Novonix vs Expion Energy
Expion Energy is the larger business, with $9.7m of revenue in fiscal 2025 against $5.6m for Novonix (1.7 times as much). Expion Energy grew faster (71.6% against -4.1%). Expion Energy kept more of each dollar of sales as profit: a net margin of -64.6% against -1650.8%. Expion Energy carries less debt relative to equity (3.0% against 58.0%).
| Latest fiscal year | NovonixNVX, 2025 | Expion EnergyXPON, 2025 |
|---|---|---|
| Revenue | $5.6m | $9.7m |
| Revenue growth | -4.1% | 71.6% |
| Net income | −$92.7m | −$6.2m |
| Operating margin | 4916.0% | -110.9% |
| Net margin | -1650.8% | -64.6% |
| Return on equity | -62.0% | -137.7% |
| Free cash flow | −$102m | −$6.1m |
| Cash | $79.9m | $3.0m |
| Total debt | $93.8m | $197,245 |
| Debt to equity | 58.0% | 3.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 22 |
| Market value | $382m | $3.5m |
| Price vs our value range | — | — |
| Moat score | — | 18 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |