The Novonix Ltd (ASX: NVX) share price is plummeting today, but will news of the company’s quarterly results boost it back into the green?
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Novonix Ltd (ASX: NVX) shares are plummeting today and (so far) news of the company’s quarterly results hasn’t boosted its share price back into the green. At the time of writing, the Novonix share price is down 5%, trading for $2.31.
So, what has the graphite miner and battery maker been up to over the last quarter? Let’s take a look.
Novonix’s third quarter
While they contained mostly positive news, it hasn’t been enough to bring the Novonix share price out of its slump just yet.
The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) was a loss of around $2.4 million.
During the quarter, it completed director placements worth a total of approximately $16.5 million. It also completed an oversubscribed institutional placement worth $115 million. The funds will go towards Novonix’s anode material productions and the commercialisation of its cathode materials.
At the end of the quarter, the company had around $131 million in the bank.
Novonix also made a number of positive announcements over the third quarter. The company entered into a five-year research sponsorship agreement with Dalhousie University and partnered with Emera Technologies to innovate residential energy storage technology.
It was awarded around US$5.5 million from U.S. Department of Energy for its furnace technology development with Harper International. This quarter Novonix has continued working with Harper to create specialised furnace technology, which allows it to enhance its synthetic graphite manufacturing process.
As a result of this process, Novonix has been able to begin production of material, leading it to the next steps of customer qualification programs for Samsung Electronics Co Ltd, Sanyo and other cell and automotive manufacturers.
Finally, it listed on the OTCQX International Index. Novonix is now listed on the ASX, the OTCQX and the Frankfurt Stock Exchange.
Novonix share price snapshot
Despite a poor day on the ASX, the Novonix share price has had a brilliant year so far.
Currently, the Novonix share price is up 86% year to date. It’s also up a whopping 824% over the last 12 months.
The company has a market capitalisation of around $970 million, with approximately 396 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.