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1. Company Snapshot

1.a. Company Description

NanoXplore Inc., a graphene company, manufactures and supplies graphene powder for use in industrial markets.The company offers graphene-based solutions, including GrapheneBlack powder and graphene-enhanced masterbatch pellets.It also provides standard and custom graphene-enhanced plastic and composite products to customers in transportation, packaging, electronics, and other industrial sectors.


In addition, the company offers graphene-enhanced sheet molding compounds used to create lightweight composite exterior and battery enclosure parts for cars and trucks, such as hoods, bumpers, roofs, and battery packs.It has operations in the United States, Canada, France, Switzerland, and internationally.The company was founded in 2011 and is headquartered in Montréal, Canada.

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1.b. Last Insights on GRA

Here is a 90-word analysis of the positive drivers behind NanoXplore Inc.'s recent stock performance: NanoXplore's recent momentum is driven by its strong Q2 2025 earnings, which saw a 14% revenue increase to CA$33.1m. The company's adjusted gross margin also improved, showcasing its operational efficiency. Additionally, the TSX approval for a normal course issuer bid allows NanoXplore to purchase up to 5% of its public float, reducing outstanding shares and benefiting existing shareholders. These positive developments have likely contributed to the company's attractiveness to investors seeking growth opportunities.

1.c. Company Highlights

2. NanoXplore's Q1 2026 Earnings: A Review of Financial Performance and Future Prospects

NanoXplore reported revenues of $23.4 million for Q1 2026, a 30% decrease from the previous year's quarter, primarily due to reduced demand from its two largest customers. Adjusted gross margins were 17.3%, down from the previous year's level, mainly due to lower manufacturing overhead cost absorption. The company reported an adjusted EBITDA loss of $1.4 million. The actual EPS loss was $0.02, in line with analyst estimates. The company's cash and cash equivalents stood at $10.1 million, with total liquidity at $20.1 million as of September 30, 2025.

Publication Date: Nov -26

📋 Highlights
  • Leadership Transition:: Soroush Nazarpour steps down as CEO (Vice Chair effective Dec 2025), succeeded by Rocco Marinaccio to ensure strategic continuity.
  • Q1 Financials:: Revenue dropped 30% to $23.4M due to reduced demand from top customers; Adjusted EBITDA loss of $1.4M reported.
  • Capital and Liquidity:: $25.7M equity raise and $10.1M cash balance at Q1-end, with $20.1M total liquidity to fund operations and CapEx.
  • Revenue Guidance:: Full-year revenue projected at $115–125M, with Q1 as the trough and Q4 margin recovery to 24% expected.

Guidance and Outlook

The company guided to full-year revenues between $115 million and $125 million, with Q1 revenues expected to be the trough of the fiscal year. Management expects a recovery in sales volumes from its two largest customers and the addition of new customers like Club Car to drive revenue growth. As Pedro Azevedo, CFO, noted, "the majority of the growth would come from the recovery of sales volumes from the two largest customers and the addition of Club Car."

Operational Highlights and Graphene Initiative

NanoXplore is making progress in its graphene and anode material initiative, with a focus on completing graphene-enhanced solutions investments in the next two quarters. The company expects to see initial revenues from the new dry process graphene in fiscal year 2027. The testing and traction with the new dry process graphene have been very good, especially in markets that were not previously addressable.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 1.0%. The stock is currently trading at a P/S Ratio of 2.96 and an EV/EBITDA of 97.38, indicating a premium valuation. The company's ROE and ROIC are negative, at -9.31% and -7.2%, respectively. With a Net Debt / EBITDA ratio of 0.31, the company's debt position is manageable. The market seems to be pricing in a significant improvement in the company's performance, and investors will be watching the company's execution and growth prospects closely.

3. NewsRoom

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CORRECTION -- NanoXplore Announces Results of Annual Meeting of Shareholders

Dec -05

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3 TSX Stocks Estimated To Be Undervalued By Up To 48.9%

Dec -05

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NanoXplore Announces Results of Annual Meeting of Shareholders

Dec -04

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TSX Value Picks Aritzia And 2 More Stocks Estimated Below Fair Value

Nov -19

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3 TSX Penny Stocks With Market Caps Under CA$400M To Watch

Nov -17

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NanoXplore Inc (NNXPF) Q1 2026 Earnings Call Highlights: Strategic Partnerships and Expansion ...

Nov -13

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NanoXplore Reports Results for its Q1-2026

Nov -12

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NanoXplore Announces Supply Agreement With Club Car at Newly Commissioned Facility, Expanding Into Recreational Products Market

Nov -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.38%)

6. Segments

Graphics and Ecommerce

Expected Growth: 11.47%

NanoXplore Inc.'s Graphics and Ecommerce segment growth of 11.47% is driven by increasing demand for high-performance materials in gaming and graphics applications, coupled with the rising adoption of e-commerce platforms. Additionally, the company's innovative graphene-based solutions and strategic partnerships are contributing to its rapid expansion in these markets.

Healthcare

Expected Growth: 10.4%

NanoXplore Inc.'s 10.4% growth in Healthcare is driven by increasing demand for graphene-based medical devices, expanding applications in wound care and implantable devices, and strategic partnerships with healthcare companies. Additionally, growing focus on personalized medicine and rising healthcare expenditure globally are contributing to the segment's growth.

Professional Services

Expected Growth: 11.47%

NanoXplore Inc.'s 11.47% growth in Professional Services is driven by increasing demand for graphene-based solutions, expansion into new markets, and strategic partnerships. The company's expertise in graphene integration and customization is attracting clients from various industries, leading to revenue growth. Additionally, investments in R&D and process optimization are enhancing operational efficiency, further contributing to the segment's growth.

Property

Expected Growth: 10.8%

NanoXplore Inc.'s 10.8% growth is driven by increasing demand for graphene-based products, expansion into new markets, and strategic partnerships. The company's innovative production process and cost-effective solutions also contribute to its growth. Additionally, the growing trend towards sustainable and eco-friendly products, as well as government initiatives supporting clean energy, further boost the company's prospects.

7. Detailed Products

Graphene-based Materials

NanoXplore's graphene-based materials are designed for industrial applications, providing enhanced thermal, electrical, and mechanical properties.

Graphene-enhanced Polymers

NanoXplore's graphene-enhanced polymers offer improved mechanical, thermal, and electrical properties for various industrial applications.

Graphene-based Inks

NanoXplore's graphene-based inks are designed for printing and coating applications, providing high conductivity and flexibility.

Graphene-based Composites

NanoXplore's graphene-based composites offer enhanced mechanical, thermal, and electrical properties for various industrial applications.

Graphene-based Coatings

NanoXplore's graphene-based coatings provide enhanced corrosion protection, thermal management, and electrical conductivity for various industrial applications.

8. NanoXplore Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

NanoXplore Inc. faces moderate threat from substitutes as the company operates in the graphene and advanced materials industry, where substitutes are available but not easily accessible.

Bargaining Power Of Customers

NanoXplore Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

NanoXplore Inc. relies on a few key suppliers for raw materials, giving them some bargaining power, but the company's strong relationships and diversified supply chain mitigate this risk.

Threat Of New Entrants

The graphene and advanced materials industry is rapidly evolving, and new entrants can easily disrupt the market, posing a significant threat to NanoXplore Inc.'s market share.

Intensity Of Rivalry

The graphene and advanced materials industry is highly competitive, with many established players and new entrants vying for market share, leading to intense rivalry among companies like NanoXplore Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.45%
Debt Cost 6.01%
Equity Weight 82.55%
Equity Cost 10.52%
WACC 9.73%
Leverage 21.13%

11. Quality Control: NanoXplore Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NanoXplore

A-Score: 4.5/10

Value: 5.0

Growth: 6.7

Quality: 4.7

Yield: 0.0

Momentum: 6.5

Volatility: 4.0

1-Year Total Return ->

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AdvanSix

A-Score: 4.4/10

Value: 7.7

Growth: 2.9

Quality: 4.1

Yield: 4.0

Momentum: 1.5

Volatility: 6.0

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LSB Industries

A-Score: 3.8/10

Value: 8.1

Growth: 2.8

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 3.7

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ASP Isotopes

A-Score: 3.4/10

Value: 6.0

Growth: 1.4

Quality: 3.0

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Rayonier Advanced Materials

A-Score: 3.1/10

Value: 6.6

Growth: 3.8

Quality: 0.9

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Origin Materials

A-Score: 3.1/10

Value: 8.4

Growth: 5.3

Quality: 4.0

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.21$

Current Price

2.21$

Potential

-0.00%

Expected Cash-Flows