NanoXplore Reports Results for its Q1-2026

Executive Summary

• NanoXplore reported a material decline in Q1‑2026 results versus the prior year, with total revenues down 30% to C$23.44 M and a net loss of C$3.78 M, widening from C$2.72 M YoY.
• Adjusted EBITDA swung to a loss of C$1.39 M (previously a positive C$1.12 M), driven primarily by lower volumes in the Advanced Materials segment and reduced gross margin.
• The company announced a multi‑year supply agreement with Chevron Phillips Chemical, onboarding of Club Car as a new customer, commissioning of its Statesville, NC facility, and an imminent CEO transition to COO Rocco Marinaccio.

Key Details

• Revenue: C$23,442,651 (down 30% YoY); Advanced Materials segment revenue fell C$10.47 M (-31%).
• Adjusted Gross Margin: 17.3% of revenues vs. 20.9% last year.
• Net Loss: C$3,776,330 versus C$2,719,012 in Q1‑2025.
• Adjusted EBITDA: loss of C$1,390,101 (vs. +C$1,124,299 YoY).
• Advanced Materials segment adjusted EBITDA: loss of C$1,318,758 (vs. +C$1,512,104 YoY).
• Battery Cells & Materials segment adjusted EBITDA: loss of C$71,343 (improved from a loss of C$387,805 YoY).
• Liquidity: Total cash and equivalents C$20,091,924; cash on hand C$10,091,924.
• Debt: Long‑term debt C$6,967,018, up C$2.65 M since June 2025.
• New Contracts & Customers:
• Multi‑year supply agreement with Chevron Phillips Chemical for Tribograf™ (graphene‑based lubricant product).
• New customer Club Car secured; deliveries commenced.
• Operational Milestones: Commissioning of new manufacturing facility in Statesville, North Carolina.
• Management Change: CEO Soroush Nazarpour to transition to Vice Chair of the Board; COO Rocco Marinaccio will assume the CEO role (effective shortly).
• Outlook: Management expects volume recovery in H2‑2026 and anticipates growth initiatives contributing from Q2 onward.

Notable Quotes

“After a strong Q1 last year, the reduction in volume demand from our two largest customers…significantly impacted our Q1 performance.” – Pedro Azevedo, CFO

“The transition to Rocco Marinaccio as CEO is being done with NanoXplore’s long‑term growth and success firmly in mind.” – Soroush Nazarpour, President & CEO (outgoing)

“We entered into a multi‑year supply agreement with Chevron Phillips Chemical…and have already commenced deliveries under this contract.” – Rocco Marinaccio, COO & incoming CEO