The Novonix Ltd (ASX: NVX) share price is slightly in the red today. The battery materials and technology company today released a quarterly report.
Novonix shares are currently down 0.8% and fetching 92.75 cents. For perspective, the S&P/ASX All Technology Index (ASX: XTX) is sliding 0.32% today. The S&P/ASX 200 Materials Index (ASX: XMJ) is also down 1.32%.
Let's take a look at what Novonix reported to the market today.
What did Novonix report?
Highlights of the unaudited quarterly report ending 31 March 2023 include:
- Battery Technology Solution revenue of US$2.57 million (A$($3.877), up 93% on previous quarter
- US $6.95 million capital expenditures on Riverside facility
- Total cash balance of US$78.7 million
Novonix makes graphite anode materials used in lithium-ion batteries for electric vehicles (EV).
During the quarter, Novonix entered a joint venture with TAQAT development company (TAQAT).
This will enable the company to produce battery materials for EV and energy storage in the Middle East North Africa Region.
Another notable highlight was being selected to receive a $150 million grant from the Biden Administration.
At this stage, the Department of Energy has issued terms of conditions to grant awardees including Novonix.
Novonix also progressed site selection process for a new facility to produce up to 75,000 tpa of high-performance battery grade synthetic graphite.
The Battery Technology Solutions (BTS) division recorded strong revenue growth amid the expansion of hardware sales and research and development service offerings.
This division, along with Emera Technologies, advanced the development of a battery storage technology project.
Management commentary
Commenting on today's report, Novonix CEO Dr Chris Burns said:
This quarter has seen extremely promising progress on all fronts of our business. We have demonstrated our Generation 3 furnace technology performance in meeting all specification targets for our GX-23 grade of synthetic graphite product while continuing to sample different volumes of materials to various customers.
Our cathode development team has also produced cathode material from our proprietary dry process that matches the performance of a leading commercial reference material in full cell testing.
Lastly, we continue to see that the U.S. IRA legislation has focused OEMs and cell manufacturers on localized supply in North America, which is benefiting us in our discussions with potential customers.
Novonix share price snapshot
The Novonix share price has lost nearly 83% in the last year. In the last month, Novonix shares have risen nearly 3%.
Novonix has a market capitalisation of about 448 million based on the latest share price.
