Novonix Financials

NVNXF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Novonix (NVNXF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NVNXF FY2025 2026-04-22

External funding and heavy build-out are carrying a business whose asset base and cash burn still far exceed current sales.

From FY2024 to FY2025, operating cash burn barely changed, moving from -$40.4M to -$42.2M. Yet free cash outflow deepened because capital spending rose from $29.9M to $60.2M, pointing to a build-out phase rather than purely weaker operating conversion.

Cash nearly doubled to $79.9M in FY2025 even though free cash flow was -$102.4M; the gap was filled by external financing, not by the business itself. With long-term debt only $5.9M and shares outstanding jumping to 840.1M from 488.7M, the company is leaning much more on equity capital than on borrowing.

The balance sheet still carries more equity than debt, but short-term flexibility has tightened as the current ratio fell from 2.4x in FY2023 to 1.1x in FY2025. Revenue of just $5.6M against $282.9M of assets shows a company whose resources are positioned for future scale, while today’s sales are still too small to carry that footprint.

Financial Health Signals

Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Novonix's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Novonix's revenue declined 4.1% year-over-year, from $5.9M to $5.6M. This contraction results in a growth score of 6/100.

Leverage

100

Novonix carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Novonix's current ratio of 1.07 is below the typical benchmark, resulting in a score of 16/100. However, the company holds substantial cash reserves (96% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

While Novonix generated -$42.2M in operating cash flow, capex of $60.2M consumed most of it, leaving -$102.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Novonix generates a -57.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -54.4% the prior year.

Piotroski F-Score Weak

3/9

Novonix passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, Novonix generates $0.46 in operating cash flow (-$42.2M OCF vs -$92.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.6M

YoY-4.1%

5Y CAGR+14.5%

Novonix generated $5.6M in revenue in fiscal year 2025. This represents a decrease of 4.1% from the prior year.

EBITDA

N/A

Net Income

-$92.7M

YoY-23.9%

Novonix reported -$92.7M in net income in fiscal year 2025. This represents a decrease of 23.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$102.4M

YoY-45.6%

Novonix generated -$102.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 45.6% from the prior year.

Cash & Debt

$79.9M

YoY+87.7%

5Y CAGR+24.5%

Novonix held $79.9M in cash against $5.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

840M

YoY+71.9%

Novonix had 840M shares outstanding in fiscal year 2025. This represents an increase of 71.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-1650.8%

YoY-372.7pp

5Y CAGR-1179.7pp

Novonix's net profit margin was -1650.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 372.7 percentage points from the prior year.

Return on Equity

-57.4%

YoY-3.0pp

5Y CAGR-27.2pp

Novonix's ROE was -57.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$60.2M

YoY+101.4%

5Y CAGR+75.8%

Novonix invested $60.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 101.4% from the prior year.

NVNXF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.6M-4.1%	$5.9M-27.3%	$8.1M+32.0%	$6.1M+56.7%	$3.9M+36.6%	$2.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$287K+3.5%	$277K+30.3%	$212K-9.0%	$233K+153.0%	$92K	N/A
Income Tax	$26K-73.9%	$98K+148.9%	-$200K	$0	$0	$0
Net Income	-$92.7M-23.9%	-$74.8M-61.8%	-$46.2M+10.8%	-$51.9M-285.7%	-$13.4M-0.1%	-$13.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q2'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVNXF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$282.9M+25.1%	$226.1M-14.1%	$263.3M-13.1%	$303.0M+98.9%	$152.3M+194.3%	$51.8M
Current Assets	$89.2M+55.6%	$57.3M-35.7%	$89.2M-45.0%	$162.2M+49.9%	$108.2M+280.1%	$28.5M
Cash & Equivalents	$79.9M+87.7%	$42.6M-45.9%	$78.7M-44.9%	$142.7M+39.1%	$102.6M+284.4%	$26.7M
Inventory	$2.2M+57.8%	$1.4M-30.8%	$2.0M+6.9%	$1.9M-10.3%	$2.1M+122.0%	$940K
Accounts Receivable	$2.1M-74.1%	$8.2M+128.9%	$3.6M+45.3%	$2.5M+50.1%	$1.6M+120.9%	$740K
Goodwill	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M
Total Liabilities	$121.2M+37.0%	$88.5M+11.5%	$79.4M+53.2%	$51.8M+274.1%	$13.9M+91.7%	$7.2M
Current Liabilities	$83.6M+80.7%	$46.2M+24.1%	$37.3M+372.2%	$7.9M+96.3%	$4.0M+0.8%	$4.0M
Long-Term Debt	$5.9M-8.9%	$6.5M+44.8%	$4.5M-10.6%	$5.0M-6.3%	$5.3M+179.7%	$1.9M
Total Equity	$161.7M+17.5%	$137.6M-25.2%	$183.9M-26.8%	$251.1M+81.4%	$138.4M+210.9%	$44.5M
Retained Earnings	-$352.4M-35.7%	-$259.7M-40.5%	-$184.8M-66.9%	-$110.7M-88.1%	-$58.9M-29.6%	-$45.4M

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q2'21
Total Assets	$282.9M+25.1%	$226.1M-6.1%	$240.8M-8.5%	$263.3M-6.2%	$280.9M+1.3%	$277.4M-8.4%	$303.0M+98.9%	$152.3M
Current Assets	$89.2M+55.6%	$57.3M-1.0%	$57.9M-35.1%	$89.2M-17.9%	$108.6M-6.5%	$116.1M-28.4%	$162.2M+49.9%	$108.2M
Cash & Equivalents	$79.9M+87.7%	$42.6M-9.7%	$47.1M-40.1%	$78.7M-20.6%	$99.1M0.0%	$99.0M-30.6%	$142.7M+39.1%	$102.6M
Inventory	$2.2M+57.8%	$1.4M-32.2%	$2.0M+2.0%	$2.0M-22.0%	$2.6M-19.0%	$3.2M+69.1%	$1.9M-10.3%	$2.1M
Accounts Receivable	$2.1M-74.1%	$8.2M+223.7%	$2.5M-29.3%	$3.6M+53.3%	$2.3M-18.3%	$2.8M+16.1%	$2.5M+50.1%	$1.6M
Goodwill	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M
Total Liabilities	$121.2M+37.0%	$88.5M+6.9%	$82.8M+4.2%	$79.4M+0.6%	$78.9M+53.7%	$51.4M-0.9%	$51.8M+274.1%	$13.9M
Current Liabilities	$83.6M+80.7%	$46.2M+391.7%	$9.4M-74.8%	$37.3M+499.0%	$6.2M-26.5%	$8.5M+7.3%	$7.9M+96.3%	$4.0M
Long-Term Debt	$5.9M-8.9%	$6.5M-3.9%	$6.8M+50.7%	$4.5M-3.4%	$4.6M-3.9%	$4.8M-3.6%	$5.0M-6.3%	$5.3M
Total Equity	$161.7M+17.5%	$137.6M-13.0%	$158.1M-14.1%	$183.9M-8.9%	$202.0M-10.7%	$226.1M-10.0%	$251.1M+81.4%	$138.4M
Retained Earnings	-$352.4M-35.7%	-$259.7M-21.6%	-$213.6M-15.5%	-$184.8M-10.9%	-$166.7M-20.3%	-$138.6M-25.2%	-$110.7M-88.1%	-$58.9M

NVNXF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$42.2M-4.4%	-$40.4M-11.6%	-$36.2M-23.9%	-$29.2M-380.2%	-$6.1M-62.4%	-$3.7M
Capital Expenditures	$60.2M+101.4%	$29.9M+55.8%	$19.2M-77.1%	$83.7M+329.4%	$19.5M+444.6%	$3.6M
Free Cash Flow	-$102.4M-45.6%	-$70.3M-26.9%	-$55.4M+50.9%	-$112.9M-341.5%	-$25.6M-249.0%	-$7.3M
Investing Cash Flow	-$32.9M-80.8%	-$18.2M-54.9%	-$11.7M+89.0%	-$106.8M-442.8%	-$19.7M-433.6%	-$3.7M
Financing Cash Flow	$109.9M+335.9%	$25.2M-14.0%	$29.3M-83.8%	$180.7M+74.1%	$103.8M+240.5%	$30.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q2'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVNXF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1650.8%-372.7pp	-1278.0%-703.9pp	-574.2%+275.8pp	-850.0%-504.7pp	-345.3%+125.7pp	-471.1%
Return on Equity	-57.4%-3.0pp	-54.4%-29.2pp	-25.1%-4.5pp	-20.6%-10.9pp	-9.7%+20.4pp	-30.2%
Return on Assets	-32.8%+0.3pp	-33.1%-15.5pp	-17.6%-0.4pp	-17.1%-8.3pp	-8.8%+17.1pp	-25.9%
Current Ratio	1.07-0.2	1.24-1.2	2.39-18.2	20.56-6.4	26.92+19.8	7.14
Debt-to-Equity	0.04-0.0	0.05+0.0	0.020.0	0.02-0.0	0.040.0	0.04
FCF Margin	-1822.5%-621.7pp	-1200.8%-512.8pp	-687.9%+1162.8pp	-1850.8%-1193.9pp	-656.9%-399.8pp	-257.0%

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q2'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.07-0.2	1.24-4.9	6.15+3.8	2.39-15.1	17.45+3.7	13.72-6.8	20.56-6.4	26.92
Debt-to-Equity	0.04-0.0	0.050.0	0.04+0.0	0.020.0	0.020.0	0.020.0	0.02-0.0	0.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Novonix's annual revenue?

Novonix (NVNXF) reported $5.6M in total revenue for fiscal year 2025. This represents a -4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Novonix's revenue growing?

Novonix (NVNXF) revenue declined by 4.1% year-over-year, from $5.9M to $5.6M in fiscal year 2025.

Is Novonix profitable?

No, Novonix (NVNXF) reported a net income of -$92.7M in fiscal year 2025, with a net profit margin of -1650.8%.

How much debt does Novonix have?

As of fiscal year 2025, Novonix (NVNXF) had $79.9M in cash and equivalents against $5.9M in long-term debt.

What is Novonix's net profit margin?

Novonix (NVNXF) had a net profit margin of -1650.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Novonix's return on equity (ROE)?

Novonix (NVNXF) has a return on equity of -57.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Novonix's free cash flow?

Novonix (NVNXF) generated -$102.4M in free cash flow during fiscal year 2025. This represents a -45.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Novonix's operating cash flow?

Novonix (NVNXF) generated -$42.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novonix's total assets?

Novonix (NVNXF) had $282.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Novonix's capital expenditures?

Novonix (NVNXF) invested $60.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Novonix have outstanding?

Novonix (NVNXF) had 840M shares outstanding as of fiscal year 2025.

What is Novonix's current ratio?

Novonix (NVNXF) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.

What is Novonix's debt-to-equity ratio?

Novonix (NVNXF) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novonix's return on assets (ROA)?

Novonix (NVNXF) had a return on assets of -32.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Novonix's cash runway?

Based on fiscal year 2025 data, Novonix (NVNXF) had $79.9M in cash against an annual operating cash burn of $42.2M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Novonix's Piotroski F-Score?

Novonix (NVNXF) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Novonix's earnings high quality?

Novonix (NVNXF) has an earnings quality ratio of 0.46x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Novonix?

Novonix (NVNXF) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.