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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 97,79 Mio. A$ | Umsatz (TTM) = 3,99 Mio. A$
Marktkapitalisierung = 97,79 Mio. A$ | Umsatz erwartet = 320,38 Mio. A$
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 143,06 Mio. A$ | Umsatz (TTM) = 3,99 Mio. A$
Enterprise Value = 143,06 Mio. A$ | Umsatz erwartet = 320,38 Mio. A$
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Novonix Limited Aktie Analyse
Analystenmeinungen
5 Analysten haben eine Novonix Limited Prognose abgegeben:
Analystenmeinungen
5 Analysten haben eine Novonix Limited Prognose abgegeben:
Novonix Limited Events
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APR
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Shareholder/Analyst Call - NOVONIX Limited
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Analyst/Investor Day - NOVONIX Limited
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Novonix Limited — Shareholder/Analyst Call - NOVONIX Limited
1. Management Discussion
Okay. Good morning. If I could ask everyone to take a seat, we'll get started. Okay. Welcome. Good morning. I'm Ron Edmonds, Chairman of NOVONIX. I'd like to welcome our shareholders and guests to NOVONIX' 2026 Annual General Meeting. We acknowledge the Jagera people and the Turrbal people as the traditional custodians of the land on which we meet today. We pay our respects to Jagera and Turrbal Elders, past, present and emerging.
Today, we're very pleased to welcome those of you at the meeting in person and those who are attending online through our virtual meeting platform provided by our share registrar, MUFG Corporate Markets Limited.
I'll introduce the directors who are with us today; Michael O'Kronley, Tony Bellas, Bob Natter and Sharan Burrow. And also introduce the directors who have joined us virtually, which is Suresh Vaidyanathan and Jean Oelwang and Nick Liveris. And I'd also like to introduce Robert Long, our CFO; and Suzanne Yeates, our Corporate Secretary. Joining us virtually today from our management team is Ms. Kimberly Heimert, our Chief Legal and Risk Officer; and Mr. Dwayne Johnson, our Chief Operating Officer.
We also have with us today, Mr. Michael Crowe, representing NOVONIX' auditors, PwC. Mr. Crowe is available to answer questions relevant to the conduct of the audit and the preparation and content of the independent external auditors report. And Ms. Chelsey Drake of Allens, our legal advisers.
So it's at past 9 a.m., and a quorum is present. I declare the meeting open.
Notice of the meeting was duly given and the meeting has been properly convened. Please note that only shareholders, proxy holders or shareholder company representatives may vote and ask questions. The minutes of the previous general meeting of shareholders held on September 8, 2025 have been approved by directors and signed by the Chairman as a true and correct record. Members may request a copy of the minutes if they wish to see them.
I will provide my perspective on the company's progress over the past year, which has been an important period of operational progress as well as opportunities and challenges facing NOVONIX and the sector more broadly.
Globally, calendar '25 was marked by geopolitical instability and risk-off positioning by investors. Electrification of transportation and the greater need for battery energy storage systems reemerged as major energy security issues as well as key climate response mechanisms. This has been amplified by the more recent turmoil in the Middle East, exposing global vulnerability to supply chain disruptions for oil and gas.
It's also emphasized the need among nation states to achieve greater self-sufficiency and production of critical minerals, such as synthetic graphite, which is vital for EV-grade batteries and battery energy storage systems as well as reduced reliance on energy from oil and gas.
For our company, 2025 marked the achievement of a key milestone with the delivery of its first mass production commercial-grade sample of synthetic graphite for industrial applications. This demonstrates that the company's proprietary continuous graphitization furnace technology, that's a mouthful, is capable of producing material at scale and represents an important step towards broader commercialization.
At our Riverside facility in Chattanooga, we completed the insulation and commissioning of the mass production equipment required to support qualification of our lead customer, Panasonic Energy. With 4 graphitization furnaces installed, the company's progressed furnace calibration and raw material testing as part of his transition toward large-scale production.
We've continued to engage closely with customers and potential customers across battery, energy storage and industrial applications, providing samples for qualification and progressing discussions with a range of counterparties. The company has indicated that mass production of industrial-grade synthetic graphite is expected to commence in 2026, reflecting the shorter qualification pathway for these materials.
At the same time, we updated the market on the expected timing for commencement of mass production of battery-grade anode material for Panasonic Energy, which is now anticipated in the second half of 2027, reflecting the rigorous qualification processes required for anode grade synthetic graphite for EVs and battery energy storage systems.
In July, NOVONIX strengthened its financial position through the execution of a funding agreement with Yorkville Advisors that provided access to $100 million in convertible debentures through multiple tranches drawn during the second half of 2025.
During the year, the company completed the sale of its Mount Dromedary Natural Graphite Project and more recently, also entered into a binding term sheet for the proposed divestment of its NOVONIX Battery Technology Solutions business. These 2 actions show a sharpened focus by NOVONIX on its core strategy of developing and scaling synthetic graphite production in the United States. This focus will continue to enable the company to concentrate its resources on a single high-priority opportunity aligned with evolving supply chain and policy dynamics. The proposed BTS transaction remains subject to final documentation and customer conditions precedent.
At the corporate level, we strengthened our leadership team with the appointment of Michael O'Kronley as Chief Executive Officer and Managing Director; Kimberly Heimert as Chief Legal and Risk Officer; and Dwayne Johnson as Chief Operating Officer, supporting the next phase of operational execution.
While the company has made solid progress, we continue to operate in a complex and evolving environment. The qualification of battery-grade materials, the scaling of advanced manufacturing processes and broader market dynamics remain key areas of focus. Notwithstanding these challenges, NOVONIX remains well positioned with advanced technology, strategic customer engagement and a clear focus on establishing the United States domestic supply of anode-grade synthetic graphite.
Also, I would like to thank Nick Liveris, who has taken the decision to retire from our Board effective at the conclusion of this AGM to focus on his other commitments. Nick was previously the company's Chief Financial Officer and its first full-time employee, transitioning to an executive director role in 2024. We thank Nick for his significant contributions to the company and wish him well and the best in all future endeavors.
The Board remains sharply focused on its disciplined execution of the company's strategy and on delivering on term value to shareholders. We appreciate your continued support and look forward to providing further updates on our progress. Thank you, and I will now turn to the business of the meeting.
I will now outline the procedural matters of this meeting, so procedures for asking questions. All shareholders will have the opportunity to comment on and ask questions in relation to the resolutions. I will hold comments and questions until the item of business has been introduced, and shareholders have been invited to then do so.
Shareholders will be able to ask questions in person and online during the meeting. For those participating online, we have published on our website the Meeting Online Guide, which explains how to attend and participate in the AGM virtually. I confirm you can start submitting questions via the online platform now. You do not need to wait until we get to the relevant item of business. We encourage you to start submitting questions now.
In order to ensure that all shareholders have a reasonable opportunity to comment and ask questions, I request that shareholders do not ask more than 2 questions at a time. I will endeavor to answer all relevant questions from the shareholders during today's meeting. However, I reserve the right as Chair to rule questions as not pertaining to the AGM out of order and to take questions on notice. I propose that the order of taking questions will be as follows: firstly, from any shareholders in the room with us today; secondly, from any shareholders online who have asked an audio question, and thirdly, from any shareholders who have asked a question via online text.
Now on to voting. I'd like to briefly summarize the voting procedures, which will apply to the meeting. Each resolution will be conducted by a poll. As shareholders are aware, no formal vote is required on Item 1 of the agenda. A poll will be conducted on Resolutions 1 to 13. All members and appointed proxies attending the meeting in person and are entitled to vote were given a voting card upon admission to the building.
If you have a green voting card, you are a voting shareholder, proxy holder or corporate representative and have chosen to vote using a paper voting card. You are also entitled to speak at the meeting. If you have a yellow card, you are a nonvoting shareholder. While you're entitled to ask questions and make comments, you are not entitled to vote at this meeting. If you have a white card, you are a visitor and not entitled to speak or vote at this meeting.
For shareholders participating virtually in this meeting, click on the Get a Voting Card or Ask a Question box at the top or bottom of the web page in order to obtain a voting card or to log a question. The share registry has sent the relevant proxy numbers to policyholders -- sorry, to proxy holders validly appointed by shareholders prior to the meeting. For appointed proxies participating virtually in this meeting, please click on Get a Voting Card or Ask a Question box at the top or bottom of the web page.
Key in your proxy number under proxy details in the pop-up box on your screen in order to obtain a voting card or to log a question. If you have misplaced your proxy number or have not received your proxy number, please bring the help line number displayed at the top of your screen presidents. You may submit your votes via the online platform at any time during the meeting shareholders and appointed proxies will be able to submit their votes on Resolutions 1 to 13 via the online portal any time from now until all these resolutions have been put to the meeting and discussed. Where undirected proxies have been given in favor of the Chairman, I will vote in favor of the resolution to the extent permitted.
The number of proxy votes received on each resolution will be displayed in the side view section of your web browser as we move through the resolutions. Your votes will be counted by personnel from our share register, MUFG Corporate Markets Limited. The results of each poll will be announced via the ASX as soon as possible after this meeting and will also be displayed on our website. If you experience any difficulties using the online platform, the helpline number is displayed at the top of the page. You can also refer to the Online Meeting Guide, which is accessible via the online platform.
We will now move to the formal items of business for the meeting. The first item of business in the Notice of Meeting is to consider the financial statements and the reports of the directors and auditors for the financial year ended 31 December 2025. A table for discussion in the Annual Report for the year ended 31 December 2025 setting out these reports, which has been made available to all shareholders on the ASX.
There is no voting on this item of business. This item gives security holders the opportunity to ask questions about the company and its operational performance. The company's auditor, Mr. Michael Crowe from PwC, is present and available to answer any questions in respect to the Audit Report.
We will start with questions from shareholders attending in person. Are there any questions in respect to the annual report? Okay. Are there any audio questions with respect to the annual report?
Chair, we have no questions at this time.
Okay. Thank you. I will now take questions from shareholders watching online who have sent in their questions via online text.
There are no questions online.
Okay. Thank you, Suzanne.
Okay. Moving on. Resolution 1 concerns the approval of the remuneration report for year ended 31 December 2025. It is a nonbinding resolution to adopt the remuneration report. Please note that the vote on this resolution is advisory only and does not bind the directors or the company. However, the Board and the company will take into account any feedback that we receive in developing our future remuneration framework. Voting exclusions apply to this resolution as set out in the Notice of Meeting.
Are there any questions in respect to Resolution 1 from holders in attendance at the AGM here today? Are there any audio questions from the online participants on Resolution 1?
Chair, there are no audio questions at this time.
Okay. Thank you. I'll now take questions from shareholders watching online who have sent their questions online?
There are no questions received online.
Okay. Thank you, Suzanne. Okay. The proxy votes received in relation to this resolution are now shown on the presentation slides on your screen. I would like to remind shareholders who haven't yet cast their votes on this resolution to do so now.
[Voting]
We'll move on to the next item of business. Resolution 2 concerns the reelection of Admiral Robert Natter. With the exception of Admiral Robert Natter, who is abstaining from this resolution, the election of Robert Natter has unanimous support of the NOVONIX Board and the Board recommends that you vote in favor of this resolution. Are there any questions in respect to Resolution 2 from shareholders in attendance here today? Are there any audio questions from online participants on Resolution 2?
Chair, there are no audio questions at this time.
Thank you. I'll take questions from shareholders watching online who sent in their questions online text?
No questions online.
Okay. Thank you, Suzie. Okay. The proxy votes received in relation to this resolution are now shown on the presentation slides on your screen. I'd like to remind shareholders who haven't yet cast their votes on this resolution to do so now.
[Voting]
We'll move on to the next item of business.
Okay. Resolution 3 concerns the election of Ron Edmonds. With the exception of Ron Edmonds, myself, who has abstained from this resolution, the election of Ron Edmonds has the unanimous support of the NOVONIX Board, and the Board recommends that you vote in favor of this resolution. Are there any questions in respect to Resolution 3 from holders in attendance today? Are there any questions from online participants on this resolution?
Chair, there are no audio questions at this time.
Okay. Thank you. Any questions from the online people that have sent in text questions, Suzie?
No questions online.
Thank you. Okay. Proxy votes received in relation to this resolution are now shown on the presentation slides on your screen. Like for my shareholders who haven't yet cast their votes on this resolution to do so now.
[Voting]
And we'll move on to the next item of business. Resolution 4 concerns the performance rights plans. The approval of the performance rights plan has the unanimous support of the NOVONIX Board, and the Board recommends that you vote in favor of this resolution. Are there any questions in respect of Resolution 4 holders in attendance at the AGM today? Are there any audio questions from online participants?
Chair, there are no audio questions at this time.
Thank you. Are there any questions from shareholders watching online who present in their questions via text?
Yes, I have a couple of questions online. The first one is, there was a 20% proxy protest vote against the remuneration report. What was the issue? Were there concerns about the structure of the performance rights plan?
I'm sorry, could you repeat it one more time, Suzie? I'm sorry.
There was a 20% proxy protest vote against the remuneration report. What was the issue? Were there concerns about the structure of the performance rights plan?
I don't think there are any -- there are no reasons given.
Yes. I don't believe we saw any reasons given. So we can't really express why they would both the way they did or recommend their vote. Any other questions, Suzie?
Panasonic mass production delayed to 2H 2027, third delay. Will performance rights be forfeited if delayed again?
Well, I think the performance -- I believe the performance rights -- the requirements that have to be met for performance rights to be given will be here to regardless of -- I mean, if that's one of the metrics, and we will adhere to that. Okay. Any other questions, Suzie?
That's all.
Okay. Thank you. So the proxy votes received in relation to this resolution are now shown on the presentation slides on your screen. I'd like to remind shareholders we haven't yet cast their votes on this resolution to do so now, and we'll move on to the next item of business.
[Voting]
Resolution 5 concerns the issuance of fiscal year 2016 performance rights to Michael O'Kronley, the directors other than the director who have a special interest in the resolution, recommend that you vote in favor of this resolution. Voting exclusions applied to this resolution as set out in the notice of meeting.
Are there any questions in respect to Resolution 5 from holders in attendance at the AGM today? Okay. Are there any audio questions from any of the online participants?
Chair, there are no audio questions at this time.
Thank you. Any questions from shareholders watching online?
No questions online.
Okay. Thank you, Suzie. Okay. The proxy votes received in relation to this resolution are now shown on the presentation slides on your screen. I'd like to remind shareholders who haven't yet cast their votes on this resolution to do so now. We'll move on to the next item of business.
[Voting]
Resolution 6 to 12, considering the issuance -- the issue of fiscal year '26 share rights to Phillips 66 Company; Mr. Nick Liveris, Mr. Tony Bellas, Ms. Sharan Burrow, Mr. Ron Edmonds, Admiral Robert Natter and Ms. Jean Oelwang. The directors, other than the directors have a special interest in this resolution, recommend that you vote in favor of these resolutions. Voting exclusions apply to each resolutions as set in the Notice of Meeting.
Are there any questions in respect Resolution 6 to 12 from holders in attendance here at the AGM today? Okay. Are there any audio questions?
Chair, there are no audio questions at this time.
Thank you. Are there any questions from shareholders watching online who have sent in their questions?
Yes, we've got one question and it regards Nick Liveris' share rights. Why did we propose its share rights, share right grant to Nick Liveris given his decision to resign from the company and finish up today?
Yes. So Mr. Liveris' share rights will be prorated based on his service for the Board, so he will get through to today. So thank you. Any other questions, Suzie? Okay. So the proxy votes received in relation to these resolutions are now shown on the presentation slides on your screen. I'd like to remind shareholders who haven't yet cast their votes on these resolutions to do so now.
[Voting]
So moving on to Resolution 13, concerns the additional 10% placement capacity under Listing Rule 7.1A. The directors recommend that you vote in favor of this resolution. Voting exclusions apply to each resolution as set out in the notice of meeting. Are there any questions in respect to Resolution 13 from holders here in attendance today.
Okay. Any audio questions for participants on this resolution?
Chair, there are no audio questions at this time.
Thank you. Any questions from shareholders watching online?
I have some online questions. Cash runway? Will you issue more dilutive convertibles?
Maybe I'll ask -- maybe, Robert, do you want to talk to that?
Thank you for your question. As we assess the capital needs of the business and the ultimate capital structure, that would be a consideration, but there's no guarantee to which form of capital instrument we would issue.
Thank you, Robert.
Another question. How much will this dilute the current shareholders and share price? Also, when do you foresee the share price recovery to reasonable levels?
I'm sorry, can you repeat the first part of it, Suzie?
How much will this dilute the current shareholders and share price?
Well, sorry, but you say how much will this dilute? What is this?
The 10% placement capacity.
Robert, do you want to handle that?
The resolution only approves a placement capacity is not the issuance of shares. So it allows the company certain flexibility from a capital raise perspective, but there is no dilution with the approval of this resolution.
Yes. And regarding the expectation on the share price, that's extremely difficult to comment on that. I think I can speak for the Board, we all feel the pain that our shareholders have felt in this regard. And I can assure you that the management team and the Board are working diligently to address the issues that need to be taken care of to take us to the next level.
There's another question and it notes that there's substantial protest votes against resolutions like this at recent AGMs. They're asking, what is our history of doing selective placements? Why are we asking for this authority? And has there been a substantial protest vote against this resolution?
I don't think we've had a substantial vote against it, so I think that's a fair statement. But I think it's about maintaining our financial flexibility. But Robert, please feel free to add anything.
No, I agree with you, Ron. The reason for the additional capacity is for flexibility as we pursue capital structure alternatives. And so it's just to provide the business more flexibility as we look to finance the business going forward.
Any more questions? That's it? Okay. Good. Thank you.
Okay. The proxy votes received in relation to these resolutions are now shown on the presentation slides on your screen. I'd like to remind shareholders who haven't yet cast their votes on these resolutions to do so now.
[Voting]
So this concludes the formal prove meeting. And I'd like to now hand it over to Michael O'Kronley for the CEO presentation. Mike?
Great. Thanks, Ron. Just by way of introduction, I'm Michael O'Kronley, I'm the CEO of NOVONIX. I've been with the company just about over 10 months now. Relatively new to the company, but not new to the battery industry to the battery materials industry and certainly not high-volume manufacturing. I spent the majority of my career launching new products, new plants, new divisions, and that's bringing that expertise to NOVONIX and then also strengthening the team around me to launch and go into production, high-volume production of synthetic graphite. So that's some of the background.
What I wanted to do here is talk a little bit about where NOVONIX is at, to remind a lot of investors what we actually are. The last couple of days, we've been traveling around Australia talking to investors, institutional investors, and it still surprises me a little bit. There's confusion in the market, in the investor market of who we actually are. So the first slide is to talk a little bit about who we are and what we're doing. We are a synthetic graphite manufacturer. As it comes to a surprise to some investors, we are not a mining company. We are an industrial company. We are converting a byproduct for petroleum refining, petroleum coke, into an engineered material that is used in lithium-ion batteries or it's used largely in lithium-ion batteries.
So we're also -- synthetic graphite is a critical mineral. Critical minerals are very important. I'll get into this in just a moment of the geopolitical impact of this particular material that we are making. There's a significant problem in the market with this particular material and NOVONIX is solving this particular problem with our innovative technology and our launch into production. So talking a little bit about that in the future.
We are very much a U.S.-based company. And so our employees, our assets, our technology is all U.S. based. Our supply chain is U.S.-based. Our customers are U.S.-based. And so thinking about that is essentially a nice framework of where we're going. So when we talk about the support and the support level that the company is getting really from the U.S. government, it's very important that we're based in the U.S. and that we're also supplying and solving a problem in the U.S.
So I'll start talking a little bit about the battery market, but more specifically about graphite. So not all graphites are the same. There are 2 primary sources of graphite. One is the one that you mine out of the ground, thus some of the natural confusion that comes with certain investors. When they think graphite, a lot of people think about graphite that is mined. That's not what we do. That was the basis of the company many years ago where we had some mining rights to mine natural graphite. That was some rights that we just recently sold off. But we are focused on a graphite, it's this conversion to this engineered material.
And the reason why we're focused on synthetic graphite rather than natural is because it is the majority of the market. So as you can see on this graph that's over on the right-hand side, this year, it's scheduled to be about 83% of the market. So natural is actually very small. It's a material that we can make, and it's even more important when we think about certain applications. The application that really needs synthetic graphite is energy storage. So when you think about or you read about data centers, energy storage, batteries renewables. These are batteries that require 100% synthetic graphite. It's not so much of an EV story of where you need to have a blend of natural and synthetic graphite.
So that's why you see more and more growth that's happening on the synthetic side than on the natural. So when we look at the positioning, the product that NOVONIX is making, it's really in support of the growth that we're forecasting. And it's not just NOVONIX. It's really is our market forecast of how much this is going to grow.
One of the things that -- while we're on this slide, if you look at 2032, the size of the market that's forecasted in North America is going to be around 500 kilotonnes. When NOVONIX is talking about how we're going to grow and how we're going to expand it, it's really about a number of 50 kilotonnes. So by 2032, when we're scheduled to have the full build-out of our facilities in Tennessee, that will represent approximately 10% of the market, our market share. We also feel that's a pretty good position to be in. You don't want to be the oversupplying and over dominant in a particular market, and that will also provide a little bit of scarcity.
The fundamental problem that NOVONIX is solving here is a super highly concentrated supply chain. And with this particular material, it is largely supplied out of China. So 99% of this material is either produced in China or produced by Chinese controlled companies. And that's a problem. That's a problem for battery manufacturers. That's a problem for governments that are worried about the criticality of these particular materials, can we get this material? This particular material is also subject to export controls that the Chinese government already has in place.
And a lot of you that are following our stock and our stock performance, you can see the impact it has. So the last October when the NOVONIX stock price had jumped. It was because of the export controls that China put in place, they put in additional export controls. So all of a sudden, battery manufacturers would have been limited at their ability to get this material out of China. And again, 99% of it comes from China or Chinese controlled companies. So that presents a huge problem for the industry. And so we're very sensitive to that.
And so we're fundamentally solving this problem by manufacturing this product in North America for the North American market to help manufacturers certain or to navigate around the supply pinch. So it's a huge issue. And it's also the major reason why we have -- NOVONIX has received approximately just under $1 billion worth of support from a loan, from a grant and more recently, a tax credit that was recently certified just last week. And so an enormous amount of support from the U.S. government is going into this supply chain and is to solve this problem of just a hyper concentration of supply coming out of China.
There is also another incentive for a battery manufacturer in North America to source NOVONIX and to source non-Chinese graphite, and it has to do with the tax credit regime that is in place already on the books in North America. And it's called a 45x Production Tax Credit. This tax credit is massive. And just to give you a scale here, on the upper right-hand side of this particular chart shows that a tax credit is around $35 per kilowatt hour for a battery cell manufacturer. The price of a typical battery cell is around $74 a kilowatt hour. So almost half of the price, the selling price of that battery can be claimed back in a tax credit. That's just massive.
You have to do 2 things in order to get this tax credit, however. You have to, one, manufacture batteries in the United States. And number two, you have to put materials into that battery that are something called PFE free, a prohibited foreign entity, and it can't be from a prohibited foreign entity and think China. China is one of those entities that are or any Chinese-controlled company is a PFE. And so as a result, battery manufacturers are going to be forced to source other non-PFE materials in their battery to claim this massive tax credit.
And in the lower right-hand side of this chart, you can see that between 2028 and 2029, it's going to be virtually impossible to receive this tax credit if you don't have graphite sourced. So the value of a graphite in a typical battery is around 20%, 22%. And in that time frame, you need to have non-PFE materials going in there that are between 70% and 80%. So by 2029, really, you're going to need PFE-free materials going into this battery to get this massive tax credit. So this is really driving a lot of sourcing decisions at battery manufacturers to look for alternatives that are non-Chinese graphite.
So talking a little bit about what NOVONIX has been doing. Of course, over the last 10 years, this type of thing doesn't happen overnight. A lot of you that have been invested in the company for the long term have seen this. You've seen the development. What we're doing is something that is new and different and unique. We're making this material at a -- with an environmentally friendly process. This is a lot of new intellectual property that has been developed, and we're commercializing that now. So it's not something that you can just turn on. It needs a lot of development time.
And so we appreciate the patience of the investors. We appreciate the patience with even our customers of developing this new process is new technology. And I'll get into a comparison and also a variable cost comparison in just another slide. But that's -- it takes a lot of time to develop a new technology when you're going to disrupt the market.
We've also, in the past year, we've focused the business, we focused it as Ron had mentioned, around synthetic graphite. So some of the noncore assets that we've recently divested whether it's the Mount Dromedary rights sale or more recently, the Battery Technology Solutions Group where they're doing very good work. However, it's not core to synthetic graphite. So we wanted to focus what it is we're doing, focus from a management time perspective, from an investment and capital perspective to grow and solve the problem that exists in the United States. And also, it's where we're getting the majority of our support from the U.S. government is on synthetic graphite manufacturing.
We published some pictures from time to time in our quarterly reports. This is some recent pictures of the equipment that has been going into our Riverside facility. We have all of the equipment in place for this facility right now. And it is enough equipment to go into production with Panasonic. And so there are going to be our lead customer next year and all of that equipment, all of that CapEx is already in place.
This is just a quick comparison, but on a lot of different compare metrics. The process and the new technology that NOVONIX is putting in is less expensive than the alternative process that is being used widely in China, which is the Acheson process. So once we get to scale, we will be at a lower dollar per kilowatt hour or dollar per kilogram basis than the state-of-the-art technology that's utilized in China.
A lot has been -- a lot of questions have come up recently. And hopefully, this slide will address it. It's a very busy slide, but what it's trying to do is it's trying to describe the qualification process of what it takes in order to qualify this material for a battery application. And when you add up all of the time on this chart from initial engagement to start of production, the time frame is certainly measured in years. It's not measured in quarters. anywhere from 2.5 to 5 years it takes to develop a product, to co-develop a product with a battery manufacturer and get it into production.
Some of these customers are very advanced, which they've already gone to contract, which are Panasonic and then PowerCo. But behind that, we have a fairly large pipeline of product -- I'm sorry, a fairly large pipeline of new customers, new applications that are behind it that we're not public with yet but they're right behind these announced contracts. So looking forward, do I anticipate being able to announce new customers, new customer contracts in the next 6 to 12 months? Absolutely.
This chart on the right-hand side gives you just a little bit of context of the volumes we're talking about. So the 2 initial contracts that we have with Panasonic and PowerCo are represented in the green line around 10, 11 kilotonnes of total need, total capacity. We are in discussions with a lot more customers more than just those 2 initial customers. That essentially is 3x what our planned capacity is. And so we have a very large pipeline in there. Of course, we're not going to land all of those contracts, but we certainly have line of sight to filling the plant by 2030, 2032.
And so just looking forward a little bit, 2 final slides here. A little bit of confusion and trying to put a little context around why is NOVONIX looking at expanding when we haven't even started production on our first -- with our first customer yet. There's quite a few reasons for this. So those of you that have been following all of the announcements, we have 2 sites planned. One is the initial site, our Riverside site. The second site was an Enterprise South site, which was a separate geographical location. Recently, we've had the opportunity to acquire land that is right adjacent to us.
The reason why this is attractive is it's going to have certainly a lot of synergies with operational effectiveness as well as the significant capital savings. There's already a building on site. The land is already leveled and flat and ready to build. It already has a building on the site. It already has a lot of significant electrical infrastructure. So there'll be a massive amount of capital savings associated with this. The other reason that we need to be planning here is really it's with how we're receiving government funding.
On the first site, we have received a grant and a tax credit. On the second site we received a loan. When we combine these 2 sites together into 1 project, what that effectively allows us to do is to bring in all of those funding sources onto 1 project and it also would allow us potentially to bring forward some of the loan financing that we get from the U.S. government. So really, it's to give us a little bit more flexibility in how we're going to finance the growth here. So that's important.
But also when we're out talking to customers, and we're looking at volumes, and you saw those lines of the projected volumes with the 2 customers or the potential customers that we're looking at. Some customer applications are looking at 20, 25 kilotonnes per which is already the volume larger than our initial facility, which was only at 20. So we need something and we need to have a plan and to be able to show that we have a growth plan and a capacity that we can build upon. So this is the reason behind making this investigation. It's not a complete investigation. There's still some things we need to complete before we finally pull the trigger on it, but that will be happening later this summer.
And then finally, this is just a summary of where we're at. We are continuing every day to scale our operations. We are running that equipment that you saw in those pictures. We are making samples virtually every week in sending a samples to new customers. And this is a weekly activity that's happening. We are looking at lots of different financing options. Certainly, I touched on the financing through the U.S. government. That is they're a very helpful source of financing, but we also need to bring a certain amount of matching capital along with that.
And so as we talked about with the last resolution, to give the company a certain amount of flexibility and what are the different structures, what makes sense is there some strategic financing that would also come in. So this is something that we're very engaged with, bringing along some additional financing. And of course, the at the very bottom here, customers. We're going to be increasing our customer order book we are very engaged with a lot of customers, sending out samples like I said, every week or every other week, new applications, new projects here. And like I said, we'll be bringing that to the market and announcing that in the near future.
So I think with that, we can take some questions.
Yes. You mentioned in one of your earlier slides, you're the world's most advanced synthetic graphite producer. How much do you produce as samples to various clients? Is it kilograms? Is it 1,000 kilograms?
Yes. So just to clarify, we are North America's most advanced synthetic graphite producer. So not the world. There are certainly Chinese companies. Most of this material comes from China. And so as far as North America, with the plant that we already have built, the capacity that we already have built, we're at about 1.4 kilotonnes of capacity that we can make today. What we are doing today is continuing to make sample materials out to various customers, including Panasonic, but also PowerCo and that whole customer pipeline.
And so those pictures that I showed, we are making the material today. It is measured not just in kilograms, it's measured in tons. On a particular run and a particular week, we will go through and make tons of material in a particular week. We're still going through the final qualification and delivering of some of those samples. We'll have some announcements soon about that when that's getting delivered. Last fall, we talked about different applications, not just battery customers but also industrial customers. So we're, again, making some samples for that.
So we have a pilot scale facility as well as a larger scale facility, the mass production equipment that you saw. So we're utilizing all of those assets to deliver materials to different customers for different applications.
And if I could please ask my second question. No doubt, the notice from NASDAQ regarding the $1 limit is cause for concern for us. What's the Board's intention regarding that? Will there be a consolidation?
Yes. So yes, I can answer that or Robert, if you want to go ahead and answer that one.
Sure. Thank you for the question. So a broad consolidation is an option to cure the NASDAQ matter as well as just organic growth in the price. But there's also another option where one can increase the ratio of ADRs to ASX shares. Instead of 4:1, say, 5:1 or 6:1. So we're exploring those options, but most likely not a share consolidation.
That expires in? Is it 3 months or 2 months?
It's about the end of August. There's a 180-day period. So yes.
Could I ask what your view on risks to the business are, competition, settling with China and suddenly, they're more allowed into the market with a different president? What do you see as the risk profile for what's going on?
Yes. So I see lots of different risks for the business. Certainly, scaling is one thing, but that's something that we can control, right? And I think, and I'm very confident that we've put the right team in place to scale. And so individuals as well as teams that are scaling the business, scaling the operations. They've done this time and time again. So I'm confident in that because that is something that we can control.
When it comes to other risks in the business, I look at the geopolitical risks. Certainly, China is dominant with this material in this particular market. And barring anything else that China is going to continue to be dominant until NOVONIX is able to get to scale, to get to a price point of where we're able to compete with the Chinese. Long term, we will get there. In the short term, we need to get started. And that's where at least the U.S. government has been very consistent in what they've been doing through actions, through funding, through policy to provide an environment that is going to allow a supply chain to diversify away from China.
So right now, and I even look back over several different administrations in the U.S. It's really -- the problem with critical minerals has been known for decades. It started really with some action and change during the first Trump administration. And then when the Biden administration came in, they continued the policies and even strengthened them. And now when we see in the second Trump administration, we see even an acceleration of urgency and putting policies to be very supportive of a North American supply chain of critical minerals. So that is certainly going very well in our direction in our favor.
We don't necessarily need or reliant upon new tariffs and/or policies. We can look at the policies that are already in place. And this ex credit that I mentioned for battery manufacturers in North America. This production tax credit. That was put in place in the Biden era. Now when Trump came in with his administration, that was strengthened and actually lengthened. So I look at that and those are all signals and all signs saying that regardless of political party, regardless of who's in the White House, this is essentially a national priority for the United States that they want to solve this critical mineral problem.
And we've already seen direct evidence where the underneath the Biden administration, NOVONIX was granted a significant amount of support with loans, grants and tax credits that has continued on now in the Trump administration. So everything there is telling me that, that is a very consistent, very consistent level of support. Other questions?
I mean obviously, the share price is a reflection of confidence and pseudo performance. I mean, the shareholders, I think you can feel that we are have question on performance. We don't see it in our bank balance. The deferral of the Panasonic supply reflects in the price because that deferral had suspicion that we're not where we need to be. So can you clarify that? We don't see a grade of quality of specification coming out of the publications? How are you going to be able to get confidence back from this point because we want to see some changes soon?
Yes. No, I fully appreciate that. And also, I think virtually everyone on the board as well as the management team also want to see the exact same thing. So we're in a position to make this happen and to change it. So there's been a lot of activity that's happened of recent. And let me just go back to what Panasonic is needing and requiring so really to fully understand that. The final step qualification process isn't to make the material that's to specification and works in a battery. That has already been done, that has already been proven.
What Panasonic ultimately needs now is they need to see that same material that we've already made we've already demonstrated that we can make, they need to see it on the final large mass production equipment that's already installed. So the first step needed to be, you have to have the equipment, you have to have it installed and you have to have it running. Then you have to go through a process now of producing that same material, that same quality level on that mass production furnace.
So what had happened back in January when we announced this pushback or the delay, when this new first-of-a-kind furnace was installed, and this was a much larger furnace than all of the previous versions of the furnace that we had installed. It wasn't operating quite as we had expected. There is a certain amount of the material through the furnace, flowing through the furnace. It didn't work again, as expected. So it required some modifications to this first-of-a-kind furnace.
That is measured in a delay we needed to order some different parts, some different modifications, and we expect that to be happening very soon. Those parts are coming in, and we're now running the furnace and making sure that it is working according to the schedule.
Panasonic has been very close with the entire process. They come on site. We speak with them at least every other week on the progress of what's happening. And I can assure you, there's a lot of urgency with the entire team at NOVONIX as well as with the Board that we're very focused on getting this deliverable done and complete. Panasonic is also eager to see this material. They've been very patient with. They do understand that this is new and new technology that is far more efficient and environmentally friendly.
But sometimes new innovation and technology takes a little bit of time. So I do believe that we're getting very close. And so in the future, in the next time period here, I think you'll start to see some announcements of when this material was shipped out.
Now I will comment once we make this final mass production sample to Panasonic, it will take Panasonic up to a year to go through their full validation. So again, it's going to take some time. So when we announced back in January that it was we were expecting to go into mass production at the back end of 2027, okay? That was reflected in the confidence and also on the share price and it did drop. I think that's the inflection point that a lot of investors are really focused on when are you getting -- when are we going to move forward into starting to generate revenue and starting to generate some profits.
That's really what's needed and required. But the first step before that, and I think the step that we really need to key on is this next step of delivering this final mass production qualification sample. So Panasonic is very -- understands the product. We know what the product is. We know what the product needs to look like. So it's just a matter of manufacturing that out of this high-volume furnace. Now we have been doing a lot of work and a lot of testing. And so the team is confident that we will get there in short but it's still going to take some time and we need to deliver this.
So I do think the real value inflection point will come when we delivered the sample, but then also when we go into production and we start generating revenue off of all this equipment and all this investment that we put in.
continue.
It's a big and new one, is that right?
Yes. So right now, the one that Panasonic -- yes. So the question was, this isn't the first continuous low graphitization furnace that NOVONIX is installed, and that's correct. But it is the large production scale furnace. So we do have 3 other furnaces that are installed and operating. They're at a smaller scale. They are continuous flow. They are induction and they do produce the Panasonic material. So we have confidence that the process is going to work. We have confidence that this furnace technology is going to work. Panasonic's requirement, however, is to have it on this large-scale furnace.
It's about 1.6, 1.7x the size of our previous furnaces. So it has scaled up to be more efficient. And that's the furnace that Panasonic wants to have that final sample from. So that was just recently completed installation at the end of last year and was running at the beginning of this year, but that's also when we recognized that it wasn't working quite as intended. So a few modifications need to be made, and that's what has to deliver that final Panasonic qualification sample.
Other questions from the floor?
Where does the equipment, the main furnaces, where are they made?
So the main furnaces, all of the technology in the furnace, I think we've talked about is from Harper International, and that is designed and made in the United States, the Harper International centered in Buffalo, New York. So there's no Chinese technology that's involved at all on or technology that's subject to Chinese export controls. So we're completely independent of that.
Okay. And is the current oil price or situation affecting is a product or a byproduct of oil, a composition of this synthetic graphite?
So yes, so we use as a feedstock in our overall process, a byproduct of petroleum refining. So the cost of our input material does fluctuate with the price of oil. So the input material does go up. However, the 2 previous contracts or the contracts we have in place today with Panasonic and PowerCo do provide for a direct 100% pass-through for any variability in that feedstock cost. So as the oil price goes up, we pass through that adder directly to the customer.
Just something about power cost in the production, this induction thing, is that electricity cost? How is that flowing through? Is that something we here is pretty stable in the U.S.? Or is it fluctuating?
So energy cost, electricity are one of the significant drivers in our cost of goods. One of the beautiful things about being located in Chattanooga, Tennessee is it's in an area that is serviced by the Tennessee Valley Authority. TVA is the local utility there that generates their electricity primarily from hydro and nuclear. Because of that, it's clean, but also from a perspective but it's also they're very efficient once the capital is in place.
The U.S. federal government put these assets in place a long time ago. They invested in that. And as a result, if you were to map out the power cost everywhere across the United States, TVA has the lowest utility, the lowest electrical costs anywhere in the United States. So when you think of electricity being one of our significant cost drivers, we couldn't be in a better spot geographically because of the utility costs.
I think next, we move on to online questions.
Currently, no online questions at this time.
All right. Thank you. Any written online questions?
I do have a couple of online questions. The first one is regarding the DOE loan. The $750 million DOE loan has been in conditional status for a long time. What is the final hurdle preventing the official closing and funding?
Yes. Robert, do you want to go ahead?
Yes. Sure. The conditional commitment loan has various conditions precedent, CPs. These CPs relate to technical, financial modeling matters, environmental matters, et cetera. All those are being worked through. We talk with -- I personally talked to the Department of Energy at least weekly or multiple times per week. Those are moving forward. And so it's a typical CPs to close a loan that are in place and we're working through those.
I've got one more question. Could you please explain how the Board assessed the risk of an ITC negative determination before the Department of Commerce announced its final duties given that the 160% tariff expectation was a key part of our investment thesis? How should shareholders trust the company's policy risk analysis going forward? And without that tariff protection, what specific measures will NOVONIX take to remain cost competitive against Chinese graphite producers?
Yes. So a comment on the ITC ruling that came out last month. This is something that actually came as a surprise to not only NOVONIX but really the entire industry as well as our battery customers. Most everyone was expecting it to go through because it was very much in line with the policies that have been set out by the U.S. government, whether it was the Department of Commerce, Department of Energy through the White House. And so that's why it came as a surprise. There is a replacement for that, that is something that might even be a little bit stronger.
One day before the ITC ruling came out, which is March 12, March 11, the U.S. Trade Representative, the USTR, had launched a trade investigation into lots of different products that are affected by either excess capacity or forced labor. This is something that we believe is just a different policy that the federal government is using the U.S. federal government is using to identify and to combat any type of excess capacity.
One of the things that was determined by the U.S. Department of Commerce, which is different than the ITC was they found excess capacity They found that the Chinese graphite producers were being supported by the Chinese government, creating nonmarket conditions. And so we already have positive indications from the U.S. government for this. And so what I see is essentially the federal government just changing their policies and putting different essentially protections in place to allow critical mineral manufacturing to grow, including graphite. So this is something that we're watching and participating in very closely. We anticipate this summer or late summer for some of this investigation to wrap up. So we'll be able to see what happens there.
But fundamentally, as I mentioned on some of the slide material, the process that NOVONIX is putting in place is more economic. And so from an energy perspective, from a consumables perspective, from a perspective, it is more efficient. The problem is you need to get up and running. You need to get started. You need to have a certain amount of scale to spread your fixed cost. And that's where some of these policies will be helpful to us.
What I can also tell you is the contracts that we have in place from our battery manufacturers, they recognize that there's a security of supply problem with the supply being so highly concentrated in China. The pricing that we have in place today, lease contracts is at a premium over what the typical Chinese price. So that gives us certainly some relief.
And then when you look at the premium that's embedded into this 45x tax credit, as we're discussing with battery manufacturers, they recognize that there's a significant financial advantage to sourcing non-Chinese material -- and so that's also giving us room for price premiums as we move forward and as we launch.
And one final question. The technology license agreement with Harper expired on 1 January 2026 because the initial payment was not made. Could you please explain why the payment was missed and whether this affects the operation of your existing graphitization furnaces? More importantly, for future expansions such as Enterprise South, does NOVONIX own the underlying intellectual property or will you need to renegotiate with Harper or find an alternative technology provider?
Yes. So with Harper, they are our furnace provider. Back in 2020, we do have an agreement that's still in place and still effective. It's an exclusivity agreement. So Harper effectively is not allowed to sell this type of furnace or furnace technology to other synthetic graphite companies that is still in place. We also are working with Harper as we as we build out furnaces and furnace technology. But this furnace was essentially built and designed to NOVONIX specifications as we have installed these furnaces, as we run these furnaces.
We are learning more about them and how to make them more efficient. So a lot of this IP, a lot of this process IP and know-how is being developed by NOVONIX. It's not specifically the property and ownership of Harper but we do still have an agreement in place an exclusivity agreement. The licensing agreement that was negotiated and put in place was quite frankly, a very expensive agreement. And we're working collaboratively with Harper at this point and utilizing cash to make a licensing agreement for some future expansion wasn't the best use of cash. It's still a very collaborative relationship right now. And so we're going to continue to do that.
So if we need to in the future, open that back up again and that it makes financial sense to go out and license it for whatever reason, then we can go back and revisit that. But what we're looking at is taking the cash that we have, putting it towards equipment that's going to fundamentally get us to start of production rather than put that cash towards licensing. And that's why we elected not to do it.
No further questions.
All right. Thank you.
Thanks, Mike. So in closing, the results of the meeting will be released through the ASX as soon as possible and will also be displayed on our website.
On behalf of the Board and management, thank you to everyone who attended the AGM and to all those who engaged with us by submitting questions in advance and during the meeting. Thank you all for attending this AGM. We hope you and your family stay safe and well. And this concludes the official business of the meeting. I declare the 2026 AGM closed. Thank you very much.
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Novonix Limited — Shareholder/Analyst Call - NOVONIX Limited
Novonix Limited — Analyst/Investor Day - NOVONIX Limited
1. Management Discussion
Welcome, everyone. This is our NOVONIX 2025 Investor and Analyst Day. So thank you for coming and participating here. Really excited to have you here today, tell you a little bit about what's been going on at NOVONIX. And so there's a nice little disclaimer here for the public. But what I wanted to do is first start off by talking about some of the more recent changes at NOVONIX. And for me, it all starts with the team.
Now NOVONIX has been around for some time, and it's been primarily a materials company, a materials development company, a technology development company. And we're essentially at a transition. We're going to be moving from those technology and materials development activities and moving into a manufacturing company. And so as part of that, we've recently undergone a transition, and that really starts with the team. And so the team -- we've had an executive team that has really gotten us to this point, which is fantastic. We've got -- we've done a lot as a company up to this point. But really, we're now going to be moving into the next stage. And so a little more than a year ago, the executive team really started changing and we've really completely changed the executive team at NOVONIX.
I joined the company about 6 months ago. I've got a background in a lot of different technologies, primarily automotive, but the last 15 years in the battery industry. And a lot of it is centered around new product launches, new plant launches and start-ups, really that transition from the technology development to the industrialization. And so that's really where my expertise lands. But then also with that, we've got an executive team that is also relatively new. Robert Long, our CFO, joined us last September, and he has the longest tenure with us. Dwayne Johnson is our COO. He has also just recently joined us last week, beginning of November. Kimberly Heimert was -- beats him by a couple of months and has joined in September. But when you look at the backgrounds and the experience of the executive team, it is a lot about this transition. It's a lot about really industrializing companies and getting them to the next stage. And that's really -- it's going into production, generating revenue.
It's not really about the -- so much the science part. And we have a lot of those people that are still part of the NOVONIX team that have really done a lot of the materials development and technology development. But this team is really -- was put in place by the Board of Directors to really take the company to the next level because that's really what's going to happen. When I look forward in the next year or so, we're going to be really transitioning and making that transition. So that's the reason why there's a lot of leadership change that has happened at NOVONIX. It's not because things weren't going right. It's just because the company is now ready for the next stage.
When we look at the Board, our Board of Directors and also our senior advisers, a lot of experience. And so having this type of Board or this caliber of Board with their experience has been fantastic. They have -- they are not new. They've been around and with the company for a long time. They certainly recognize where the company is going, and we're really behind a lot of that change that has happened. So -- but really, it's a fantastic support to myself, the other executive and the management team to have that experience level.
Now that's a little bit about the team. I want to talk a little bit about the company. So we have several different lines of business that effectively complement one another. We are in the anode active material business for batteries, and that's the picture of the big blue building over on the left-hand side. But we also have a couple of complementing lines of business as well. We're developing cathode materials, and we also do various battery testing services. So there's still very much a technology component to the company. The center and the right-hand side, those lines of business are in our Halifax, Nova Scotia and our Canadian division. We call it Battery Technology Solutions, BTS.
But we're going to talk primarily about the anode side of the business, anode active materials. And that is a part of the business that is really where we're putting a lot of the capital, a lot of the growth, a lot of the things that you see about the business, it's all about the anode side. And so a little bit of the transformation that's also been happening with the business is more of a shift and a focus on the anode business. So the rest of -- really the presentation, we're going to be talking about this -- the anode business. And so on that, we are really very uniquely positioned in the synthetic graphite space in the anode space.
We're in North America. We're headquartered now. The company is headquartered in Chattanooga, Tennessee. Yes, we are listed on the ASX and cross-listed on the NASDAQ. And we have our roots in Australia, but essentially, our employees are all in North America. All of our anode employees are in the United States. And this is where we're setting up our manufacturing. This is also our market. Our market is in the United States and/or North America, and that's where we're starting out. So we have a history that starts in the South, but certainly, it's very much shifted in North America. And some of the things that you've seen recently about NOVONIX is part of that shift and that focus really around synthetic graphite in for the North American market.
So we're in a very unique position where we are one of the first movers. We are the most advanced synthetic graphite manufacturer in North America. Now a lot of other companies make synthetic graphite, they're based largely in China, and I'll talk a little bit about that. That's our competitive landscape. We're effectively competing against competitors at scale in China that already do this. It's not really directly transferable technology to the North American market. And there are certain environmental reasons why that's not possible. So we needed a new technology if we're going to grow and scale and expand this. So that's why this new technology of graphitization has been developed, and we're commercializing it here in Tennessee.
Talking a little bit about the market, and this is really stepping back a little bit, understanding the market that we're operating in. There's a lot of things that have been moving and changing. And so that's -- I always like to think about that in the context of how we look at NOVONIX and the things that we're doing. You have to look at it through the lens of the market that we're operating in. So I talked a little bit about China already. China is absolutely dominant in all things battery, but specifically graphite. Graphite is the negative side of a battery, it's the anode material.
When you talk about synthetic graphite, China makes about 95% of the world's supply of synthetic graphite. And that in and of itself is problematic for a lot of other regions. It's -- when it's -- the supply is so highly concentrated in one region, there's certainly supply risks. And so a lot of battery customers, a lot of governments don't necessarily like that concentration of supply. They'd like to see it more diversified. And so there have been movements a little more slowly over the last several years, starting to diversify the battery industry, but also the battery materials industry. We are part of that. We're a diversification. That's why we're moving in North America right now.
But some of the things because the concentration or the supply is so concentrated in China, it gives a lot of cause and worry in the industry. And so -- and then when things happen like export controls, where China places export controls on this material, that certainly puts a lot of worry into the whole supply chain and what do we need to do? How do we diversify away from this. And so graphite is identified as a critical mineral by the U.S. government and by many governments, and they're recognizing this as a risk, a supply chain risk and energy risk. And so something that we really need to fundamentally change, and that's why a lot of governments are getting behind this and starting to put money into diversifying the supply chain.
And so this is just a couple of pictures here of what it looks like, what -- how graphite is made. This is a picture of an Acheson furnace. It's a large pit. And as you're cooking this petroleum coke and converting it into graphite, it off gases a lot, and that generally goes all out to the atmosphere. Something you can't really deploy in the United States, someone that is concerned about these emissions. So you need a different process, different technology. And so this is essentially the existing technology and it's also been around for a very long time.
Another aspect to the market is just understanding a little bit about synthetic versus natural. Some of you already know this, but just as a refresher, there are 2 primary types of graphite that go into a lithium-ion battery. One is natural graphite, and this is a material that is mined out of the ground, purified, shaped, coated in order to get into a battery-grade material. And -- but it starts coming out of the ground as graphite already. The other way of making it is synthetic graphite. So you essentially take a byproduct of petroleum refining and it's a petroleum coke. That's the feedstock that goes into synthetic graphite. That's the raw material that NOVONIX takes.
In the United States, we have a huge supply chain of petroleum coke. We do a lot of oil refining in the United States. So we have a very plentiful supply in the U.S. We do not need a mine in order to make our product and rely upon that feedstock. It is also a 100% U.S. supply chain. That's something that U.S. government certainly likes, but also the battery manufacturers that are in the U.S., they like that. It's a very short supply chain. It's local, and it's also very, very plentiful, at least from a supply perspective.
Now when you look at batteries themselves, what's the difference? Why do you have natural? Why do you have synthetic? Natural is known for being less expensive. It also has higher energy density, which is great. However, it has some issues and the life is limited. So in certain applications and certainly in energy storage, you need longer life. Even with EVs, you need longer life. And so what typically -- what an EV battery manufacturer will do will blend the 2. They'll blend a little bit of natural along with some synthetic to get the right performance that they're looking for.
When you look at ESS, this is energy storage systems, one of the primary characteristics of that type of battery system is very long life. They want these batteries to last 20, 25 years. And so that characteristic of long life is something that you find primarily in synthetic. So when you look at different markets, you look at EVs or energy storage and energy storage is taking off, perhaps EVs, at least in the United States, are flat or maybe even waning because of the lack of incentives.
What we're seeing is a shift overall to utilizing more and more synthetic graphite than natural graphite. And the chart that's on the right-hand side is from Benchmark Minerals. It's essentially showing that. So there's still some growth on natural, but the vast majority of the market is today and will continue to be synthetic graphite. So that really puts us in a very -- in a very good position. We're feeding the largest part of the market and still continuing to grow. And this is still a forecast of growth. You still see significant growth. It probably represents about a 22% CAGR over the next several years. And so that's nice growth to be part of, even with EVs waning in the United States and that what's making it up is the energy storage.
So the other big thing that's happening in the market is what's happening with critical minerals in general, the trade war and a lot of tariffs that are going on. So because you have this really highly concentrated supply chain in China, you -- the U.S. government certainly does not like that. This is also happening in other regions in the world, in Europe and also Japan. They're looking at this as a threat to supply chain security. They're looking at what can we do to build our own industry. And what has happened and in the United States, we've had a trade case that's been going on with the Department of Commerce. This is something that started at the end of last year and has continued on. And the U.S. Department of Commerce has come out this past summer and said, well, it is, in fact, that they have made a determination there is dumping that is happening. Dumping of synthetic graphite in the U.S., essentially providing a material retardation of the industry growing in the U.S.
So certainly, the U.S. government is looking at this. They're saying, well, this is a critical mineral. We must have this. We must build up a supply chain in the U.S. So the preliminary determinations came out and saying we're going to impose fairly significant tariffs in the U.S. And it's between antidumping countervailing duties, that's about 105%. There's a few other duties that also stack on top of this. So the effective duty rate is 150%, 160%.
And so what this chart is showing, if you take synthetic graphite and it's just an assumed price of $5 per kilogram and you stack on top of that and you convert it to a landed cost of Chinese graphite in the United States. So transportation cost and these duties that are all stacked on top of the other, the realized or landed price of this material that started out as $5 is now over $14 in the U.S. And so if you're a battery manufacturer in the U.S., this is your reality. You're going to be subject to these things because 95% of this material is made in China. The current supply chain is coming from China, largely.
And so they're looking around in the market, where can I get this material that's not subject to this duty. And certainly, NOVONIX comes to the top of the list. And so when we look at this, that we know what the market price is effectively. We want to be priced at that or just slightly below. So we have a range of where our price is. And so we're working with different battery manufacturers to be in this band, but essentially be underneath where the Chinese landed price is. That gives us [ various ] amount of cushion to really start up this plant to start up as even as a small-scale manufacturer, we're not the large scale that exists in China. But that certainly gives us some headroom to maneuver and to build up our capabilities and really get to scale where you get a lot of those efficiencies.
So this is something that's happening and has really been in place since this summer. It will be finalized, really, we believe, in Q1 of next year where it's going to be put in place. But this is a significant driver that's happening in the market in the United States. So this is, again, some backdrop of the market that we're positioning ourselves in.
I'm going to switch gears a little bit, talking about, okay, what's NOVONIX doing specifically and our progress towards industrialization. So just a really quick overview of what the process actually is. So how do you make synthetic graphite for the lithium ion battery space? So it does start out as a petroleum coke. These are essentially rocks. It's a byproduct from petroleum refining, as I said. We bring it in, we crush it into a smaller size. Then we start to shape it and give that material very defined particle sizes, surface areas, densities. And so that is essentially in the milling and shaping. These are very important parameters that are needed to make the lithium-ion battery last a long time or have a certain energy density.
So we mill it, shape it. And then depending on what the battery ultimately needs to do, there's a few optional processes. Those optional processes could be an agglomeration and calcination. We'll see some of that equipment later on. But that's to essentially enhance certain properties in the material.
All of the material goes into the heart of the process, which is called graphitization. So that's taking a carbon source, which is coke. It's a lot of carbon, and you're converting that carbon into a graphite, which is an organized carbon atoms. And that's really what gives the material properties that gives the energy density. And so that graphitization process, the way that we do it at NOVONIX is different.
I showed the pictures of the Acheson furnace. That's typically how it's converted. Coke is converted into graphite in China. We do it in a continuous process. We use induction heating. And so it's different. It's clean. There is no yield loss in that graphitization process.
So there's a lot of things that -- when we get to scale, we should be much more efficient than this Acheson process, but we've got to get to scale first. But that is the heart of the technology and the advancement that NOVONIX is bringing to the market. So it's not the same technology that's used elsewhere in the world. It's homegrown U.S. developed technology with U.S. developed equipment suppliers. So it's a completely U.S. process and technology.
Now after graphitization, there's a couple more -- there's another optional step of a coating that again, gives different performance characteristics in a battery. We work with battery manufacturers to really tune the product and what's actually needed in the battery. So there are several different grades and types of material that we make. But you can see these process steps are optional. So it all goes through the exact same equipment, so we can make material for many different battery types. We can include process steps or delete certain process steps depending on what the battery manufacturer wants. But we can use the same equipment to make just about any type of synthetic graphite material for different customers.
So that's really important. And then we just finish and package it, send it off to the battery manufacturer. This material does go directly to the battery manufacturer. So it's not an intermediate. This is the anode active material, and that's the product that they put directly into a battery. So what we've been doing over the last 18 months, 12 months is really building out our mass production facility in Chattanooga, Tennessee. We call it our Riverside facility. We've installed all of the necessary equipment to make the product for our lead customer, which is our lead battery customer, which is Panasonic. And so you'll see a lot of different pictures and you'll move through the plant when we take a tour of the plant. You'll see a lot of this equipment in place. It's running today. We're making product for Panasonic today. And so you'll see a lot of that.
So we've come a long way with construction, installation of equipment, commissioning equipment and also fine-tuning the process. So really making a lot of advancements. In a very short order, we're going to be making that delivery of battery-grade material. Later -- earlier in September, we announced that we are delivering material or we had delivered material to a different market. We delivered material out of this Riverside facility to an industrial customer. Now we make a couple of different types of graphite here. Industrial graphite doesn't necessarily have the same purity levels as battery-grade graphite. And so it's actually a little bit easier to make, has a slightly lower price point, but we've delivered that and the qualification time line is a lot shorter with industrial customers.
So we look at that as an opportunity to diversify our markets as well as our customers. But we did that earlier and made that shipment, and we're now marching towards battery-grade graphite and shipping that out. So this first facility that we're working on and building out the capacity now will ultimately have a capacity of around 20,000 tons -- 20,000 metric tons now of capacity. This is a facility that's also supported by the U.S. government with a grant. It's a $100 million grant that we're executing upon that there. So we're getting a certain amount of support there. This facility is also subject to a 48C tax credit where we're going to, again, be able to claim a tax credit in 2028 to recoup some of the invested capital that has gone into the facility.
So it does have some support, tax credits and also grants from the U.S. government, but we're still -- we're raising capital to finish the build-out of this facility. So really building this facility up is the next step for us. But even still, we see a lot of demand in the market. We're working with lots of different battery manufacturers and even industrial-grade graphite manufacturers that are looking for more product. So 20,000 tons, while that's good, that's really only about 10% of the market today. And so we need to grow and we need to continue to scale.
So we have plans to continue to grow and scale into a second facility. We call this now Enterprise South. We've talked about this publicly. That is a facility that is also supported by the U.S. government. This facility will be around 30,000 tons. So it will be 1.5x the size of our Riverside facility.
And in this case, this facility is supported by a Department of Energy loan from the LPO. And so that's about a $754 million loan that is going to support that facility. And it will also be eligible for a different type of tax credit, a 45X tax credit. And that's a 10% credit of cost of production. So that's something that will also be beneficial for our ongoing operations. So -- and like most operations, you get local support as well. So we were able to qualify for some of that. It's really a nice show of support from the community here locally, the city and the county that it back to about $54 million of support for this second facility. So we're continuing to grow and expand, certainly need that.
Now the next step is you need customers. We are fortunate enough to have some very good customers already with binding offtake agreements, and we've been talking about them, Panasonic and PowerCo. When you're going through the start-up and ramp-up, you really rely on these customers to help you grow and help you scale. They're with us very regularly, helping support us about their quality control systems, their quality programs, things that they very specifically want to see as we march towards industrialization. So having a very collaborative customer group to start off with has been very beneficial for NOVONIX. And I really want to credit Panasonic and PowerCo for helping us along that journey.
So we have some binding offtake agreements. Over on the right-hand side of the screen, you'll see the green line. That's essentially the committed volume. And so it's taking a large portion of this first facility, but we're engaged with a lot of other customers. And it's not just these 2 customers. There's a continuum of customers that we start out with, and it usually starts out on a technical scale or on a technical side and then ultimately marches towards a commercial agreement. And so a little bit about this is where we're at with some of it is what this overall process. And we've received a lot of questions about what does the validation process look like. And this is essentially what this is trying to describe.
So the validation process of these engineered materials, this anode active material takes a long time. It takes years. So it's not something that happens overnight. It's not digital. And it goes through a multistep process where you start out with pre-A samples going to A samples, B, C samples and ultimately, you go to production volumes when you start production. And so they typically start out at smaller samples on the technical side. So in our pilot scale facility at Lookout Valley, also in Chattanooga, Tennessee, we make these smaller scale samples. It's a lot easier to run it at a pilot scale.
So we make our pre-A, A samples as well as B samples in our pilot scale facility. If it gets -- if the sample gets over 5 tons, we'll typically make it in our larger scale facility at our Riverside facility. And so -- but the C samples must be made in the mass production scale plant. And so -- but this process takes a long time. And where we're at with various customers, we're right at the final stage. We're at the C sample stage, making this material for Panasonic. It doesn't mean we're going to be able to -- once we make this material and we ship it, it doesn't mean we're going to be able to start production.
What Panasonic is going to do with that material is they're going to take that material, test it, but test it means put it into -- build it into a battery and then test that battery for the complete cycle life. It's accelerated testing, but that testing usually takes 9 to 12 months to complete that. And so we won't get the full green light to go into mass production until about 9 to 12 months after we deliver that final mass production sample, which we call C sample.
So that's right where Panasonic is at. When we look at PowerCo, their timing is a little bit behind Panasonic. We have delivered A samples out of our pilot facility. They want more material. So we're actually going to be making their B samples out of the Riverside facility. They want a lot more material. And so we're going to be delivering a larger scale, larger quantities of that material from our mass production equipment. So you can -- it will be of the same quality and through the same equipment, same process. And so it will essentially be a C sample at that stage.
PowerCo still needs to go through their battery process and their battery design, so that's still B sample moving into C sample. But their start of production will also follow these time lines that are on here about 18 months after we deliver that B sample. So those are some rough time lines. You can consider those when you're trying to think about when is NOVONIX going to start generating revenue after these samples, have those time lines in mind. And so -- but every battery manufacturer is slightly different. But it's really to sort of what is the process and to fundamentally just set expectations.
This is the way the entire battery industry works. This is how they bring in new suppliers. This is how they qualify new materials. And so it just takes a long time. And so that's something, I think, is largely misunderstood and the reason why we put it here to show what that is.
I mentioned we are getting into diversifying into different markets. Now for industrial applications, it doesn't have necessarily the same purity levels. It's a little bit easier to make. But -- and the market isn't as large as the lithium-ion battery market, whether it's energy storage or EVs. But it's still -- it's another market. It's a diversification. It doesn't take as long to fully qualify these materials. It's typically around 6 months, plus/minus.
So as we ship out this material in 2026, we are anticipating that we'll be going into production with this material at lower volumes than our battery applications. But still, it's a very nice diversification for us. So we started with one customer. We also have several other customers we're beginning to work with at some of that early sample stage. So we think it's a really good diversification for us, and we're going to continue on that path all throughout 2026 and beyond. So that's a nice milestone achievement that happened.
In the -- when you're starting up, it's very important to have partners. And I already talked about a couple of our battery partners, and they're helping us along the way. Another key partner and also the lead investor behind NOVONIX is Phillips 66. So they're a huge source of the supply material, the petroleum coke, but also a lot of the technology development and materials development has been going back and forth with Phillips for quite some time. It's one of the reasons why they came in and invested. This is a natural and higher value outlet for their petroleum coke product. Rather than exporting it, having it burned for fuel, we're actually converting it into an engineered material.
So this is just a natural extension for their business, and that's fundamentally the reason why they invested. So -- and they continue to support us. Even earlier this year, they put some additional money into the business, which has been fantastic. So we really appreciate the support of Phillips 66.
Now looking forward, what's next? What's going to happen next? We're going to continue to scale. So we have a lot of very short-term things that we're going to be doing, getting these materials out to our industrial customers, our battery customers and really working very closely with the customers that have already signed up under contract. But there's going to be more that's coming. There's going to be more customer announcements that we'll be making over the next 12 months because we're already working with an incredibly large pipeline now on the material development side in that pre-A sample, A sample phase right now that we haven't come out and aren't public with yet. But that will eventually convert into contracts. So that's one thing that's very important.
The next thing that you'll see in the next 6 to 12 months is a lot more change on the financing side. So as it's widely written about and known, the U.S. government is doubling down on critical mineral manufacturing in the United States. And so whatever the critical mineral is, they want to make sure that the United States has that capability, and they're backing it up with a lot of money. We've already been very much supported by the U.S. government with grants, loans and tax credits. This is continuing on. But we're -- there's still a lot more money that's out there.
And so we're working closely on our existing awards with the U.S. government. Some of that has been under review because a lot of that was granted during the previous administration. Current administration wants to make sure that various projects are aligned with our key priorities now as a country. Critical minerals, synthetic graphite is absolutely aligned 100%. And so we're going to continue on with that and continue to make that product. So that's a big part of it. So having U.S. government support is helpful, and we're going to continue on some of that support. So -- but that's also -- that's good.
We're still going to be out in the market looking for some additional capital. We've had interest from various strategics like a Phillips 66. We have had interest from other investors that want to come in and they -- through various different mechanisms. So we're going to continue to explore that. When we think about that, it's really -- it's a lot about cost of capital, and we're looking to optimize that cost of capital, but also at the right terms. We don't want to take in capital that is going to somehow restrict us and/or make it unfavorable to us to continue to grow and maneuver and raise additional capital.
This is a capital-intensive business that we're in. And so we are going to need access to capital. U.S. government is certainly a great channel for that, has been and will continue to be, but we're going to have to bring some private funding along with that. So that's going to be some continued activity, and you'll see that over the next 6 to 12 months as well. So -- and then really, one of the things that's going to enable that, and we'll see continued interest from customers is really because of the market that we're in.
This trade case, the tariffs, really battery manufacturers are looking where can I find this material, where can I get it that is going to be at a cost that's going to be competitive, and we're pricing our product so that it can be competitive with landed China pricing. And so really, what this has done is really driven a lot of our development work that has been going on and driving it more into the commercial realm. What are the terms? What's the tenor of these contracts? What are the supply conditions? And really, we're sitting in a pretty good position right now.
We're not necessarily a price taker. We're a price maker and because of the market and because there's really no other company that's making this material in the United States, certainly at scale. And so we're in a very good position going into these contract negotiations. So that's helpful, but we're also just starting out. So we do need help of some of these initial customers to grow and to scale. And that's where we're -- as the second -- or I'm sorry, the third and fourth and fifth customer that comes in and takes capacity and signs up with a contract. We'll have already gone through a lot of that initial work from our initial partners. And so that's a big area and a big area of focus as we grow and as we scale over the next 6 to 12 months.
So that's essentially where we're at. There's, again, some contact information about the team, where you can reach us as well as our different locations and where we're at. The anode business is in Chattanooga, Tennessee. The Battery Technology Division is in Canada, in Nova Scotia, and that's where we're doing a lot of that work. But there was -- we're really looking forward to all of the excitement and things that are going to happen over the next 6 to 12 months. So thank you.
2. Question Answer
Were the original contracts with Panasonic and PowerCo signed competitively with Chinese supply at that time?
So the original contract with Panasonic was signed February 2024 and the one that was signed with PowerCo was, I believe it was October of 2024. So it was last year. It was before the trade case came out. However, as we were going along, there was -- there were a couple of things were happening before the trade case. So certain battery manufacturers were already looking at diversifying their supply chain.
Typically, you want multiple sources of a material and you want to get them from different regions. And so that's why a lot of battery manufacturers were already engaged with NOVONIX sampling materials in that AA sample or pre-AA sample, even going towards B sample. Typically, in the B sample stage is where you get -- where the discussions go commercial. And all right, now can I reserve that? So that's -- this is some of what has been happening last year.
So there are different motivations for different companies of when they want to -- when they're signing up, is it really is a diversification? Are they going to pay a premium? When they signed up in 2024 that the tariff amount was not known. And so they're going to pay a premium for a new supplier in the United States. It's generally more expensive to produce a material, cost of capital and building a facility is certainly more expensive than it is in China.
So most battery manufacturers were expecting a premium. So we landed those contracts not necessarily at Chinese prices. And so it was at a premium. But in 2025, certainly in 2026, the price of graphite has gone up in the United States, clearly. And we're seeing that. And so without getting too specific on pricing, that's -- you have to look at the time line of when these -- what was going on at the time and the pricing levels that were achieved. And so having -- there is a certain benefit to having these customers working with us, getting us to scale. They're investing a lot in us. We've invested a lot to get it up and ready. So -- but they're not quite necessarily at the prices that you see that would exist today in 2025, 2026.
Mark Shooter at William Blair. I know we touched on this a bit previously, but I'd just love to hear a bit more on how the engagements with customers has developed as you've gotten about 2 years now with the EV softness here in the domestic U.S. and you have some of these large battery manufacturers converting their nickel and NMC lines over to LFP, transitioning from your EVs to your ESS solutions. So how have those customer engagements developed? And I understand that a lot of the subsidy structures are FEOC compliant. There's some covenants in there for specifically the ESS installations. So at what point do you think that the graphite anode becomes a key component to reaching those -- the foreign entity concern requirements?
Yes. So you had a lot in your question there, so I'll just try to break that down into a couple of things, a couple of points. But -- as the battery industry was diversifying and coming to the United States and a lot of investment has happened over the last several years, a lot of battery plants, gigafactories have been -- were being constructed and built. A lot of them are still under construction today. So this is a battery industry that's growing.
That was at a time when it looked like the EV market was really going to continue to take off. It was being heavily subsidized with tax credits, incentives for people to buy EVs in the U.S. that essentially with the current administration, those at least incentives on EVs had gone away that -- so essentially, the growth that we have seen over the last 3, 4 years isn't necessarily forecast to continue. And we're seeing it in some of the recent numbers.
So we're seeing a flatness, maybe even a retardation of demand on EVs, batteries for EVs. So battery manufacturers that have put billions of dollars into these plants have recognized this. They are essentially -- if you put in billions into a facility, you don't want it to be sitting idle and watching your demand wane. So they're shifting their product portfolio into a different area, which is energy storage systems. These are large batteries that go on in the grid that help stabilize the grid. And so virtually every battery manufacturer that's in the U.S. is looking at this and/or actively converting to different types of batteries that are designed to be ESS batteries.
You threw out NMC, LFP as part of that. That part of that shift moving from EVs to energy storage is on the cathode side, which is NMC to LFP. And so that's happening. LFP is known to be a less expensive cathode material. All batteries, whether they're NMC, LFP do require an anode and require some graphite. One of the unique things when you have this switch though is -- and I think I mentioned it earlier when I talked about the differences between natural and synthetic.
Natural is known for high energy density, which the EV market really wants and needs. They want really long range on their EVs. That's not so important in the ESS market. The thing that's really important in the ESS market is really long life, which is what synthetic graphite is really good at and really strong at. So when you look at the ESS market, it's almost entirely synthetic graphite because of the long life. And that's also largely LFP and LFP typically is always -- almost always paired with synthetic graphite. And so when you see this overall shift in the market from EVs to ESS, that's better for synthetic graphite.
When you see shifts from NMC-based batteries to LFP batteries, also, that's very good for the synthetic market. And you saw that in the benchmark minerals graph. Why is synthetic graphite growing more than natural? And it's because of those 2 shifts in the market. So that positions us pretty well. Does that answer your question?
I had a question around -- you mentioned the diversified revenue streams. So as we -- if you could kind of handicap for us -- you mentioned the opportunity in EV, which is ongoing. You have the 2 customers. Obviously, those time lines are going to be a little different, and that's very customer dependent. But then we have energy storage, which curious around that. And then in the industrial, so you kind of have these 3 areas of the market you're going after. Any kind of sense realizing you're still writing the book on this about that first customer introduction to actually having them be on as a customer?
Yes. So our first 2 customers that we're talking about, those are for EV applications and the time line and qualification for that. One of the things you think, okay, EVs has a very long qualification time line. Actually, for energy storage, it's the same, even potentially a little bit longer because that battery has to go through even a longer cycle life test. And so that has a very similar time line. We are engaged with ESS specific battery designs with battery manufacturers.
Typically, every battery manufacturer makes both. They make both EV batteries and ESS batteries. It's largely the exact same equipment. They're swapping out some different materials, but essentially, it's the same equipment, same process. So -- but the qualification for that is still ongoing. So it's fair to say that we're more advanced with these 2 first customers with the qualification for EV applications. But right behind that in the A moving into B sample phase right now is -- are some ESS applications and ESS customers.
The third market being industrial, that is a shorter time line. And so we have just made effectively the C samples for some industrial applications because we're able to move right into that. And we anticipate a shorter qualification time frame. And it's not measured in years, it's measured in quarters or months. And so -- but right now, it's a newer market. There's nobody really making this material today. So it's all getting imported. So a new supplier, it still has to go through validation. It still -- the product still has to work in the end products. So we still anticipate about a 6-month plus/minus qualification time frame.
So I would anticipate at lower volumes because it is a new market. It's not as established as these big battery manufacturers. We'll start up with some revenue in the middle of next year, but it will also be smaller. And so -- but it is -- it does represent a diversification, and we're going to continue to grow that -- it's not the largest part of the market. So when you look at all the available applications for us for graphite, whether it's ESS, EV or industrial, industrial will be the smallest, but it's an area that we hadn't previously been focused on. And so we're going to continue to grow that. And so it will become a larger portion, but I still see it in third place as far as size of market as well as our opportunity that we have in front of us. But it does represent a nice diversification. So maybe 1 or 2 more questions, and then we can head on a tour.
Just interested in your -- in this plant, how much of the capital is being allocated or spent and how much is to spend? And then just your time line on the next facility. Is it customer-driven, grants from the government, this being what sort of assessment will you make on that?
Yes. So we've invested quite a bit in this facility, but we still have more to invest in the Riverside facility. So we're going to be continuing to add capacity and continuing to invest in the capabilities over the coming years. We -- current forecasts are by 2028, we'll have this facility built out. Now one of the things that we're very careful on is we're engaged with customers and looking at their demand and their demand curve and their ramp-ups.
So a lot of them are building their own battery plants. They're building and scaling. They're starting out small, maybe they pushed out a little bit. But when do they want product, and we want to have capacity installed and qualified before them, but only slightly before them. What we don't want to do is we don't want to build a lot of capacity, invest a lot and have this available capacity with no outlet, no offtake. So the customers that sign up commercially, where are they at, what's their ramp look like? And we're matching our investment and matching the capacity expansion with their ramp curves. And so that's really the appropriate way of doing it of scaling and investing in capacity.
And so we're looking at that curve on a very regular basis in discussions with customers of how they're ramping. And so we're doing the exact same thing. So it really -- it depends upon the market. And so we're already very much moving forward with our first facility in installing capacity and continuing, and we have plans what we're doing in '26 and '27 and the amount of capacity that we need by that date. And then also what does '28 look like? High probability, it will be completely built out by '28, but that could also shift depending on what happens in the market.
Talk about the next facility, expansion, it takes time. If it's a new greenfield facility, that's going to take about 3 years from the time you start digging to the time you start producing material. So you've got to forecast where that's at. So when are we going to have this plant completely built out and sold and then going into the next facility. So there's things that you can do for relatively little investment on that expansion, a lot of engineering work, a lot of permitting, things like that, that take time that are not a whole lot of money.
So that's something that's going on today on the second facility, but we want to be in a position when it's time press -- and ready to press go, we've got the permits, we've got the engineering done. We've got all of that ready to go. So ideally, that plant and we start construction on that before this facility is completely built out because you can imagine that there'll be a continuum of growth of the capacity that we're going to have. So once we get to the capacity of 20 kilotons, we don't want to have a period of time where we're not able to service the market or the demand growth that is -- that's not only forecast, but we're realizing through contracts.
One of the things we're going to be doing is not building on speculation. We're not going to install capacity on the if come. We're going to be -- once we get a contract in, we're telling customers what the lead time is to install that capacity. And you sign a contract in x number of months or years later, we'll have that capacity ready for you. So that's something that's very much known that we're talking to all of our customers, and that's part of the commercial discussion. That pretty much matches up with their qualification time line anyway, which is also measured in years.
So they more or less line up. So we're telling all of our customers that have partnered with us for the development cycles. If you want capacity, if you want to reserve capacity, you've got to put a commitment down in order to have that built. And so it's the right thing to do. We're being just really good stewards of capital from our investors, from the U.S. government, and it's just the right business thing to do, so.
[Presentation]
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| Jun '26 |
+/-
%
|
||
| Umsatz | 3,99 3,99 |
10 %
10 %
100 %
|
|
| - Direkte Kosten | 32 32 |
10 %
10 %
795 %
|
|
| Bruttoertrag | -28 -28 |
14 %
14 %
-695 %
|
|
| - Vertriebs- und Verwaltungskosten | 24 24 |
21 %
21 %
610 %
|
|
| - Forschungs- und Entwicklungskosten | 10 10 |
58 %
58 %
262 %
|
|
| EBITDA | -63 -63 |
1 %
1 %
-1.567 %
|
|
| - Abschreibungen | 6,80 6,80 |
15 %
15 %
170 %
|
|
| EBIT (Operatives Ergebnis) EBIT | -69 -69 |
2 %
2 %
-1.738 %
|
|
| Nettogewinn | -138 -138 |
47 %
47 %
-3.471 %
|
|
Angaben in Millionen AUD.
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NOVONIX Ltd. beschäftigt sich mit der Entwicklung, der Herstellung und dem Verkauf von hochpräzisen Prüfgeräten für Batteriezellen. Das Unternehmen liefert fortschrittliche Batteriematerialien, Ausrüstung und Dienstleistungen für den globalen Lithium-Ionen-Batteriemarkt (LIB). Die Batteriezellen werden von Batterieherstellern, Geräteherstellern und Forschungseinrichtungen wie Apple, Microsoft, TESLA, 3M, GM, Bosch, Dyson, XALT Energy, Panasonic, ATL und CATL verwendet. Das Unternehmen wurde von Gregory Alexander John Baynton im April 2012 gegründet und hat seinen Hauptsitz in Brisbane, Australien.
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| Hauptsitz | Australien |
| CEO | Mr. Okronley |
| Mitarbeiter | 192 |
| Gegründet | 2012 |
| Webseite | www.novonixgroup.com |


