Novonix (NVX) investor relations material

Executive summary

• Reported a net loss of $92.7 million for 2025, with revenue of $5.6 million, primarily from the Battery Technology Solutions (BTS) segment, as the anode materials business has not yet generated revenue.

• Completed the installation and commissioning of mass production equipment for Panasonic Energy and delivered the first mass production, commercial-grade synthetic graphite sample for industrial applications.

• Announced the proposed sale of the BTS business to focus on establishing a vertically integrated synthetic graphite supply chain in North America.

• Raised $100 million through convertible debentures, $20.1 million via a share purchase plan, and $5 million from Phillips 66 to support expansion and operations.

Financial highlights

• Revenue decreased to $5.6 million in 2025 from $5.9 million in 2024, mainly due to softer demand for consulting services.

• Net loss increased to $92.7 million in 2025 from $74.8 million in 2024, driven by higher administrative expenses, increased borrowing costs, and a $32.9 million loss on extinguishment of convertible notes.

• Cash and cash equivalents at year-end were $79.9 million, up from $42.6 million in 2024, due to financing activities.

• Product manufacturing and operating costs rose to $2.5 million, and administrative expenses increased to $22.2 million.

• Share-based compensation shifted to a gain of $1.1 million due to reversals following executive departures.

Outlook and guidance

• Mass production of battery-grade anode material for Panasonic is expected to commence in late 2027.

• The company will have no revenue until the anode materials business scales, following the divestiture of BTS.

• Plans to expand production capacity to over 50,000 tpa in Chattanooga, with a new facility at Enterprise South pending DOE loan finalization.

• Ongoing need for additional funding to support expansion and meet production targets.