0000950170-24-100589 | 6-K | XBRL Viewer

Document and Entity Information	6 Months Ended
Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Entity Registrant Name	NOVONIX LIMITED
Entity Central Index Key	0001859795
Current Fiscal Year End Date	--12-31
Entity File Number	001-41208
Entity Address, Address Line One	Level 38
Entity Address, Address Line Two	71 Eagle Street
Entity Address, City or Town	Brisbane
Entity Address, Country	AU
Entity Address, Postal Zip Code	QLD 4000

Current Assets - Other Assets - Summary of Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets Other Assets [abstract]
Escrow reserves	$ 1,719,720	$ 794,500

Basis of Preparation (Policies)	6 Months Ended
Jun. 30, 2024
Basis of Preparation [Abstract]
Basis of Preparation	This condensed consolidated interim financial report for the half-year reporting period ended June 30, 2024 has been prepared in accordance with Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Act 2001. These financial statements also comply with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as applicable to interim financial reporting. This condensed consolidated interim financial report does not include all the notes normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report for the period ended December 31, 2023 and any public announcements made by the Group during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. a) The condensed consolidated interim financial statements incorporate the assets and liabilities of all subsidiaries of NOVONIX Limited (“Company” or “Parent Entity”) and the results of all subsidiaries during the half year ended June 30, 2024. NOVONIX Limited and its subsidiaries together are referred to in these financial statements as the “Group.”
Going Concern	b) Going Concern The financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Group incurred a net loss of $28,710,957 (June 30, 2023: $28,098,747) and net operating cash outflows of $22,162,213 (June 30, 2023: $21,142,024) for the half-year ended June 30, 2024. As of June 30, 2024, the Group has a cash balance of $47,132,913 (December 31, 2023: $78,713,885) and net current assets of $48,475,798 (December 31, 2023: $81,312,913). The net loss and cash outflows incurred during the period principally relate to the Group continuing to execute on its expansion plans of reaching production capacity of at least 150,000 tonnes per year aligned with expected future customer demand. The funding of these expansionary activities, which will primarily involve significant capital expenditure, additional funding beyond the existing cash balance as of June 30, 2024, and forecast inflows from customers, will be required in the twelve months from the date of approval of these financial statements. These conditions give rise to a material uncertainty which may cast significant doubt (or substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) over the Group’s ability to continue as a going concern. Should the Group be unable to continue as a going concern, it may be unable to realise its assets and discharge its liabilities in the normal course of business, and at amounts stated in the financial report. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED JUNE 30, 2024 Note 1 Basis of preparation (continued) The ability of the Group to continue as a going concern is principally dependent upon one or more of the following: · continuing to be able to draw down on the USD$100 million grant from the Department of Energy (DOE) Office of Manufacturing and Energy Supply Chains (MESC). During the first quarter, the Company began submitting reimbursement requests to the DOE Office of MESC for investments made at its Riverside facility in Chattanooga, Tennessee, and the Group has now received US$1.1 million in reimbursements in the six months ended June 30, 2024; · the ability of the Group to raise funds as and when necessary, from either customers, governments and/or investors in the form of debt or equity; · the successful and profitable growth of the battery materials, battery consulting and battery technology businesses; and · the ability of the Group to meet its cash flow forecasts. The directors believe that the going concern basis of preparation is appropriate as the Group has a strong history of being able to raise capital from debt and equity sources, most recently through the issue of US$30 million of unsecured convertible loan notes to LG Energy Solution (LGES) in June 2023 (note 8). The Group is continuing to actively engage with strategic partners, customers and investors to source additional funding to support the Group’s growth and fund the planned expansionary activities. In addition, the Group was selected to receive a US$103 million section 48C Investment Tax Credit during the six-month period ended June 30, 2024, in connection to the Group’s Riverside project. The benefits associated with this tax credit are currently expected to be realized by the Group in 2027. The Group has also had a formal loan application submitted and is in the process of negotiating the terms of the loan with the DOE LPO. The Group expects to be able to utilize the loan to fund certain of the eligible project costs associated with the development of a new greenfield production facility in the southeastern United States. This financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern.
Historical cost convention	Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of available-for-sale financial assets, financial assets and liabilities at fair value through profit or loss, certain classes of property, plant and equipment and derivative financial instruments.
Critical accounting estimates	e) Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements were set out in the Annual Report for the period ended December 31, 2023. Except as noted in Note 6, no changes in critical accounting estimates were made during the six-month period ended June 30, 2024.

Label

Element

Value

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Apr. 18, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Jan. 31, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Feb. 16, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Feb. 21, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Mar. 11, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Mar. 25, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Apr. 05, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Apr. 08, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Apr. 15, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

Apr. 29, 2024

Share Based Compensation Arrangement By Share Based Payment Award Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardDate

May 27, 2024

Maximum Production Capacity Tonnes Per Annum

nvx_MaximumProductionCapacityTonnesPerAnnum

20,000

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

$ 0.93

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.57

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.84

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.8

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

1.01

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.87

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

1.01

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.87

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.83

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

0.72

Fair value at measurement date, other equity instruments granted

nvx_FairValueAtMeasurementDateOtherEquityInstrumentsGranted

$ 0.69

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share-based compensation arrangement by share-based payment award, expiration date term

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDateTerm

Cessation of employment

Share Based Compensation Arrangement By Share Based Payment Award Vesting Date

nvx_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingDate

Dec. 31, 2026

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

$ (18,637,682)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(4,922,123)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(5,151,152)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(28,710,957)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(17,571,042)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(4,753,017)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(5,774,688)

Segment net profit (loss) before tax

nvx_SegmentNetProfitLossBeforeTax

(28,098,747)

Administrative And Other Expenses

nvx_AdministrativeAndOtherExpenses

9,522,197

Administrative And Other Expenses

nvx_AdministrativeAndOtherExpenses

9,803,730

Segment assets

nvx_SegmentAssets

158,261,071

Segment assets

nvx_SegmentAssets

17,000,284

Segment assets

nvx_SegmentAssets

2,190,774

Segment assets

nvx_SegmentAssets

63,386,478

Segment assets

nvx_SegmentAssets

240,838,607

Segment assets

nvx_SegmentAssets

147,476,907

Segment assets

nvx_SegmentAssets

20,367,755

Segment assets

nvx_SegmentAssets

2,225,693

Segment assets

nvx_SegmentAssets

93,272,688

Segment assets

nvx_SegmentAssets

263,343,043

Property Plant Equipment Gross Cost