NVX Nasdaq Miscellaneous Electrical Machinery, Equipment & Supplies Financials FY2019βFY2025
NOVONIX Ltd had $5.6M of revenue in fiscal 2025, down 4.1% on the year before. Over five years, revenue changed +7.6% a year on average.
Hi! I read NOVONIX Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β4.1%
No. Sales fell 4.1% last year.
Does it make a profit?
β1,650.8%
No. It lost money last year.
Does profit turn into cash?
β1,822.5%
No. It spent more cash than it brought in.
Is debt under control?
0.0x
Yes. It could repay its debt with 0.0 years of operating profit.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days NOVONIX Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
February 25, 2027
Thursday Β· in 122 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Feb 26, 2026 | Period ended Dec 31, 2025 | Time not announced | 20-F β |
| Feb 28, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Feb 28, 2024 | Period ended Dec 31, 2023 | Before the market opens | 20-F β |
| Feb 28, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Aug 31, 2022 | Period ended Jun 30, 2022 | Before the market opens | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· NOVONIX Ltd had $5.6M of revenue in fiscal 2025, down 4.1% on the year before. Over five years, revenue changed +7.6% a year on average. Its operating margin was 4,916.0%, up 2,339.8Β pts: of every 100 in sales, about 4,916 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· NOVONIX Ltd lost $92.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$102M in fiscal 2025, β1,822.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· NOVONIX Ltd owes $14.0M more than it holds in cash, about 0.0 years of operating profit.
Cash, debt and the ratios that show how comfortably NOVONIX Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY20 | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $103M | $143M | $78.7M | $42.6M | $79.9M |
| Debt incl. finance leases | $4.7M | $37.0M | $64.6M | $64.4M | $93.8M |
| Net debt / EBITDA | β | β | β | 0.1x | 0.0x |
| Debt / equity | 0.0x | 0.1x | 0.4x | 0.5x | 0.6x |
| Current ratio | 26.9x | 20.6x | 2.4x | 1.2x | 1.1x |
| Quick ratio | 26.4x | 20.3x | 2.3x | 1.2x | 1.0x |
| Total assets | $152M | $303M | $263M | $226M | $283M |
| Total liabilities | $13.9M | $51.8M | $79.4M | $88.5M | $121M |
| Shareholders' equity | $138M | $251M | $184M | $138M | $162M |
| Net debt (β = net cash) | β$97.9M | β$106M | β$14.2M | $21.9M | $14.0M |
KIRA Β· Its return on capital was 124.2%: every 100 invested in the business earned about 124 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· NOVONIX Ltd passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 1 / 8 | β / 5 | 2 / 8 |
| Accruals ratio | β18.7% | β7.2% | β9.9% | β14.1% | β19.9% |
| Altman Z'' | β | β | β | 2.69 | 4.03 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $2.9M | $3.9M | $6.1M | β | $5.9M | $5.6M |
| Research and development | $1.6M | $2.1M | $5.1M | β | $4.8M | $5.7M |
| Operating income | β | β | β | β | $151M | $276M |
| Pretax income | β$13.4M | β$13.4M | β$51.9M | β | β$74.7M | β$92.7M |
| Income tax | $0.0M | $0.0M | $0.0M | β | $0.1M | $0.0M |
| Net income | β$13.4M | β$13.4M | β$51.9M | β | β$74.8M | β$92.7M |
| Diluted EPS | β$0.40 | β$0.16 | β$0.44 | β | β$0.60 | β$0.56 |
| Diluted shares | 0.03B | 0.09B | 0.12B | β | 0.12B | 0.17B |
| Cash flow | ||||||
| Cash from operations | β$3.7M | β$6.1M | β$29.2M | β | β$40.4M | β$42.2M |
| Capital expenditure | $3.6M | $19.5M | $83.7M | β | $29.9M | $60.2M |
| Free cash flow | β$7.3M | β$25.6M | β$113M | β | β$70.3M | β$102M |
| Depreciation and amortization | $0.9M | $1.3M | $4.2M | β | $4.6M | $4.6M |
| Stock-based compensation | $5.1M | $4.5M | $14.7M | β | $5.5M | β$1.1M |
| Balance sheet | ||||||
| Cash and short-term investments | $26.7M | $103M | $143M | $78.7M | $42.6M | $79.9M |
| Total debt | $1.5M | $4.7M | $37.0M | $64.6M | $64.4M | $93.8M |
| Current assets | $28.5M | $108M | $162M | $89.2M | $57.3M | $89.2M |
| Current liabilities | $4.0M | $4.0M | $7.9M | $37.3M | $46.2M | $83.6M |
| Inventory | $0.9M | $2.1M | $1.9M | $2.0M | $1.4M | $2.2M |
| Property and equipment, net | $6.6M | $23.7M | $104M | $140M | $149M | $175M |
| Goodwill | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M | $12.0M |
| Intangible assets | β | β | β | $12.0M | β | β |
| Total assets | $51.8M | $152M | $303M | $263M | $226M | $283M |
| Total liabilities | $7.2M | $13.9M | $51.8M | $79.4M | $88.5M | $121M |
| Shareholders' equity | $44.5M | $138M | $251M | $184M | $138M | $162M |
| Margins | ||||||
| Operating margin | β | β | β | β | 2,576.2% | 4,916.0% |
| EBITDA margin | β | β | β | β | 2,654.2% | 4,997.4% |
| Net margin | β471.1% | β345.3% | β850.0% | β | β1,278.0% | β1,650.8% |
| FCF margin | β257.0% | β656.9% | β1,850.7% | β | β1,200.8% | β1,822.5% |
| Returns | ||||||
| Return on capital | β | β | β | β | 74.7% | 124.2% |
| Return on capital employed | β | β | β | β | 83.9% | 138.5% |
| Return on equity | β30.2% | β14.7% | β26.6% | β | β46.5% | β62.0% |
| Return on assets | β25.9% | β13.2% | β22.8% | β | β30.6% | β36.4% |
| Return on tangible equity | β41.3% | β10.6% | β21.7% | β | β59.6% | β61.9% |
| Growth | ||||||
| Revenue growth | β | 36.6% | 56.7% | β | β | β4.1% |
| Share count change | β | 169.5% | 26.8% | β | β | 37.2% |
| Financial health | ||||||
| Net debt / EBITDA | β | β | β | β | 0.1x | 0.0x |
| Debt / equity | 0.0x | 0.0x | 0.1x | 0.4x | 0.5x | 0.6x |
| Current ratio | 7.1x | 26.9x | 20.6x | 2.4x | 1.2x | 1.1x |
| Quick ratio | 6.9x | 26.4x | 20.3x | 2.3x | 1.2x | 1.0x |
| Capital allocation | ||||||
| Capex / revenue | 125.5% | 500.5% | 1,371.7% | β | 510.4% | 1,071.2% |
| Stock comp / revenue | 177.7% | 114.7% | 240.6% | β | 94.3% | β20.1% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 1.0 | β | β | 2.0 |
| Altman Z'' | β | β | β | β | 2.7 | 4.0 |
| Accruals ratio | β18.7% | β7.2% | β9.9% | β | β14.1% | β19.9% |
Source: SEC EDGAR XBRL filings (CIK 0001859795). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 4 ordinary shares). For information only β not investment advice. Check the original filings before relying on any figure.
