NOVONIX LIMITED Financials

NVX

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

This page shows NOVONIX LIMITED (NVX) 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 NVX FY2025 2026-04-22

Equity-funded expansion dominates as capital spending and a swelling balance sheet outrun a still-tiny revenue base.

Across FY2023-FY2025, operating cash burn stayed clustered near $40M even as free cash burn deepened to -$102.4M. That widening gap points to cash needs being driven increasingly by expansion spending, not just by recurring operating losses, so the income statement understates how much cash the build-out is actually consuming.

FY2025 still shows a low-debt posture—long-term debt was only $5.9M against equity of $161.7M—but the company is relying on external equity funding rather than borrowing for support. Financing inflows and a much larger share count indicate the cash refill came from issuing ownership, not from self-funding.

The liquidity cushion is much thinner than it was two years ago: cash finished FY2025 at $79.9M while current liabilities reached $83.6M. A current ratio of 1.1x says near-term obligations are still covered, but only narrowly compared with FY2023, when working-capital slack was much more comfortable.

Financial Health Signals

Financial Health Score 35/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of NOVONIX LIMITED'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.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

Piotroski F-Score Partial

3/8

NOVONIX LIMITED 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, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, NOVONIX LIMITED 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 LIMITED 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 LIMITED 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 LIMITED 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 LIMITED 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 LIMITED 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 LIMITED'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 LIMITED'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 LIMITED 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.

NVX 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

NVX 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

NVX 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

NVX 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 LIMITED's annual revenue?

NOVONIX LIMITED (NVX) 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 LIMITED's revenue growing?

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

Is NOVONIX LIMITED profitable?

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

How much debt does NOVONIX LIMITED have?

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

What is NOVONIX LIMITED's net profit margin?

NOVONIX LIMITED (NVX) 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 LIMITED's return on equity (ROE)?

NOVONIX LIMITED (NVX) 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 LIMITED's free cash flow?

NOVONIX LIMITED (NVX) 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 LIMITED's operating cash flow?

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

What are NOVONIX LIMITED's total assets?

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

What are NOVONIX LIMITED's capital expenditures?

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

How many shares does NOVONIX LIMITED have outstanding?

NOVONIX LIMITED (NVX) had 840M shares outstanding as of fiscal year 2025.

What is NOVONIX LIMITED's current ratio?

NOVONIX LIMITED (NVX) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.

What is NOVONIX LIMITED's debt-to-equity ratio?

NOVONIX LIMITED (NVX) 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 LIMITED's return on assets (ROA)?

NOVONIX LIMITED (NVX) 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 LIMITED's cash runway?

Based on fiscal year 2025 data, NOVONIX LIMITED (NVX) 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 LIMITED's Piotroski F-Score?

NOVONIX LIMITED (NVX) 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.

Are NOVONIX LIMITED's earnings high quality?

NOVONIX LIMITED (NVX) 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 LIMITED?

NOVONIX LIMITED (NVX) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.