weak: TTM revenue declined (-5.2%), the company remains loss-making with negative operating profit, and cash generation is a major concern with negative TTM operating cash flow and meaningfully negative free cash flow. The balance sheet is comparatively more stable (debt-to-equity ~0.40, sizable equity base), but rising debt and negative returns (from net losses) reduce flexibility until profitability and cash flow improve.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined (-5.2%), and profitability remains weak with a net loss and negative operating profit. Gross margin is moderate (~21%), but EBITDA margin is near breakeven (~0.8%), indicating limited operating leverage and ongoing cost pressure. While losses have narrowed versus earlier years, the company has not yet shown consistent improvement to sustained profitability.

Balance Sheet

The balance sheet looks relatively stable with moderate leverage in TTM (Trailing-Twelve-Months) (debt-to-equity ~0.40) and a sizable equity base. However, returns on equity remain negative due to continued net losses, which limits balance-sheet quality over time. Debt has increased versus the most recent annual period, reducing flexibility if profitability does not improve.

Cash Flow

Cash generation is a key weakness: TTM (Trailing-Twelve-Months) operating cash flow is negative and free cash flow is meaningfully negative, implying the business is consuming cash rather than funding itself. The company showed positive operating cash flow in the latest annual period (2025), but the TTM reversal suggests volatility and potential working-capital or profitability headwinds. Persistent negative free cash flow increases reliance on external funding or balance-sheet capacity.

Breakdown	TTM	Jun 2025	Jun 2023	Jun 2022	Jun 2021	Sep 2020
Income Statement
Total Revenue	112.50M	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

• Technical Analysis Sentiment: Negative
• Last Price: 2.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 2.05 is below the 20-day moving average (MA) of 2.30, below the 50-day MA of 2.42, and below the 200-day MA of 2.55, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 31.12 is Neutral, neither overbought nor oversold. The STOCH value of 17.40 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHE.UN	66 Neutral	C$1.75B	12.65	14.30%	4.73%	10.20%	-11.22%
MX	66 Neutral	C$5.56B	15.32	9.35%	1.87%	-0.65%	46.15%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FAT	45 Neutral	C$46.40M	-13.54	-15.37%	―	―	61.75%
GRA	43 Neutral	C$371.93M	-30.42	-10.65%	―	-11.90%	-0.32%

NanoXplore Inc Corporate Events

NanoXplore Posts Lower Q2 Revenue but Marks EBITDA Turnaround and Refocuses Capital Plan

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 million, management highlighted sequential improvements in revenue, margins and earnings, a return to positive adjusted EBITDA, stabilization of volumes at its two largest customers, growing contributions from new programs with CP Chem and Club Car, and a strategic decision to abandon a planned $100 million active anode material project, reflecting a more disciplined capital allocation approach and a focus on strengthening core graphene operations.

The company ended the quarter with total liquidity of $40.1 million, including $30.1 million in cash, against $13.9 million in long-term debt, which has increased since June 2025. Segment results showed modest positive adjusted EBITDA in the Battery Cells and Materials division versus a loss a year earlier, while the Advanced Materials, Plastics and Composite Products segment remained profitable on an adjusted basis but at significantly reduced levels, underscoring both the gradual operational progress and the lingering profitability pressures facing the business.

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 Sets February Webcast to Review Second-Quarter 2025 Results

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 the results. The webcast, accessible live and via replay through the company’s website, provides investors and stakeholders with an opportunity to hear management’s review of recent performance and developments, offering additional transparency into the company’s financial health and strategic direction.

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 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.