Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data NOVONIX Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
2.85
3.89
6.1
8.05
5.85
5.62
Research and development
1.62
2.09
5.1
5.75
4.85
5.67
Operating income
151
276
Pre-tax income
-13.4
-13.4
-51.9
-46.4
-74.7
-92.7
Income tax
0
0
0
-0.2
0.1
0.03
Income from continuing operations
-51.9
-46.2
-74.8
-92.7
Net income
-13.4
-13.4
-51.9
-46.2
-74.8
-92.7
EBITDA
155
281
EPS, basic
-0.10
-0.04
-0.11
-0.09
-0.15
-0.14
EPS, diluted
-0.10
-0.04
-0.11
-0.09
-0.15
-0.14
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
26.7
103
143
78.7
42.6
79.9
Receivables
0.74
1.63
2.45
3.56
8.16
2.12
Inventory
0.94
2.09
1.87
2
1.38
2.18
Total current assets
28.5
108
162
89.2
57.3
89.2
Property, plant and equipment
6.62
23.7
104
140
149
175
Lease right-of-use assets
1.96
5.56
5.13
4.48
6.36
5.69
Goodwill
12
12
12
12
12
12
Total assets
51.8
152
303
263
226
283
Accounts payable
2.47
3.27
6.53
5.76
8.52
13.3
Short-term debt
0.19
0.21
1.02
29.9
31.7
62.1
Total current liabilities
3.99
4.02
7.89
37.3
46.2
83.6
Lease liabilities
1.91
5.35
5.01
4.48
6.49
5.91
Total liabilities
7.23
13.9
51.8
79.4
88.5
121
Total debt
4.7
37
64.6
64.4
93.8
Retained earnings
-45.4
-58.9
-111
-185
-260
-352
Total equity
44.5
138
251
184
138
162
Total liabilities and equity
51.8
152
303
263
226
283
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-13.4
-13.4
-51.9
-46.2
-74.8
-92.7
Depreciation and amortization
0.93
1.26
4.21
4.74
4.57
4.57
Cash from operations
-3.75
-6.09
-29.2
-36.2
-40.4
-42.2
Capital expenditures
-3.58
-19.5
-83.7
-19.2
-29.9
-60.2
Cash from investing
-3.69
-19.7
-107
-11.7
-18.2
-32.9
Debt issued
4.43
3.02
33.2
0.75
Debt repaid
-4.69
-0.06
-0.57
-1.07
-1.43
-1.28
Stock issued
31.7
107
151
0.34
28.8
25.1
Cash from financing
30.5
104
181
29.3
25.2
110
Exchange rate effect
-0.61
-2.09
-4.52
-1.67
-2.78
2.47
Free cash flow
-7.33
-25.6
-113
-55.4
-70.3
-102
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.69 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
4,916.0%
Operating income / revenue.
EBITDA margin
4,997.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-1,650.0%
Pre-tax income / revenue.
Net margin
-1,651.0%
Net income / revenue.
FCF margin
-1,822.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-751.3%
Cash from operations / revenue.
Return on assets (ROA)
-36.4%
Net income / average total assets.
R&D / revenue
101.0%
Research and development expense / revenue.
Capex / revenue
1,071.0%
Capital expenditures / revenue.
D&A / revenue
81.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-4.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 5y
14.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
83.1%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
80.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
25.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 5y
40.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.07x
Current assets / current liabilities.
Quick ratio
0.98x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.96x
(Cash + short-term investments) / current liabilities.
Debt / assets
33.2%
Total debt / total assets.
Liabilities / assets
42.9%
Total liabilities / total assets.
Net debt
$14.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
0.05x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital
$5.6M
Current assets - current liabilities.
Goodwill and intangibles / assets
4.2%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.02x
Revenue / average total assets.
Fixed asset turnover
0.03x
Revenue / average property, plant and equipment.
Receivables turnover
1.09x
Revenue / average receivables.
Days sales outstanding
334 days
365 x average receivables / revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.14
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.14
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$564.9M
Share price x shares outstanding.
Enterprise value
$578.9M
Market cap + total debt - cash - short-term investments.
P/S
101x
Market cap / revenue.
EV/Sales
103x
Enterprise value / revenue.
EV/EBIT
2.10x
Enterprise value / operating income, when both are positive.
EV/EBITDA
2.06x
Enterprise value / EBITDA, when both are positive.
FCF yield
-18.1%
Free cash flow / market cap.
Earnings yield
-16.4%
Net income / market cap (the inverse of P/E).
What was NOVONIX Ltd's revenue in fiscal 2025?
NOVONIX Ltd reported revenue of $5.6M for fiscal 2025, 4.1% lower than the year before.
Was NOVONIX Ltd profitable in fiscal 2025?
No. It reported a net loss of $92.7M.
How much free cash flow did NOVONIX Ltd generate in fiscal 2025?
Cash from operations of $42.2M minus capital expenditures of $60.2M left free cash flow of -$102.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.