NOVONIX Limited has changed its financial year end to December 31 (previously June 30) Providing revolutionary solutions to the battery industry NOVONIX Limited NOVONIX LIMITED ABN 54 157 690 830 INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED JUNE 30, 2023 NOVONIX Limited HALF-YEAR REPORT - JUNE 30, 2023 CORPORATE DIRECTORY | Directors | Admiral R J Natter, US Navy (Ret.) | | --- | --- | | | D Akerson BS (Eng), MSc (Economics) | | | A Bellas B. Econ, DipEd, MBA, FAICD, FCPA, FGS | | | R Edmonds CPA, BBA ( ...

EXHIBIT 99.2 Novonix Limited has changed its financial year end to 31 December (previously 30 June) Providing revolutionary solutions to the battery industry NOVONIX LIMITED ABN 54 157 690 830 ANNUAL REPORT – 31 DECEMBER 2022 CONTENTS | CORPORATE DIRECTORY | 1 | | --- | --- | | REVIEW OF OPERATIONS AND ACTIVITIES | 2 | | DIRECTORS' REPORT | 11 | | DIRECTORS AND COMPANY SECRETARY | 11 | | PRINCIPAL ACTIVITIES | 11 | | DIVIDENDS | 11 | | REVIEW OF OPERATIONS | 11 | | SIGNIFICANT CHANGES IN THE STATE OF AFFAIR ...

Financial Performance - NOVONIX reported a 57% increase in revenues from contracts with customers for the twelve months ended June 30, 2022, compared to the previous year, driven by growth in the battery hardware division[24]. - Revenue from contracts with customers decreased by $219,954 to $2,702,276 for the six months ended December 31, 2022, compared to $2,922,230 for the same period in 2021, primarily due to a customer return in hardware sales in the BTS segment[74]. - Revenue from contracts with customers increased by $2,207,416 to $6,101,155 for the twelve months ended June 30, 2022, compared to $3,893,739 for the same period in 2021[86]. - Revenue from contracts with customers for the six months ended December 31, 2022, was $2,702,276, a decrease from $6,101,155 for the twelve months ended June 30, 2022[176]. - Total comprehensive loss for the six months ended December 31, 2022, was $30,309,552, compared to a loss of $69,611,995 for the twelve months ended June 30, 2022[176]. - The net loss for the six months ended December 31, 2022, was $27,864,014, an increase of $6,774,395 compared to a net loss of $21,089,619 for the same period in 2021[73]. - Total comprehensive loss for the year ended June 30, 2022, was $69,611,900, which included a net loss of $51,860,307[180]. Production and Capacity Expansion - The company plans to ramp up synthetic graphite production capacity to 10,000 tonnes per annum (tpa) in 2024, with further targets of 40,000 tpa by 2025 and 150,000 tpa by 2030[42]. - NOVONIX's new pilot production facility aims to produce up to 10 tonnes of cathode material per annum, leveraging proprietary dry cathode synthesis technology[25]. - The company has not generated any revenue from the sale of synthetic or natural graphite as of the date of the transition report[49][50]. - The company expects to incur operating and net losses until at least significant production of anode materials begins, which is not anticipated before 2023[126]. - The Group aims to reach a production capacity of 150,000 tonnes per year by 2030, requiring additional funding beyond the existing cash balance[189]. Financial Position and Cash Flow - The company has cash and cash equivalents of $99,039,172 as of December 31, 2022, which is expected to support the capacity expansion towards 10,000 tpa[42]. - Cash and cash equivalents as of December 31, 2022, were $99,039,172, down from $142,737,362 as of June 30, 2022[178]. - Total assets as of December 31, 2022, were $277,424,558, compared to $302,979,271 as of June 30, 2022[178]. - Total liabilities as of December 31, 2022, were $51,368,289, slightly decreased from $51,845,793 as of June 30, 2022[178]. - For the six months ended December 31, 2022, net cash used in operating activities was $18.9 million, an increase from $11.5 million in the same period in 2021, primarily due to a $4.4 million rise in payments to suppliers and employees[129]. - For the twelve months ended June 30, 2022, net cash used in operating activities was $29.2 million, with $37.9 million in payments to suppliers and employees, partially offset by $6.2 million in receipts from customers[131]. - The company plans to finance operations through existing liquidity, proceeds from the Phillips 66 Transaction, and future financing activities, including equity offerings and debt financings[127]. Expenses and Losses - Administrative and other expenses rose to $11,481,647 for the six months ended December 31, 2022, compared to $4,075,964 in the same period of 2021, reflecting an increase of $7,405,683[73]. - Research and development costs increased by $388,309 to $2,020,656 for the six months ended December 31, 2022, compared to $1,632,347 for the same period in 2021[73]. - Share-based compensation expenses decreased by $3,247,252 to $5,354,429 for the six months ended December 31, 2022, compared to $8,601,681 in the same period of 2021[73]. - Employee benefits expense increased by $8,388,042 to $12,736,589 for the twelve months ended June 30, 2022, compared to $4,348,547 for the same period in 2021[90]. - Total share-based compensation expense increased by $10,062,763 to $14,530,749 for the twelve months ended June 30, 2022, compared to $4,467,986 for the prior year[101]. - The company continues to incur operating losses since 2013, with significant expenses expected as it scales production of synthetic graphite products[39]. Grants and Funding - The company received a $150 million grant negotiation from the U.S. Department of Energy to expand domestic production of synthetic graphite anode materials[34]. - Government grants received during the six months ended December 31, 2022, were $434,379, compared to $3,982,807 for the twelve months ended June 30, 2022[181]. - The Group raised AUD$208 million in September 2021 and a combined AUD$131 million in March and May 2021 to support its capital needs[191]. - In November 2022, the Group entered negotiations with the US Department of Energy for up to US$150 million in grant funding, with ongoing discussions for a new greenfield production facility[192]. Legal and Regulatory Matters - The company is not currently involved in any material legal proceedings, which could affect its financial resources[161]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced disclosure requirements until it exceeds $1.235 billion in revenue[149]. - The company is classified as a "foreign private issuer" under U.S. securities laws, allowing it to take advantage of certain exemptions from disclosure obligations[150]. - The company has taken advantage of reduced reporting requirements as a foreign private issuer, which may result in different information compared to other public companies[152]. Accounting and Reporting - The consolidated financial statements are prepared in accordance with IFRS and present fairly the financial position of the company as of December 31, 2022[168]. - The company changed its presentation currency effective July 1, 2022, impacting its financial reporting[170]. - The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)[185]. - The Group changed its fiscal year end from June 30 to December 31, effective December 31, 2022[202].

Financial Performance - NOVONIX reported a statutory after-tax loss of $71,441,024 for the year ended June 30, 2022, compared to a loss of $18,076,077 in 2021, reflecting a significant increase in losses [4]. - Total comprehensive loss for the year was $62,273,812, compared to a loss of $20,177,174 in the previous year, reflecting a significant increase in losses [161]. - The consolidated entity reported a net loss of $71,441,024 for the year ended 30 June 2022, compared to a net loss of $18,076,077 in the previous year, representing an increase in losses of approximately 295% [169]. - Basic and diluted earnings per share for loss from continuing operations were both (15.4 cents), compared to (4.9 cents) in the previous year [161]. - Cash flows from operating activities resulted in a net cash outflow of $40,353,292, significantly higher than the previous year's outflow of $8,172,064, indicating a 393% increase in cash outflows [169]. Assets and Liabilities - The company had net assets of $364,343,319 as of June 30, 2022, up from $184,395,802 in 2021, and cash and cash equivalents increased to $207,083,935 from $136,663,976 [4]. - Total assets increased to $439,561,402 in 2022, compared to $202,857,273 in 2021, representing a growth of 116.5% [162]. - Total liabilities rose to $75,218,083, up from $18,461,471 in 2021, marking an increase of 308.5% [162]. - The consolidated entity's net current assets as of 30 June 2022 were $223,906,897, compared to $138,671,009 in the previous year, indicating an increase of about 61% [169]. Revenue and Growth - Revenue from contracts with customers for the year ended 30 June 2022 was $8,417,763, an increase of 61.5% compared to $5,227,347 in 2021 [161]. - The company achieved receipts from customers totaling $9,033,341, up from $5,724,549 in the prior year, reflecting a growth of approximately 58% [169]. - NOVONIX's Battery Technology Solutions division experienced strong revenue growth, expanding hardware sales and R&D service offerings, and established partnerships with leading battery manufacturers [34]. Production and Capacity Expansion - NOVONIX plans to expand its synthetic graphite production capacity to 150,000 tonnes per annum by 2030, with an interim target of 10,000 tonnes per annum in 2023 and 40,000 tonnes per annum by 2025 [21]. - The company has invested in expanding its facilities, including a new 400,000 square foot facility in Chattanooga, TN, to increase anode material production capacity [8]. - NOVONIX's Anode Materials division is expanding production capacity, having acquired a 400,000+ square-foot facility in Chattanooga, Tennessee, with plans to reach at least 10,000 tonnes per year by 2023 [44]. - A repayable contribution of CAD$1 million was announced for NOVONIX to purchase specialized equipment for its new 35,000 square foot facility in Halifax, aiming for a production milestone of 10 tonnes per annum by Q1 FY2023 [39]. Sustainability and Technology Development - The company announced a life cycle assessment showing a 60% and 30% decrease in global warming potential compared to conventional anode grade synthetic graphite produced from Inner Mongolia and China [18]. - NOVONIX is focused on developing sustainable technologies and pursuing strategic partnerships to support the onshoring of the battery supply chain [19]. - The company is utilizing patent-pending Dry Particle Microgranulation (DPMG) technology to reduce cathode manufacturing costs and improve yield, targeting significant growth in the lithium-ion battery cathode market [38]. - NOVONIX is collaborating with Emera Technologies to design battery pack systems for microgrids, delivering a custom-designed microgrid battery prototype for residential use in North America [37]. Governance and Management - The company has committed to achieving the highest standards of corporate governance, as reflected in its corporate governance statement [156]. - The remuneration report outlines that the remuneration policy is aligned with business needs and shareholder value creation [80]. - The company aims to attract and retain key talent through competitive and reasonable remuneration practices [80]. - Non-executive directors have significant experience in various industries, enhancing the board's expertise [76][77]. Remuneration and Incentives - Total remuneration expense for Key Management Personnel (KMP) in FY2022 was AUD 21.449 million, an increase from AUD 20.6 million in FY2021 [106]. - Short-term incentives (STI) for key management personnel (KMP) were set at 50% to 100% of their base salary, contingent on achieving specific KPIs [86]. - Long-term incentives (LTI) for FY 2022 were positioned at the 25th market percentile, aimed at promoting long-term stability in shareholder returns [82]. - The performance rights granted to KMP during the financial year included 706,000 rights vesting subject to achievement of agreed FY24 revenue targets [92].

NOVONIX Set for Growth Important Notice and Disclaimers 2 The information contained in this presentation (the "Presentation") has been prepared by NOVONIX Limited (ACN 157 690 830) ("the Company" or "NOVONIX") solely for information purposes and the Company is solely responsible for the contents of this Presentation. It is intended to be a summary of certain information relating to the Company as at the date of the Presentation and does not purport to be a complete description of NOVONIX or contain all the ...