The company continues to struggle with structural profitability, reporting a negative 3.4% gross margin and a $25.8M operating loss in 2025Q4.
| Sales/Revenue | 5.62M | 5.85M | 8.05M | 3.75M | 6.1M | 5.23M | 4.13M | 1.82M | 2.17M | 80.81K | 20.19K | 0 |
| Revenue Growth % | -3.98% | -27.32% | 114.98% | -38.59% | 16.72% | 26.53% | 127.35% | -16.34% | 2587.76% | 300.21% | - | - |
| Cost of Goods Sold | 29.98M | 1.77M | 2.82M | 24.32M | 1.72M | 8.51M | 1.21M | 3.34M | 2.77M | 1.41M | 0 | 0 |
| COGS % of Revenue | 533.3% | 30.24% | 34.98% | 649.21% | 28.27% | 162.71% | 29.27% | 183.84% | 127.48% | 1739.69% | - | - |
| Gross Profit | -24.36M | 4.08M | 5.24M | 2.78M | 4.38M | -3.28M | 2.02M | -1.52M | -596.8K | -1.32M | 34.74K | 0 |
| Gross Margin % | -433.3% | 69.76% | 65.02% | 74.09% | 71.73% | -62.71% | 48.81% | -83.84% | -27.48% | -1639.69% | 172.05% | - |
| Gross Profit Growth % | -696.41% | -22.02% | 88.68% | -36.58% | 233.51% | -262.57% | 232.37% | -155.25% | 54.96% | -3914.22% | - | - |
| Operating Expenses | 27.9M | 55.6M | 53.47M | 18.45M | 52.42M | 12.7M | 16.32M | 9.77M | 7.84M | 4.13M | 1.12M | 3.94K |
| OpEx % of Revenue | 496.33% | 949.75% | 663.79% | 492.57% | 859.18% | 243.04% | 395.02% | 537.74% | 360.94% | 5112.66% | 5558.32% | - |
| Selling, General & Admin | 45.09M | 49.08M | 44.78M | 15.69M | 39.86M | 15.56M | 13.97M | 8.32M | 6.98M | 4.2M | 954.79K | 3.94K |
| SG&A % of Revenue | 802.2% | 838.27% | 555.91% | 418.86% | 653.3% | 297.66% | 338.04% | 457.7% | 321.17% | 5194.09% | 4728.77% | - |
| Research & Development | 5.67M | 4.85M | 5.75M | 2.76M | 5.1M | 5.71M | 2.35M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 100.95% | 82.84% | 71.4% | 73.72% | 83.64% | 109.16% | 56.98% | - | - | - | - | - |
| Other Operating Expenses | -22.87M | 1.68M | 2.94M | 0 | 7.46M | -8.56M | 0 | 1.45M | 863.66K | -65.8K | 167.5K | 0 |
| Operating Income | -52.26M | -51.52M | -48.23M | -39.65M | -48.04M | -17.15M | -13.4M | -10.8M | -8.28M | -5.46M | -1.08M | -4.31K |
| Operating Margin % | -929.63% | -879.99% | -598.77% | -1058.22% | -787.45% | -328.17% | -324.3% | -594.34% | -381.32% | -6752.35% | -5335.92% | - |
| Operating Income Growth % | -1.43% | -6.82% | -21.64% | 17.48% | -180.06% | -28.04% | -24.06% | -30.4% | -51.78% | -406.45% | -24879.74% | - |
| EBITDA | -47.68M | -46.95M | -43.49M | -36.08M | -43.83M | -15.47M | -11.68M | 363.48K | -8.12M | -5.45M | -1.07M | -3.94K |
| EBITDA Margin % | -848.25% | -801.94% | -539.92% | -963.04% | -718.37% | -295.9% | -282.79% | 20% | -373.84% | -6740.84% | -5321.53% | - |
| EBITDA Growth % | -1.56% | -7.96% | -20.53% | 17.68% | -183.35% | -32.4% | -3314.09% | 104.48% | -49.06% | -406.95% | -27170.84% | - |
| D&A (Non-Cash Add-back) | 4.57M | 4.57M | 4.74M | 3.57M | 4.21M | 1.69M | 1.71M | 11.16M | 162.3K | 9.3K | 2.9K | 0 |
| EBIT | -81.71M | -71.18M | -49.41M | -39.65M | -50.39M | -15.93M | -15.03M | -11.56M | -8.88M | -5.35M | -1.09M | -3.94K |
| Net Interest Income | -10.86M | -2.19M | -1.25M | -1.28M | -1.46M | -144.96K | -3.57M | -1.09M | -481.86K | -561.09K | 13.69K | 0 |
| Interest Income | 1.09M | 1.37M | 1.61M | 26.92K | 8.31K | 26.16K | 485 | 3.17K | 4.95K | 4.37K | 13.69K | 0 |
| Interest Expense | 11.96M | 3.56M | 2.87M | 1.31M | 1.47M | 171.12K | 3.57M | 1.1M | 486.81K | 565.46K | 0 | 0 |
| Other Income/Expense | -41.4M | -23.21M | 1.78M | 1.01M | -3.82M | -777.98K | -6.06M | -15.71M | -2.03M | -717.32K | -135.89K | 0 |
| Pretax Income | -93.66M | -74.72M | -46.45M | -38.63M | -51.86M | -17.93M | -19.46M | -25.75M | -10.31M | -6.17M | -1.21M | -3.94K |
| Pretax Margin % | -1666.2% | -1276.38% | -576.67% | -1031.13% | -850.01% | -343.05% | -471.06% | -1417.33% | -474.7% | -7640.04% | -6008.95% | - |
| Income Tax | -867.8K | 97.69K | -199.95K | 0 | 0 | 0 | 0 | -383.65K | 13.4K | -243.07K | 0 | 0 |
| Effective Tax Rate % | 0.93% | -0.13% | 0.43% | 0% | 0% | 0% | 0% | 1.49% | -0.13% | 3.94% | 0% | 0% |
| Net Income | -92.79M | -74.82M | -46.25M | -38.63M | -51.86M | -13.45M | -13.43M | -26.73M | -10.32M | -6.04M | -1.24M | -3.94K |
| Net Margin % | -1650.76% | -1278.04% | -574.19% | -1031.13% | -850.01% | -257.24% | -325.1% | -1470.81% | -475.32% | -7476.94% | -6160.16% | - |
| Net Income Growth % | -24.02% | -61.78% | -19.71% | 25.51% | -285.68% | -0.12% | 49.75% | -158.88% | -70.86% | -385.76% | -31492.51% | - |
| Net Income (Continuing) | -92.79M | -74.82M | -46.25M | -38.63M | -51.86M | -13.45M | -13.43M | -26.12M | -10.32M | -6.14M | -1.24M | -3.94K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -0.60 | -0.56 | -0.32 | -0.44 | -0.16 | -0.17 | -0.22 | -0.09 | -0.08 | -0.01 | 0.00 |
| EPS Growth % | 13.33% | -7.14% | -75% | 27.27% | -175% | 5.88% | 22.73% | -146.64% | -18.62% | -596.3% | - | - |
| EPS (Basic) | -0.52 | -0.60 | -0.56 | -0.32 | -0.44 | -0.16 | -0.17 | -0.22 | -0.09 | -0.08 | -0.01 | 0.00 |
| Diluted Shares Outstanding | 170.42M | 124.22M | 121.87M | 121.65M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M |
| Basic Shares Outstanding | 170.42M | 124.22M | 121.87M | 121.65M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M | 116.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial scale execution failure
As indicated by the most recent quarterly financial data, Novonix's revenue remains trapped in a narrow range, with the 2025Q4 figure of $2.8M representing a 9.6% year-over-year decline, highlighting the persistent difficulty in transitioning from pilot-scale technology services to high-volume commercial material supply contracts.
The lack of meaningful top-line expansion suggests that the company has yet to secure the necessary customer off-take agreements to validate its manufacturing capacity. Investors should monitor whether the current revenue plateau reflects a deliberate focus on qualification cycles or an inability to penetrate the competitive North American battery supply chain.
According to the reported income statements, Novonix continues to struggle with structural profitability, evidenced by a 2025Q4 gross margin of -3.4%, which underscores the significant cost burden of operating energy-intensive furnace technology before achieving the economies of scale required for unit-level economic viability.
The volatility in gross margins, which swung from a positive 63.3% in 2024Q2 to deep negative territory, implies that the company's cost structure is highly sensitive to production uptime and feedstock procurement. This inconsistency warrants further investigation into whether the current manufacturing process can ever achieve the cost-competitiveness required to displace established synthetic graphite incumbents.
Based on the provided financial filings, Novonix exhibits a lack of operating leverage, as evidenced by the 2025Q4 operating loss of $25.8M, which continues to dwarf the company's modest revenue base and suggests that overhead costs are scaling independently of any meaningful commercial production output.
The persistent gap between SG&A expenses and revenue indicates that the company is maintaining a high fixed-cost base in anticipation of future growth that has yet to materialize. This structure leaves the firm with little room for error, as any further delays in facility commissioning will likely exacerbate the existing operating losses.
As highlighted by the 2025Q4 net loss of $72.7M, the company's financial trajectory appears increasingly reliant on external capital, raising concerns that the technical promise of its continuous furnace technology may not be sufficient to offset the mounting cash burn required to reach sustainable commercial operations.
Short-sellers would likely focus on the widening gap between capital expenditure and revenue generation, which suggests that the company may face significant dilution risks if it cannot reach profitability before its current liquidity runway is exhausted. The reliance on non-recurring items and government grants to bridge the funding gap may mask the underlying difficulty of achieving a self-sustaining business model.
Quick answers to the most common questions about buying NVX stock.
For fiscal year 2025, Novonix Limited (NVX) reported total revenue of $5.6M.
Novonix Limited (NVX) reported a net loss of $92.8M for the fiscal year ending 2025.
Novonix Limited (NVX) reported an operating income of $-52.3M, resulting in an operating profit margin of -929.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Novonix Limited (NVX) generated $-24.4M in gross profit for the year, representing a gross profit margin of -433.3%. This demonstrates the company's core pricing power and production efficiency.