Novonix vs Polar Power
Novonix and Polar Power are similar in size: $5.6m and $6.3m of revenue in their latest fiscal years. Novonix grew faster (-4.1% against -54.9%). Polar Power kept more of each dollar of sales as profit: a net margin of -144.9% against -1650.8%. Novonix carries less debt relative to equity (58.0% against 2802.8%).
| Latest fiscal year | NovonixNVX, 2025 | Polar PowerPOLA, 2025 |
|---|---|---|
| Revenue | $5.6m | $6.3m |
| Revenue growth | -4.1% | -54.9% |
| Net income | −$92.7m | −$9.1m |
| Operating margin | 4916.0% | -133.6% |
| Net margin | -1650.8% | -144.9% |
| Return on equity | -62.0% | — |
| Free cash flow | −$102m | −$1.1m |
| Cash | $79.9m | $200,000 |
| Total debt | $93.8m | $4.0m |
| Debt to equity | 58.0% | 2802.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 67 |
| Market value | $382m | $2.0m |
| Price vs our value range | — | — |
| Moat score | — | 11 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |