The firm's cash conversion remains inefficient, as evidenced by a 2025Q4 OCF/NI ratio of 0.28 and a substantial $46.2M free cash flow deficit.
Novonix Limited (NVX) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 |
|---|
| Cash from Operations | -83.51M | -42.23M | -40.42M | -36.23M | -13.08M | -29.23M | -6.09M | -3.75M | -4.09M | -3.88M | -960.45K | -627.24K | -263 |
| Operating CF Margin % | - | -751.27% | -690.38% | -449.79% | -349.09% | -479.08% | -116.45% | -90.76% | -225.23% | -178.53% | -1188.57% | -3106.51% | - |
| Operating CF Growth % | -31.45% | -4.48% | -11.56% | -177% | 55.25% | -380.18% | -62.36% | 8.39% | -5.54% | -303.72% | -53.12% | - | - |
| Net Income | -163.62M | -92.79M | -74.82M | -46.25M | -38.08M | -51.86M | -13.45M | -13.43M | -18.34M | -7.64M | -6.14M | -1.24M | -3.94K |
| Depreciation & Amortization | 9.38M | 4.57M | 4.57M | 4.74M | 3.57M | 4.21M | 1.26M | 1.18M | 7.84M | 114.17K | 0 | 0 | 0 |
| Stock-Based Compensation | 776.87K | 0 | 5.52M | 3.83M | 0 | 14.68M | 4.47M | 5.07M | 6.67M | 6.35M | 3.58M | 606.96K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -4.91M | 2.79M | -2.85M | -4.41M | 74.31K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 67.21M | 42.98M | 21.26M | 1.13M | 24.81M | -172.95K | 6.09M | 8.5M | -262.28K | -1.27M | -186.49K | 0 | 0 |
| Working Capital Changes | 1.55M | 3.01M | 3.05M | 326.28K | 1.55M | 1.12M | -1.62M | -654.85K | -76.02K | -1.43M | 1.78M | 9.6K | 3.67K |
| Change in Receivables | 1.6M | 222.42K | 1.6M | -567.85K | 158.79K | 0 | -1.62M | -654.85K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 455.65K | -673.79K | 455.64K | 1.2M | -945.58K | 166.18K | 866.51K | 201.3K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -787.04K | 1.42M | -1.37M | 916.22K | -90.69K | -145.62K | 387.2K | 295.09K | -131.01K | 188.4K | 30.46K | 10.09K |
| Cash from Investing | -51.7M | -32.88M | -18.17M | -11.74M | -16.33M | -106.8M | -19.68M | -3.69M | -5.16M | -5.35M | -14.52M | -1.06M | 0 |
| Capital Expenditures | -89.64M | -60.23M | -29.91M | -19.69M | -16.75M | -83.79M | -19.58M | -3.68M | -1.52M | -2.07M | -1.11M | -1.04M | 0 |
| CapEx % of Revenue | 1027.48% | 1071.42% | 510.84% | 244.44% | 447.18% | 1373.35% | 374.52% | 89.01% | 83.39% | 95.31% | 1373.56% | 5158.61% | - |
| Acquisitions | 1.32M | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | -3.64M | 0 | -3.03M | 252.26K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 36.61M | 26.02M | 11.73M | 7.95M | 419.47K | -10.24M | -100K | -10.97K | -9.24K | -1.41M | 8.65K | -271.05K | 0 |
| Cash from Financing | 148.4M | 109.98M | 25.21M | 29.31M | -539.22K | 180.69M | 103.77M | 30.48M | 11.84M | 7.21M | 16.24M | 3.35M | 264 |
| Debt Issued (Net) | 92.56M | 93.79M | -1.73M | 29.33M | -483.62K | 32.36M | 3.95M | -379.86K | 11.81M | 1.32M | 12.29M | -197 | 0 |
| Equity Issued (Net) | 58.63M | 17.43M | 28.82M | 338.33K | 2.8K | 150.97M | 128.12M | 43.08M | 0 | 4.1M | 230.53K | 3.27M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.27M | 0 | -175.54K | 0 | -66.58K | 0 |
| Other Financing | -2.79M | -1.24M | -1.88M | -354.91K | -58.39K | -2.64M | -28.3M | -12.22M | 28.85K | 1.79M | 3.73M | 82.25K | 264 |
| Net Change in Cash | 14.79M | 40.13M | -36.16M | -20.33M | -29.24M | 40.14M | 75.91M | 22.44M | 3.98M | -2.12M | 749.37K | 1.67M | 10 |
| Free Cash Flow | -173.12M | -102.45M | -70.32M | -55.42M | -29.65M | -113.02M | -25.66M | -7.43M | -4.32M | -4.94M | -1.86M | -1.51M | -263 |
| FCF Margin % | -1984.45% | -1822.48% | -1201.21% | -688.11% | -791.31% | -1852.43% | -490.97% | -179.76% | -237.94% | -227.45% | -2301.25% | -7472.84% | - |
| FCF Growth % | -97.31% | -45.68% | -26.88% | -86.95% | 73.77% | -340.37% | -245.6% | -71.77% | 12.48% | -165.65% | -23.24% | - | - |
| FCF per Share | -8.00 | -6.01 | -5.66 | -4.55 | -2.44 | -9.73 | -2.21 | -0.64 | -0.37 | -0.43 | -0.16 | -0.01 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.06x | 0.46x | 0.54x | 0.78x | 0.34x | 0.56x | 0.45x | 0.28x | 0.15x | 0.38x | 0.16x | 0.50x | 0.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.31K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.67K | 0 | 0 | 0 |
Quick answers to the most common questions about buying NVX stock.
Novonix Limited (NVX) generated $-42.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Novonix Limited (NVX) reported negative free cash flow of $102.4M in 2025, indicating capital requirements exceeded cash from operations.
Novonix Limited (NVX) spent $60.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Commercial scale execution failure
Earnings Quality Masked by Losses
According to recent financial disclosures, the persistent gap between net income and operating cash flow suggests that Novonix's reported losses are not fully capturing the underlying cash burn, as evidenced by an OCF/NI ratio of 0.28 in 2025Q4, indicating significant non-cash adjustments or timing differences.
The divergence between net income and operating cash flow implies that the company's accounting losses may be mitigated by non-cash items, yet the actual cash outflow remains substantial. Investors should monitor whether this ratio stabilizes as the company attempts to transition toward commercial-scale production.
Persistent Free Cash Flow Deficits
As reported in financial statements, Novonix's free cash flow trajectory remains deeply negative, with a 2025Q4 FCF of -$46.2M, reflecting the heavy capital requirements of its Tennessee facility and the ongoing inability of current operations to generate self-sustaining cash inflows to cover its high fixed-cost base.
The consistent negative FCF margin, which reached -16.5% in the most recent quarter, highlights the company's reliance on external financing to fund its growth initiatives. This trend suggests that the business model is currently structured for capital consumption rather than value creation, warranting caution regarding future liquidity needs.
Capital Intensity Outpacing Revenue Growth
Based on reported figures, Novonix's capital expenditure remains elevated relative to its modest revenue, with a CapEx/Revenue ratio of 9.3% in 2025Q4, underscoring the significant investment required to build out its proprietary continuous furnace infrastructure before achieving any meaningful commercial throughput or unit-level profitability.
The high capital intensity suggests that the company is still in the heavy construction phase of its business cycle. Analysts should evaluate whether these investments are successfully translating into increased production capacity or if they represent a sunk cost in unproven manufacturing technology.
External Financing Drives Capital Allocation
As indicated by the cash flow statements, Novonix has not engaged in dividends or share repurchases, instead directing all available liquidity toward facility construction and operational burn, which suggests that capital allocation is currently dictated by the necessity of funding the company's long-term commercialization strategy.
The absence of shareholder returns is consistent with a pre-revenue industrial firm, but it places the entire burden of value creation on the successful execution of its manufacturing ramp-up. Investors should monitor how the company manages its remaining cash reserves as it navigates the current high-cost environment.