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Key Highlights

For the six months ended June 30, 2026

Half-Year Continuing Operations Results

During the six months ended June 30, 2026, NOVONIX incurred a loss of $24.6 million compared to a $20.1 million loss in the same period in 2025. Cash and cash equivalents was $59.5 million as of June 30, 2026, compared to $79.9 million as of December 31, 2025. Net assets over the six-month period ended June 30, 2026, decreased $4.3 million to $157.3 million, principally due to the continued investment in machinery and equipment at Riverside.

NOVONIX Overview

NOVONIX Limited (ASX: NVX; Nasdaq: NVX) is a leading battery materials company focused on developing and commercializing high-performance synthetic graphite anode active material for the lithium-ion battery industry. Headquartered in Chattanooga, Tennessee, the Company is building a North American manufacturing platform designed to strengthen the domestic battery supply chain, reduce dependence on foreign sources, and support U.S. energy and national security objectives.

Graphite is an essential component of every lithium-ion battery, yet the global supply of battery-grade graphite remains heavily concentrated in China and with Chinese-controlled companies. NOVONIX is addressing this strategic vulnerability by scaling the production of U.S.-made synthetic graphite using domestically sourced feedstocks and proprietary technologies. The Company’s production processes are designed to deliver the performance, quality, consistency, and scale required by major battery manufacturers while providing a more energy-efficient and environmentally responsible alternative to conventional production methods.

NOVONIX’s Riverside facility in Chattanooga is expected to become the first large-scale synthetic graphite production site in North America. Its planned 20,000 tonnes-per-annum capacity is supported by offtake agreements with Panasonic Energy and PowerCo, demonstrating strong customer demand for a secure, domestically produced source of graphite anode active material. To align its capital, management attention, and operational resources with these objectives, NOVONIX has streamlined its portfolio around its core synthetic graphite business. In the second quarter of 2026, the Company completed the divestiture of its Battery Technology Solutions division, reducing the ongoing funding requirements associated with the business and allowing NOVONIX to increase its focus on customer qualification, production readiness, and commercial manufacturing. This followed the September 2025 sale of the Company’s Mount Dromedary mining rights in Northern Queensland, further reinforcing its strategic emphasis on North American synthetic graphite production.

NOVONIX’s growth strategy has received substantial support from the U.S. Government, reflecting the strategic importance of establishing a secure domestic supply of battery-grade graphite. This support includes a $100 million Department of Energy grant for the expansion of Riverside, $103 million in Section 48C investment tax credits that were recently certified, and a conditional commitment from the Department of Energy’s Loan Programs Office for up to $754.8 million to support the development of a second facility. Together, these programs provide critical support for NOVONIX’s transition from technology development and customer qualification to large-scale commercial production.

U.S. Market for Synthetic Graphite Anode Active Material

We see a strong and expanding opportunity for the North American synthetic graphite anode active materials market, supported by sustained growth in lithium-ion battery demand across electric vehicles and stationary energy storage. Synthetic graphite continues to represent approximately 83% of anode materials for all battery chemistries globally, reflecting its dominant position as the anode material of choice.

The scale of the opportunity is reinforced by the current geographic concentration of global anode production. China and Chinese-controlled companies are forecasted to account for approximately 99.1% of global anode capacity in 2026, demonstrating the significant potential for the development of new, qualified supply in North America.1 As battery manufacturing expands across North America, customers are placing greater value on regional supply, procurement flexibility and a more diversified anode material ecosystem.

Battery demand is also becoming broader and more durable. North American demand for synthetic graphite AAM is expected to grow approximately 46% YoY by the end of 2026 to 145,000 tonnes, while investment in stationary energy storage continues to accelerate among utilities, renewable-energy developers and data-center operators.2 The growth of alternative long-duration storage technologies further validates the increasing commercial importance of energy storage across a wide range of applications.

North America has substantial room for growth in the global market share. The region’s share of global anode capacity is forecast to increase from near zero in 2026 to approximately 4% by 2035, while China is expected to retain a ~90% share.2 These forecasts point to a meaningful expansion of North American production while also illustrating the scale of the remaining opportunity.

Growth in electric vehicles, lithium-ion energy storage and regional battery manufacturing is creating sustained demand for qualified anode materials. As North America builds a larger battery supply chain, the need for reliable, commercial-scale synthetic graphite production is expected to become increasingly important, creating a significant long-term opportunity for the region.

1. Benchmark Mineral Intelligence, Synthetic Graphite Supply, Demand and Price Forecast, Q1 2026.

2. Benchmark Mineral Intelligence, Anode Market Assessment, July 20, 2026.

NOVONIX Positioning in the North American Synthetic Graphite Market

As the market grows, customer qualification, repeatable product performance and commercial-scale manufacturing will be the differentiator for North American suppliers. NOVONIX is positioned at the forefront of this effort. NOVONIX’s delivery of a mass-production qualification sample, or C-sample, to Panasonic Energy represented a critical qualification milestone. The Company believes it is the first known synthetic graphite AAM C-sample produced in North America, demonstrating NOVONIX’s progress toward meeting leading battery manufacturers’ specifications at commercial scale. This achievement, together with the continued development of Riverside and advancement of customer qualification programs, reinforces NOVONIX’s position as a leading participant in the development of a domestic graphite AAM industry.

The Panasonic qualification milestone strengthened NOVONIX’s commercial position and provided the strategic backdrop for the Institutional Placement and Share Purchase Plan completed during the first half. The strong market response to the announcement reflected investor recognition of both the scale of the opportunity for domestically produced synthetic graphite and NOVONIX’s differentiated position as it advances toward large-scale production in North America.

While the qualification milestone and capital raise represent important steps toward commercialization, building a sustainable domestic graphite industry will require more than technical performance to ensure continued customer demand and access to capital. NOVONIX has demonstrated its ability to produce synthetic graphite AAM in North America to the specifications required by a major battery manufacturer, but U.S. producers must still compete with imported materials whose prices may be influenced by significant foreign government support and other non-market factors. Policies that address this structural price imbalance will therefore be critical to providing investors and customers with confidence that domestic production can compete on a fair, predictable, and durable basis.

The Company continues to engage constructively with the U.S. Government regarding measures to strengthen domestic critical mineral processing and reduce reliance on foreign battery-material supply chains. Over the past year, multiple U.S. Government agencies have undertaken reviews and initiatives addressing market distortions affecting the domestic graphite AAM industry. These efforts, alongside broader consideration of tariffs, price floors, procurement preferences, domestic-content requirements, and other trade-policy tools, reflect growing recognition that establishing a U.S. graphite AAM industry is both an economic and national-security priority.

While the timing and outcome of these processes remain uncertain, effective market and trade measures could play a critical role in enabling continued investment in U.S. production capacity. NOVONIX will continue to evaluate and pursue available legal and policy options that support the development of a commercially competitive and resilient domestic graphite AAM supply chain.

U.S. Government Policy Environment

Continued Focus on Building a Domestic Graphite Supply Chain

The U.S. Government continues to recognize that establishing a U.S. graphite AAM industry is an important national security objective and that additional trade and market measures may be required to support investment in U.S. production capacity. These policies and actions are occurring alongside broader discussions regarding the use of tariffs, price floors, procurement preferences, domestic content requirements, and other trade policy tools to encourage investment in U.S. processing capacity. The Administration has also indicated that future trade negotiations may be used to reinforce secure and resilient critical mineral supply chains with trusted partners.

Ongoing Trade and National Security Reviews

Section 301 Investigations

The Office of the United States Trade Representative ("USTR") has completed its investigation under Section 301 of the U.S. Trade Act of 1974 (“Section 301”) relating to forced labor and has imposed 10%-12.5% tariffs on most goods, including synthetic graphite, imported from the 59 countries (including China and Indonesia) and the European Union targeted in the investigation.

USTR is currently conducting another investigation under Section 301 structural excess manufacturing capacity and production in strategically important sectors. The excess capacity investigation is targeting 16 countries and the European Union. This investigation is evaluating whether additional trade measures, including tariffs on imports from the target countries, are warranted to address market distortions that may adversely affect U.S. manufacturers, including producers of battery materials.

Section 232 Investigations

Separately, the U.S. Department of Commerce (“Commerce”) has completed its investigation pursuant to Section 232 of the U.S. Trade Expansion Act of 1962, into imports of processed critical minerals and their derivative products. Commerce concluded that such imports are entering the United States in quantities and under circumstances that threaten to impair U.S. national security, and the President concurred with that determination. In response, on January 14, 2026, the President issued a Proclamation

(the “232 Proclamation”) directing the Secretary of Commerce and the U.S. Trade Representative to negotiate agreements with trading partners to address these national security concerns. The 232 Proclamation specifically contemplates the negotiation of measures such as price floors for trade in processed critical minerals.

Under the President's 232 Proclamation, the Secretary of Commerce and the U.S. Trade Representative were required to provide the President with an update on the status of negotiations with trading partners within 180 days, which was July 13, 2026. No public announcement has been made regarding that report. The 232 Proclamation provides that, if satisfactory agreements are not reached or prove ineffective, the Administration may implement additional import adjustment measures, including tariffs, minimum import prices, or other remedies available under Section 232.

Section 842 Requirements

Section 842 of the U.S. National Defense Authorization Act for Fiscal Year 2026 (NDAA) establishes phased sourcing requirements for advanced batteries procured by the U.S. Department of War. Beginning with new acquisition programs in 2028, the Department generally may procure only advanced batteries and battery cells whose functional cell components and technology are not owned, sourced, refined, or produced by a foreign entity of concern ("FEOC”). The statute provides a limited exception where final assembly occurs outside an FEOC, more than 95% of the cost of the functional cell components is attributable to non-FEOC sources, and the battery is produced without FEOC-licensed technology. The requirements expand to standard batteries in 2029 and existing acquisition programs in 2031.

The Company and others in the U.S. battery materials industry have been working closely with Department of Defense personnel on implementing regulations to ensure that the interests of the U.S. domestic graphite AAM industry are properly addressed.

Treasury Implementation of Section 45X

The U.S. Department of the Treasury (“Treasury”) continues to develop regulations and administrative guidance relating to the U.S. Internal Revenue Code Section 45X Advanced Manufacturing Production Tax Credit (“45X Tax Credit”).

The 45X Tax Credit provides, among other things, a production tax credit to manufacturers of battery cells equal to $35 per kilowatt-hour of battery cell capacity for qualifying battery cells manufactured in the United States and sold to an unrelated party. To be eligible for the credit, qualifying battery cells must satisfy increasing requirements limiting material assistance from prohibited foreign entities. These requirements are measured by reference to the proportion of direct material and production costs attributable to non-prohibited foreign entity sources. For battery cells sold in 2027, the required amount

is 65%, increasing each year to a maximum of 85% in 2030 and thereafter. Under current law, the credit is scheduled to be reduced by 25% in 2030, by 50% in 2031 and by 75% in 2032 before expiring for battery cells after 2032.

Industry participants, including the Company, have encouraged Treasury to improve the effectiveness of the credit for domestic graphite AAM production. Suggestions include revisions to the applicable material cost ratio ("MACR") tables and related methodologies, clarification of the definitions of "Prohibited Foreign Entity" ("PFE") and related ownership and control concepts, clarifications regarding eligibility of previously acquired or contracted material, and measures to reduce opportunities for circumvention of the statutory intent.

Industry participants have also advocated for the establishment of product-specific Harmonized Tariff Schedule ("HTS") classifications for graphite anode active material to improve transparency, support more effective trade enforcement, and facilitate the administration of U.S. incentive programs.

U.S. International Trade Commission

Five individuals have been confirmed by the Senate as new Commissioners of the U.S. International Trade Commission ("ITC"). These appointments have substantially changed the composition of the Commission.

The Company's prior antidumping and countervailing duty ("AD/CVD") petition against China was ultimately unsuccessful following a split decision (2-1) by the ITC on the question of material retardation. The two Commissioners who voted against the petition have been replaced with the new Commissioners. With its full complement of six Commissioners, only three affirmative votes are required for the Commission to reach a positive determination for U.S. industry.

Potential Future Trade Actions

The Company continues to evaluate all available legal and policy options to support the development of a competitive domestic graphite AAM industry. Subject to market conditions and the evolution of the relevant factual record, the Company intends to consider filing a new AD/CVD petition at an appropriate time.

Director’s Report

For the Half-Year Ended June 30, 2026

Your directors present their report on NOVONIX Limited (referred to hereafter as the ‘consolidated entity’ or the Company) for the half-year ended June 30, 2026.

Directors

The following persons were directors of NOVONIX Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Principal Activities

During the six-month period, the principal activities of the Company included investment in scalability initiatives to increase production capacity of anode materials, and engagement with potential customers to advance commercial discussions and product qualification activities for anode materials.

Review Of Operations

The loss for the consolidated entity for continuing operations after providing for income tax amounted to $23,582,909 (June 30, 2025: $17,461,027).

The loss for the discontinued operations after providing for income tax amounted to $1,051,104.

Information on the operations and financial position of the Company and its business strategies and prospects are set out in the review of operations and activities on pages 3-10 of this interim report.

Significant Changes in the State of Affairs

Significant changes in the state of affairs of the group during the half year period were as follows.

Share capital increased by A$20.7 million as a result of a placement to institutional and sophisticated investors. Details of changes in share capital are disclosed in note 9 to the financial statements.

On April 30, 2026 the Group completed a share equity sale of its wholly-owned subsidiary, NOVONIX Battery Technology Solutions Inc. ("BTS"), including all associated assets and liabilities at a transaction price of $1. As part of the transaction the cash balance for BTS at closing had to be $2 million, subject to customary completion adjustments. NOVONIX retained a 15% equity stake in Dryve Battery Materials Inc.'s Cathode business.

Subsequent Events Occurring after the Balance Sheet Date

Share Purchase Plan

Since June 30, 2026, the Company has completed a Share Purchase Plan raising A$962,600 (before costs) resulting in the issue of 6,016,250 ordinary shares.

Interim CFO

Effective July 1, 2026, Ron Edmonds transitioned from his role as Chairman to Interim Chief Financial Officer, pending the appointment of a permanent Chief Financial Officer. Robert Natter was appointed Chairman effective from the same date.

No other matters or circumstances have arisen since June 30, 2026, that have significantly affected, or may significantly affect, the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.

Auditor’s Review Report

The attached half-year financial report for the period ended June 30, 2026, contains an independent auditor’s review report which highlights the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern. For further information, refer to Note 1 to the financial statements, together with the auditor’s review report.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

R Natter

Chairman

August 31, 2026

Brisbane

NOVONIX LIMITED

ABN 54 157 690 830

HALF-YEAR FINANCIAL REPORT

FOR THE PERIOD ENDED JUNE 30, 2026

Contents

NOVONIX LIMITED

ABN 54 157 690 830

Half-year financial report

General information

The financial statements are consolidated financial statements for the Group consisting of NOVONIX Limited and its subsidiaries.

All amounts are presented in US dollars unless denoted otherwise.

NOVONIX Limited is a Group limited by shares, incorporated and domiciled in Australia.

All press releases, financial reports and other information are available at our website:

www.novonixgroup.com.

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorized for issue, in accordance with a resolution by directors, on August 31, 2026.

Consolidated Statement of Profit or Loss and Other Comprehensive Income

for the Half-Year Ended June 30, 2026

Consolidated Balance Sheet as at June 30, 2026

Consolidated Statement of Changes in Equity for the Half-Year Ended June 30, 2026

Consolidated Statement of Cash Flows

for the Half-Year Ended June 30, 2026

Notes to the Consolidated Financial Statements

for the Half-Year Ended June 30, 2026

Notes to the Consolidated Financial Statements

for the Half-Year Ended June 30, 2026