NanoXplore (GRA) Q1 2026 earnings summary

Executive summary

• Leadership transition underway with Rocco Marinaccio becoming CEO on December 4, 2025, while Soroush Nazarpour moves to Vice Chair of the Board, focusing on long-term strategy.

• Q1 2026 revenues fell 30% year-over-year to CAD 23.4 million, mainly due to reduced demand from two major customers and lower tooling revenues.

• Net loss widened to CAD 3.78 million from CAD 2.72 million in Q1 2025.

• Company has evolved into the world's largest graphene producer, with global partnerships and around CAD 130 million in annual revenue.

• Major new contracts include Chevron Phillips Chemical and Club Car, supporting growth and diversification beyond transportation.

Financial highlights

• Adjusted gross margin (excluding depreciation) was 17.3%, down from 21% last year, mainly due to lower volumes.

• Adjusted EBITDA loss of CAD 1.4 million, a decrease of CAD 2.5 million versus last year.

• Ended Q1 with CAD 10.1 million in cash and CAD 7.7 million in debt; total liquidity of CAD 20.1 million as of September 30, 2025.

• Long-term debt increased to CAD 7.0 million, up CAD 2.65 million from June 30, 2025.

• Recent CAD 25.7 million equity financing not included in Q1 numbers, further strengthening the balance sheet.

Outlook and guidance

• Full-year 2026 revenue guidance set at CAD 115–125 million, with Q1 expected to be the trough and sequential growth anticipated.

• Growth and profitability expected to be weighted toward the second half of the year, driven by recovery in transportation, new customer programs, and increased graphene powder sales.

• Initial revenues from the first dry process graphene module expected by fiscal year-end 2026, with further growth into 2027.