NOVONIX(US:NVX)2022-09-01 01:22Financial 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].