NOVONIX's 55% gross margin on about $6M of revenue shows its battery materials and services work is priced like something scarce, not a commodity. China refines over 90% of battery-grade graphite, and US duties and IRA rules now keep it out of subsidized EV packs, leaving NOVONIX as the only US synthetic-graphite anode pure-play. Operating margins are still deep in the red, and a dilutive raise or slipped Tennessee plant timeline would break the thesis, so it remains a small, speculative bet. x.com 

NOVONIX is the under-followed way to play US graphite reshoring as the only US synthetic-graphite anode pure-play. China refines over 90% of battery-grade graphite, and US anti-dumping duties plus IRA rules now shut it out of subsidized EV packs, with almost no domestic supply to replace it. NOVONIX has a Tennessee plant, a DOE loan and Panasonic and PowerCo offtakes. It is a $150M microcap on about $10M of revenue, burning cash; a dilutive raise or slipped plant timeline would kill the thesis. x.com