NanoXplore (GRA) Q4 2025 earnings summary

Executive summary

• CEO transition announced, with the founder stepping down at the AGM but remaining on the board to support technical and strategic initiatives; transition planned and supported by leadership and board.

• Q4-2025 revenues fell 17% year-over-year to $31.7M, with full-year revenues down 1% to $128.9M.

• Adjusted EBITDA for the year more than doubled to $6.1M, despite a challenging macroeconomic environment in the US.

• Major multi-year graphene supply contract finalized with a leading U.S. oil and gas company for Trybograf, a high-performance lubricant additive, marking a significant commercialization milestone.

• Management highlighted ongoing strategic focus on graphene adoption and new product development, especially in oil and gas applications.

Financial highlights

• Q4 revenue was $31.7 million, down 17% year-over-year, mainly due to lower volumes from top customers.

• Adjusted gross margin (excluding depreciation) rose to 24.7%, up 110 basis points year-over-year, continuing a 12-quarter improvement trend.

• Adjusted EBITDA for Q4 was $2.5 million, flat year-over-year; full-year adjusted EBITDA reached a record $6.1 million.

• Q4-2025 net loss was $2.3M, slightly better than $2.4M last year; full-year net loss narrowed to $9.7M from $11.7M.

• Ended the quarter with $18.6 million in cash and $5.2 million in debt; total liquidity stood at $28.6 million.

Outlook and guidance

• Q1 and Q2 expected to remain challenging due to continued volume reductions from major customers; recovery and growth anticipated in H2, driven by new contracts, Statesville ramp-up, and graphene-enhanced SMC volumes.

• Growth and profitability are expected to be weighted toward the second half of the year.

• Management is optimistic for FY2026, citing progress with new customers, a new US facility, and product development partnerships.