NOVONIX (NVNXF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Feb 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NVNXF SEC filings page.
NOVONIX Ltd (NVNXF) reported $5.6M in revenue for fiscal year 2025, down 4.1% from the prior fiscal year. This page shows its 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 (20-F and 6-K reports).
NOVONIX is still funding a development-heavy operation with external capital because customer revenue remains too small to cover investment.
In FY2025, revenue fell4.1% while R&D rose16.9% and reached101.0% of revenue, showing development spending remains larger than the current commercial base. Free cash flow was-$102.4M against operating cash flow of-$42.2M , so capital expenditure, not only operating losses, was the larger cash drain.
Financing cash flow supplied
Current assets rose
Financial Health Signals
We do not publish a peer-relative financial health score for NOVONIX Ltd, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
NOVONIX Ltd scores 1.81, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from operating income of $276.1M against total assets of $282.9M. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
NOVONIX Ltd passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
NOVONIX Ltd reported a net loss of $92.7M while operations used $42.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
NOVONIX Ltd earns $963.81 in operating income for every $1 of interest expense ($276.1M vs $287K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
NOVONIX Ltd generated $5.6M in revenue in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
NOVONIX Ltd's EBITDA was $280.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 80.6% from the prior year.
NOVONIX Ltd reported a net loss of $92.7M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
NOVONIX Ltd earned -$0.14 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
NOVONIX Ltd recorded an outflow of $102.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
NOVONIX Ltd held $79.9M in cash against $31.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
NOVONIX Ltd'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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
NOVONIX Ltd invested $5.7M in research and development in fiscal year 2025. This represents an increase of 16.9% from the prior year.
NOVONIX Ltd 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.
Not reported for fiscal year 2025.
NVNXF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Revenue | $5.6M-4.1% | $5.9M-27.3% | $8.1M+32.0% | $6.1M+56.7% | $3.9M+36.6% | $2.9M |
| R&D Expenses | $5.7M+16.9% | $4.8M-15.7% | $5.8M+12.7% | $5.1M+143.8% | $2.1M+28.8% | $1.6M |
| Operating Income | $276.1M+83.1% | $150.8M | N/A | N/A | N/A | N/A |
| EBITDA | $280.7M+80.6% | $155.4M | 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% | $98Kn/m | -$200Kn/m | $0n/m | $0n/m | $0 |
| Net Income | -$92.7Mn/m | -$74.8Mn/m | -$46.2Mn/m | -$51.9Mn/m | -$13.4Mn/m | -$13.4M |
| EPS (Basic) | -$0.14n/m | -$0.15n/m | -$0.09n/m | -$0.11n/m | -$0.04 | -$0.10 |
| EPS (Diluted) | -$0.14n/m | -$0.15n/m | -$0.09n/m | -$0.11n/m | -$0.04 | -$0.10 |
| Diluted Shares (Avg) | 682M+37.2% | 497M+1.9% | 487M+5.0% | 464M+26.8% | 366M | 136M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, SG&A Expenses.
NVNXF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| 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 |
| Non-Current Liabilities | $37.7M-10.8% | $42.3M+0.3% | $42.1M-4.1% | $44.0M+346.7% | $9.8M+203.4% | $3.2M |
| Long-Term Debt | $31.8M-3.0% | $32.8M-5.5% | $34.7M-3.6% | $35.9M+699.9% | $4.5M+237.3% | $1.3M |
| 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 | -$352.4Mn/m | -$259.7Mn/m | -$184.8Mn/m | -$110.7Mn/m | -$58.9Mn/m | -$45.4M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
NVNXF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.2Mn/m | -$40.4Mn/m | -$36.2Mn/m | -$29.2Mn/m | -$6.1Mn/m | -$3.7M |
| Depreciation & Amortization | $4.6M0.0% | $4.6M-3.6% | $4.7M+12.5% | $4.2M+233.3% | $1.3M+6.9% | $1.2M |
| 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 | -$102.4Mn/m | -$70.3Mn/m | -$55.4Mn/m | -$112.9Mn/m | -$25.6Mn/m | -$7.3M |
| Investing Cash Flow | -$32.9Mn/m | -$18.2Mn/m | -$11.7Mn/m | -$106.8Mn/m | -$19.7Mn/m | -$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 |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
NVNXF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F |
|---|---|---|---|---|---|---|
| Operating Margin | 4916.0% | 2576.2% | N/A | N/A | N/A | N/A |
| Net Margin | -1650.8% | -1278.0% | -574.2% | -850.0% | -345.3% | -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 | 1.07-0.2x | 1.24-1.2x | 2.39-18.2x | 20.56-6.4x | 26.92+19.8x | 7.14 |
| Debt-to-Equity | 0.200.0x | 0.240.0x | 0.190.0x | 0.14+0.1x | 0.030.0x | 0.03 |
| Liabilities-to-Equity | 0.75+0.1x | 0.64+0.2x | 0.43+0.2x | 0.21+0.1x | 0.10-0.1x | 0.16 |
| Asset Turnover | 0.020.0x | 0.030.0x | 0.030.0x | 0.020.0x | 0.030.0x | 0.06 |
| FCF Margin | -1822.5% | -1200.8% | -687.9% | -1850.8% | -656.9% | -257.0% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| NOVONIX Ltd NVNXF | FY2025 | $5.6M | -$92.7M | N/A | $58.6M | — |
| Universal Token, Inc UTKN | FY2025 | $0 | -$356K | N/A | $153.4M | — |
Where NOVONIX Ltd Ranks
Frequently Asked Questions
NOVONIX Ltd (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.
NOVONIX Ltd (NVNXF) revenue declined by 4.1% year-over-year, from $5.9M to $5.6M in fiscal year 2025.
No, NOVONIX Ltd (NVNXF) reported a net loss of $92.7M in fiscal year 2025.
NOVONIX Ltd (NVNXF) had EBITDA of $280.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, NOVONIX Ltd (NVNXF) had $79.9M in cash and equivalents against $31.8M in long-term debt.
NOVONIX Ltd (NVNXF) has a return on equity of -57.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
NOVONIX Ltd (NVNXF) recorded an outflow of $102.4M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
NOVONIX Ltd (NVNXF) recorded an outflow of $42.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
NOVONIX Ltd (NVNXF) had $282.9M in total assets as of fiscal year 2025, including both current and long-term assets.
NOVONIX Ltd (NVNXF) invested $60.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
NOVONIX Ltd (NVNXF) invested $5.7M in research and development during fiscal year 2025.
NOVONIX Ltd (NVNXF) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
NOVONIX Ltd (NVNXF) had a debt-to-equity ratio of 0.20 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
NOVONIX Ltd (NVNXF) had a liabilities-to-equity ratio of 0.75 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
NOVONIX Ltd (NVNXF) had a return on assets of -32.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
NOVONIX Ltd (NVNXF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $58.6M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
NOVONIX Ltd (NVNXF) trades at 10.4x sales, its market capitalization divided by $5.6M revenue, FY2025. The market capitalization is $58.6M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
NOVONIX Ltd (NVNXF) has an Altman Z-Score of 1.81, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
NOVONIX Ltd (NVNXF) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
NOVONIX Ltd (NVNXF) reported a net loss of $92.7M while operations used $42.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
NOVONIX Ltd (NVNXF) has an interest coverage ratio of 963.81x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.