Novonix (NVX) H1 2026 earnings summary

Executive summary

• Delivered a C-sample of synthetic graphite anode material to Panasonic, meeting internal specs and advancing qualification for mass production targeted for H2 2027, subject to Panasonic validation.

• Completed divestiture of Battery Technology Solutions (BTS), focusing on core synthetic graphite business and retaining a 15% equity stake in Dryve's cathode business.

• Raised A$20.7 million via institutional placement and A$0.96 million through a share purchase plan to support operations and expansion.

• U.S. government support includes a $100 million DOE grant, $103 million in Section 48C tax credits, and a conditional $754.8 million DOE loan commitment for facility expansion.

Financial highlights

• Net loss from continuing operations was $23.6 million for H1 2026, compared to $17.5 million in H1 2025; total net loss including discontinued operations was $24.6 million (vs. $20.1 million prior year).

• Revenue from continuing operations was $1.1 million, down from $2.8 million year-over-year.

• Cash and cash equivalents at June 30, 2026, were $59.5 million, down from $79.9 million at December 31, 2025.

• Net assets decreased by $4.3 million to $157.3 million over the six-month period.

• Net tangible asset backing per share was $0.15, down from $0.21 year-over-year.

Outlook and guidance

• Mass production for Panasonic expected to commence in H2 2027, contingent on successful qualification.

• North American synthetic graphite demand projected to grow 46% YoY by end of 2026, with regional share of global anode capacity forecast to rise to 4% by 2035.

• Ongoing engagement with U.S. government and industry stakeholders to secure additional funding and policy support.