NanoXplore (GRA) Q4 2025 earnings summary

Executive summary

• CEO transition announced, with founder stepping down but remaining as advisor and board member; transition planned and supported by leadership team.

• 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 for Tribograph powder with a leading U.S. oil and gas company finalized, marking a significant commercial 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 from lower volumes with top customers.

• Adjusted gross margin (excluding depreciation) rose to 24.7%, up 110 basis points year-over-year.

• 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 quarter with $18.6 million in cash and $5.2 million in debt; total liquidity of $28.6 million.

• Other income increased due to higher grants and refundable tax credits for R&D.

Outlook and guidance

• Q1 and Q2 expected to remain challenging due to continued volume softness from major customers.

• Growth and profitability anticipated to be weighted toward the second half of the year, driven by new contracts, Statesville ramp-up, and recovery in transportation.

• SMC initiative expected to generate $30–$40 million in revenue over the next two years at current or higher margins.

• CapEx of $3–$5 million planned for each of the next two quarters, mainly for U.S. and SMC expansion.

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