NanoXplore Reports Results for its Q2-2026
MONTREAL, Feb. 10, 2026 (GLOBE NEWSWIRE) — NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, reported today financial results for the three-month and six-month periods ended December 31, 2025.
All amounts in this press release are in Canadian dollars, unless otherwise stated.
Key Financial Highlights Q2-2026
- Total revenues of $27,580,290 compared to $33,120,886 last year, representing a 17% decrease;
- Adjusted gross margin(1) on revenues from customers of 21.5% compared to 21.3% last year;
- Loss of $3,836,406 compared to a loss of $2,894,922 last year;
- Adjusted EBITDA(2) of $224,355 compared to $1,102,050 last year;
- Adjusted EBITDA(2) of $180,967 compared to $1,319,926 last year for the Advanced Materials, Plastics and Composite Products segment;
- Adjusted EBITDA(2) of $43,388 compared to an adjusted EBITDA loss(2) of $217,876 last year for the Battery Cells and Materials segment;
- Total liquidity of $40,144,435 as at December 31, 2025, including cash and cash equivalents of $30,144,435;
- Total long-term debt of $13,922,418 as at December 31, 2025, higher by $9,609,494 compared to June 30, 2025.
Overview
Rocco Marinaccio, President & Chief Executive Officer, stated: “Fiscal Q2 marked an important inflection point for NanoXplore as we delivered sequential improvements across revenue, margins, and adjusted EBITDA, reflecting stronger execution and improving fundamentals. Our on time and on budget installation of our dry-process graphene platform plus new customer program launches position us well for a stronger second half and long-term value creation for our shareholders. After careful review, our disciplined approached to capital allocation has led to the strategic decision not to pursue the previously contemplated $100 million active anode material (CSPG) initiative.”
Pedro Azevedo, Chief Financial Officer, stated: “After a challenging fiscal Q1, I am pleased with our Q2 performance delivering sequential revenue growth along with a return to positive adjusted EBITDA. The quarter saw volumes from our largest two customers stabilize and new revenues from CP Chem and Club Car start to produce visible results. We will continue to build on the momentum generated by new customers to deliver continued sequential financial improvement over the coming quarters.”
* Non-IFRS Measures
The Corporation prepares its financial statements under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include “Adjusted EBITDA” and “Adjusted gross margin”.
The following tables provide a reconciliation of IFRS “Loss” to Non-IFRS “Adjusted EBITDA” and of IFRS “Gross margin” to Non-IFRS “Adjusted Gross margin” for the three-month and six-month periods ended December 31, 2025 and 2024.
IFRS “Loss” to Non-IFRS “Adjusted EBITDA”
| Q2-2026 | Q2-2025 | YTD 2026 | YTD 2025 | ||||||||||
| $ | $ | $ | $ | ||||||||||
| Loss | (3,836,406 | ) | (2,894,922 | ) | (7,612,736 | ) | (5,613,934 | ) | |||||
| Current and deferred income tax expenses (recovery) | (350,783 | ) | 400,155 | (1,267,279 | ) | 874,769 | |||||||
| Net interest expenses | 441,592 | 118,181 | 778,403 | 157,023 | |||||||||
| Foreign exchange | 681,567 | 201,920 | 447,619 | 232,002 | |||||||||
| Share-based compensation expenses | 271,421 | 366,182 | 475,967 | 883,718 | |||||||||
| Non-operational items (1) | (116,000 | ) | 115,000 | (76,000 | ) | 155,000 | |||||||
| Depreciation and amortization | 3,132,964 | 2,795,534 | 6,088,280 | 5,537,771 | |||||||||
| Adjusted EBITDA | 224,355 | 1,102,050 | (1,165,746 | ) | 2,226,349 | ||||||||
| – From Advanced Materials, Plastics and Composite Products | 180,967 | 1,319,926 | (1,137,791 | ) | 2,832,030 | ||||||||
| – From Battery Cells and Materials | 43,388 | (217,876 | ) | (27,955 | ) | (605,681 | ) | ||||||
(1) Non-operational items consist of professional fees mainly due to debt renegotiation and to prospectuses related fees.
IFRS “Gross margin” to Non-IFRS “Adjusted Gross margin”
| Q2-2026 | Q2-2025 | YTD 2026 | YTD 2025 | |
| $ | $ | $ | $ | |
| Revenues from customers | 26,928,115 | 32,636,947 | 49,915,032 | 65,964,016 |
| Cost of sales | 21,145,796 | 25,685,206 | 40,167,343 | 52,055,110 |
| Adjusted gross margin | 5,782,319 | 6,951,741 | 9,747,689 | 13,908,906 |
| Depreciation (production) | 2,284,743 | 1,645,083 | 4,058,055 | 3,265,264 |
| Gross margin | 3,497,576 | 5,306,658 | 5,689,634 | 10,643,642 |
Reporting Segments results
NanoXplore reports its financials in two distinct segments: Advanced Materials, Plastics and Composite Products and Battery Cells and Materials.
| Q2-2026 | Q2-2025 | Variation | YTD 2026 | YTD 2025 | Variation | ||||||||||
| $ | $ | $ | % | $ | $ | $ | % | ||||||||
| From Advanced Materials, Plastics and Composite Products | |||||||||||||||
| Revenues | 27,292,893 | 33,109,366 | (5,816,473 | ) | (18 | %) | 50,456,429 | 66,744,959 | (16,288,530 | ) | (24 | %) | |||
| Non-IFRS Measure * | |||||||||||||||
| Adjusted EBITDA | 180,967 | 1,319,926 | (1,138,959 | ) | (86 | %) | (1,137,791 | ) | 2,832,030 | (3,969,821 | ) | (140 | %) | ||
| From Battery Cells and Materials | |||||||||||||||
| Revenues | 287,397 | 11,520 | 275,877 | 2 395 | % | 566,512 | 41,341 | 525,171 | 1 270 | % | |||||
| Non-IFRS Measure* | |||||||||||||||
| Adjusted EBITDA | 43,388 | (217,876 | ) | 261,264 | 120 | % | (27,955 | ) | (605,681 | ) | 577,726 | 95 | % | ||
A. Results of operations variance analysis – Three-month periods
Revenues
| Q2-2026 | Q2-2025 | Variation | Q1-2026 | Variation | |||||||||||
| $ | $ | $ | % | $ | $ | % | |||||||||
| Revenues from customers | 26,928,115 | 32,636,947 | (5,708,832 | ) | (17 | %) | 22,986,917 | 3,941,198 | 17 | % | |||||
| Other income | 652,175 | 483,939 | 168,236 | 35 | % | 455,734 | 196,441 | 43 | % | ||||||
| Total revenues | 27,580,290 | 33,120,886 | (5,540,596 | ) | (17 | %) | 23,442,651 | 4,137,639 | 18 | % | |||||
All revenues are coming from the Advanced Materials, Plastics and Composite Products segment, except for $44,609 of revenues from customers and $242,788 from Other income [Q2-2025 – nil and $11,520 respectively] from the Battery Cells and Materials segment.
Revenues from customers decreased from $32,636,947 in Q2-2025 to $26,928,115 in Q2-2026. This decrease is mainly due to lower volume and tooling revenues.
Other income increased from $483,939 in Q2-2025 to $652,175 in Q2-2026. The variation is due to grants and refundable tax credits received for Research & Development (“R&D”) programs.
Adjusted EBITDA
1) From Advanced Materials, Plastics and Composite Products
The adjusted EBITDA decreased from $1,319,926 in Q2-2025 to $180,967 in Q2-2026. The variation is explained as follows:
- Adjusted gross margin on revenues from customers decreased by $1,214,031 compared to last year due to lower volume and lower tooling revenues partially offset by higher powder sales, improved productivity and cost control.
2) From Battery Cells and Materials
The adjusted EBITDA loss improved from $217,876 in Q2-2025 to an adjusted EBITDA of $43,388 in Q2-2026. The variation is explained by an increase of revenues from customers and of Other income of $44,609 and $231,268 respectively.
B. Results of operations variance analysis – six-month periods
Revenues
| YTD 2026 | YTD 2025 | Variation | |||||
| $ | $ | $ | % | ||||
| Revenues from customers | 49,915,032 | 65,964,016 | (16,048,984 | ) | (24 | %) | |
| Other income | 1,107,909 | 822,284 | 285,625 | 35 | % | ||
| Total revenues | 51,022,941 | 66,786,300 | (15,763,359 | ) | (24 | %) | |
All revenues are coming from the Advanced Materials, Plastics and Composite products segment, except for $127,004 of revenues from customers and $439,508 from Other income [YTD 2025 – nil and $41,341 respectively] coming from the Battery Cells and Materials segment.
Revenues from customers decreased from $65,964,016 in the last year period to $49,915,032 in the current period. This decrease is mainly due to lower volume and tooling revenues.
Other income increased from $822,284 in the last year period to $1,107,909 in the current period. The variation is due to grants and refundable tax credits received for R&D programs.
Adjusted EBITDA
1) From Advanced Materials, Plastics and Composite Products
The adjusted EBITDA decreased from $2,832,030 in the last year period to an adjusted EBITDA loss of $1,137,791 in the current period. The variation is explained as follows:
- Adjusted gross margin on revenues from customers decreased by $4,288,221 compared to last year due to lower volume and lower tooling revenues partially offset by higher powder sales, improved productivity and cost control;
- Lower Other income of $112,542;
- Partially offset by lower selling, general & administration expenses and R&D expenses (“Operational expenses”) of $661,942.
2) From Battery Cells and Materials
The adjusted EBITDA loss improved from a loss of $605,681 in the last year period to $27,955 in the current period. The variation is explained by an increase of revenues from customers and of Other income of $127,004 and $398,167 respectively and by lower Operational expenses of $52,555.
C. Other
Additional information about the Corporation, including the Corporation’s Management Discussion and Analysis for the three-month and six-month periods ended December 31, 2025 and 2024 (“MD&A”) and the Corporation’s consolidated financial statements for the three-month and six-month periods ended December 31, 2025 and 2024 (the “financial statements”) can be found at www.nanoxplore.ca.
Webcast
NanoXplore will hold a webcast tomorrow, February 11, 2026, at 10:00 am EST to review its three-month and six-month periods ended December 31, 2025. Rocco Marinaccio, CEO and President of NanoXplore, and Pedro Azevedo, Chief Financial Officer, will host the event. To access the webcast please click on the link https://edge.media-server.com/mmc/p/gyrnvgit or you can access through our website in the Investors section under Events and Presentations. A replay of this event can be accessed via the above link or on our website.
About NanoXplore
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. Also, the Corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon-graphene-enhanced Li-ion battery manufacturer for the energy storage, defense, and industrial, markets. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, including the relevant assumptions and risks factors set out in NanoXplore’s most recent annual management discussion and analysis filed on SEDAR+ at www.sedarplus.ca, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to update or revise any forward–looking statement as a result of new information, subsequent events or otherwise.
Forward-looking statements reflect management’s current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
No securities regulatory authority has either approved or disapproved the contents of this press release.
For further information, please contact:
Pierre Yves Terrisse
Vice-President Corporate Development
py.terrisse@nanoxplore.ca
Tel: 1 438 476-1965
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(1) Adjusted gross margin is a non-IFRS measure and a reconciliation can be found in the “Overall Results” section of the MD&A.
(2) Adjusted EBITDA is a non-IFRS measure and a reconciliation can be found in the “Overall Results” section of the MD&A.
