MONTREAL, Nov. 10, 2026 (GLOBE NEWSWIRE) -- NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, reported its financial results today for the three-month period ended September 30, 2026.

All amounts in this press release are in Canadian dollars, unless stated otherwise.

Key Financial Highlights Q1-2027

• Total revenues of $31,813,813 compared to $23,442,651 last year, representing a 36% increase;
• Adjusted gross margin⁽¹⁾ on revenues from customers of 21.7% compared to 17.3% last year;
• Loss of $3,535,293 compared to a loss of $3,776,330 last year;
• Adjusted EBITDA⁽²⁾ of $714,160 compared to an Adjusted EBITDA⁽²⁾ loss of $1,390,101 last year;
• Adjusted EBITDA⁽²⁾ of $817,764 compared to an Adjusted EBITDA⁽²⁾ loss of $1,318,758 last year for the Advanced Materials, Plastics and Composite Products segment;
• Adjusted EBITDA⁽²⁾ loss of $103,604 compared to $71,343 last year for the Battery Cells and Materials segment;
• Total liquidity of $28,517,890 as at September 30, 2026, including cash and cash equivalents of $23,517,890;
• Total long-term debt of $9,820,218 as at September 30, 2026, lower by $734,217 compared to June 30, 2026.

Financial Outlook

Based on the visibility we have today and the various initiatives in progress or that will begin to generate revenues during the year, we expect total revenues in the second quarter to be between $31M and $32M and we are reiterating our guidance for fiscal year 2027 between $130M and $140M.

Overview

Rocco Marinaccio, President & Chief Executive Officer, stated: “Q1 was a strong start to fiscal 2027, with revenue up 36% to $31.8 million, adjusted gross margin up 440 basis points to 21.7%, and positive adjusted EBITDA. In October, we began commercial supply of graphene masterbatch to our lead insulating foam customer, a major milestone for the graphene industry, and we’re encouraged by the growth potential we see as this relationship develops. I’m equally proud of our team’s commitment to safety: our total recordable injury frequency improved to 2.0 from last year’s record 3.1.”

Business update

Commercial Update

Insulating foams

During Q1, we continued to work with a major North American insulating foam customer and in October 2026, started commercialization of NanoXplore graphene in foams with a 40 metric tonne order of masterbatch (30% graphene powder by weight). We expect to ramp up quickly with volumes exceeding 500 tonnes of masterbatch during the current fiscal year. This customer remains on track for approximately 1,000 tonnes per year of masterbatch in their first full year of production with the potential for additional volume growth thereafter. NanoXplore is in negotiations with this customer to expand masterbatch production capability to meet their growing needs. Several other insulating foam customers continue performing plant trials and are also expected to begin purchasing during the current fiscal year if performance and compatibility requirements are proven out on the industrial scale. NanoXplore expanded promotion of graphene in insulating foam to European customers this quarter and began lab and plant trials in the EU for improved thermal management and flame retardancy.

Industrial and Consumer plastic films

New graphene evaluation projects are currently underway with a host of film manufacturers, converters, and end users in the fields of packaging, agriculture, industrial films, and consumer goods. During the quarter, NanoXplore expanded the promotion of graphene-enhanced films starting a new collaboration with a major global consumer brand of trash bags to help reduce their overall plastic consumption, increase their use of recycled resin, and lower their overall material costs.   Large consumer brands typically follow longer, more rigorous development cycles, but several industrial customers could commercialize much sooner following successful plant trials.   The high performance of D-Series graphene in this application allows for low graphene addition rates allowing higher pricing and profit margins for graphene while still achieving customer cost targets.

Drilling fluids

CP Chem has shipped NanoSlide^® samples to multiple prospective customers both domestically and internationally for evaluation, and all customers that have completed initial laboratory testing have confirmed that NanoSlide^® performs as intended. Several key customers requested formulation adjustments for faster friction reduction and immediate boost of drilling speed specifically for certain geographical regions and conditions. CP Chem is creating an additional product under the NanoSlide^® brand to achieve these performance features. This request is being driven by dramatic price hikes in oil-based drilling operations that can now be completed less expensively with water-based drilling fluids and high-performance lubricant. The next phase of the customer evaluations involves well trials, which are the key determinant in advancing toward commercial adoption. As prospective customers continue to advance through testing and qualification, the companies believe NanoSlide^® remains well positioned for broader market adoption.

Conductive graphene

NanoXplore advanced a project this quarter with a large compounder of conductive masterbatches for plastics to create a hybrid formulation that uses graphene in combination with carbon black to achieve higher conductivity performance at lower cost than conductive carbon black alone. Both companies will be able to sell the masterbatch once finalized. It is currently being scaled up to production batches for customer sampling and evaluations. Several other graphene conductivity projects are in progress for energy storage and electronic applications with a longer sales cycle but potentially higher profitability.

Graphene-enhanced molded thermoplastics

NanoXplore continues working on a process of converting Club Car’s thermoplastic formulation from virgin polypropylene base material to a graphene enhanced recycled compound to boost sustainability and improve margins for both companies.

As an advanced materials company and the largest graphene company in the World, NanoXplore has been working on producing its’ own graphene enhanced Sheet Molded Compound (SMC) material over the past few years. We are pleased to announce that during the Advanced Materials Expo (CAMX) in October, we officially rolled out our technology. The new product line will offer external molding customers the performance advantages of NanoXplore’s graphene-enhanced SMC material for lightweighting, surface quality, and paintability, while also vertically integrating material supply to the Corporation’s SMC molding business for expanded profitability. Internal adoption of the Grapheneblack^tm SMC will begin in Q3 as will promotion and commercialization to the external molding customers.

Graphene-enhanced recycled plastics

The addition of the Corporation's dry-processed graphene (D-series) has expanded opportunities in this area. In addition to the current conversation of Club Car’s volume to a graphene enhanced recycled formulation, NanoXplore is also pursuing additional graphene-based recycled business through Canuck Compounders at several major accounts including consumer packaging and automotive customers. The Corporation expects conversion to graphene-enhanced recycled compounds to begin in early calendar 2027 with the Corporation’s graphene and recycled compounds from Canuck Compounders.

Finally, developments in graphene-enhanced recycled compounds since the acquisition of Canuck Compounders is expected to replace carbon black in the majority of the product offerings, improving mechanical performance while supporting customers' sustainability objectives.

VoltaXplore Update

During the three-month period ended September 30, 2026, VoltaXplore continued to supply cells to prospective customers for testing and qualification. These evaluations are ongoing.

On September 17, 2026, the Corporation announced that it had been selected as a qualified supplier under the Government of Canada’s Defence Drone Initiative (“DDI”) Marketplace, in Stream 5 (Innovation and Experimentation). The qualification covers VoltaXplore’s graphene-enhanced lithium-ion 21700 cells as well as the Corporation’s graphene-enhanced composite components.

On October 5, 2026, VoltaXplore established an Advisory Board and appointed Jonathan Blanshay, founder and Executive Chairman of Galvion Inc., as its first member.

VoltaXplore's technology development continues to be supported by Natural Resources Canada's Energy Innovation Program and the National Research Council of Canada's Industrial Research Assistance Program (“IRAP”).

VoltaXplore continues to pursue supply opportunities with the Canadian Armed Forces, the Department of National Defence (DND), and other Government of Canada purchasers, including through the DDI Marketplace, either directly or through its partners and customers, typically module and pack manufacturers, with whom letters of intent have been executed.

Large-Scale Dry Process Graphene (D-Series) Manufacturing

The Corporation’s dry-exfoliation process produces GrapheneBlack xGnP™ D-Series graphene which addresses markets largely complementary to those served by the Corporation's liquid-phase exfoliation products (X-Series), with limited overlap in application.

During the three-month period ended September 30, 2026, commissioning and internal product qualification were completed for one of the principal D-Series grades, and the production module demonstrated steady-state production of that grade. The module is designed to deliver annual production capacity of up to 1,000 tonnes, depending on product grade. The module is currently also being used for process optimization and qualification of the remaining D-Series grades, and the Corporation expects engineering improvements and the production ramp-up to continue over the next two quarters.

Customer qualification is ongoing with customers that have received D-Series graphene produced on the commercial large-scale module. Developments in specific applications are described under “Commercial Update.”

* Non-IFRS Measures

The Corporation prepares its financial statements under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include "Adjusted EBITDA” and “Adjusted gross margin”.

The following tables provide a reconciliation of IFRS “Loss” to Non-IFRS “Adjusted EBITDA” and of IFRS “Gross margin” to Non-IFRS “Adjusted Gross margin” for the three-month periods ended September 30, 2026 and 2025.

IFRS “Loss” to Non-IFRS “Adjusted EBITDA”

⁽¹⁾ Non-operational items consist of professional fees mainly due to credit agreement renewal and prospectuses related fees.
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IFRS “Gross margin” to Non-IFRS “Adjusted Gross margin”

Reporting Segments results

NanoXplore reports its financials in two distinct segments: Advanced Materials, Plastics and Composite Products and Battery Cells and Materials.

A. Results of operations variance analysis - Three-month periods

Revenues

All revenues are coming from the Advanced Materials, Plastics and Composite Products segment, except for $328,695 of revenues from Other income [Q1-2026 – $82,395 of revenues from customers and $196,720 from Other income] from the Battery Cells and Materials segment.

Revenues from customers increased from $22,986,917 in Q1-2026 to $31,160,777 in Q1-2027. This increase is mainly due to higher volume partially offset by lower tooling revenues.

Other income increased from $455,734 in Q1-2026 to $653,036 in Q1-2027. The variation is due to grants and refundable tax credits received for Research & Development (“R&D”) programs.

Adjusted EBITDA

1) From Advanced Materials, Plastics and Composite Products

The adjusted EBITDA improved from an Adjusted EBITDA loss of $1,318,758 in Q1-2026 to an Adjusted EBITDA of $817,764 in Q1-2027. The variation is explained as follows:

• Adjusted gross margin on revenues from customers increased by $2,880,438 compared to last year due to higher volume, improved productivity and cost control;
• Higher Other income of $65,327;
• Partially offset by higher selling, general & administration expenses and R&D expenses (“Operational expenses”) of $791,743.
  

2) From Battery Cells and Materials

The adjusted EBITDA loss increased from $71,343 in Q1-2026 to $103,604 in Q1-2027. The variation is explained by a decrease of revenues from customers of $82,395 and an increase of Operational expenses of $81,841 partially offset by higher Other income of $131,975.

B. Other

Additional information about the Corporation, including the Corporation’s Management Discussion and Analysis for the three-month periods ended September 30, 2026 and 2025 (“MD&A”) and the Corporation’s consolidated financial statements for the three-month periods ended September 30, 2026 and 2025 (the “financial statements”) can be found at www.nanoxplore.ca.

Webcast

NanoXplore will hold a webcast today, November 10, 2026, at 5:00 pm EST to review its three-month period ended September 30, 2026. Rocco Marinaccio, CEO and President of NanoXplore, and Pedro Azevedo, Chief Financial Officer, will host the event. To access the webcast please click on the link https://edge.media-server.com/mmc/p/vi58wrij or you can access through our website in the Investors section under Events and Presentations. A replay of this event can be accessed via the above link or on our website.

About NanoXplore Inc.

NanoXplore is the world’s largest manufacturer of high-quality, cost-effective graphene, with 4,000 metric tons of annual production capacity in Montreal, Canada. The Company manufactures and supplies high volume graphene powders and provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon-graphene enhanced Li-ion battery manufacturer for the energy storage, defense, and industrial markets. The company holds global regulatory approval for unlimited sales volumes of graphene in North America and serves as the lead REACH registrant for graphene in both the EU and the United Kingdom — providing customers with an unmatched combination of scale, quality assurance, and regulatory certainty. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.  

Please visit www.nanoxplore.ca

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities laws with respect to the Corporation. Such forward-looking statements are dependent upon a certain number of factors and are subject to risks and uncertainties. Actual results may differ from those expected. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but it advises the reader that these assumptions with regard to future events, many of which are beyond the Corporation’s control, could prove incorrect as they are subject to risks and uncertainties inherent in the Corporation’s activities. Management does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information of future events, except when required by the regulatory authorities.

This press release contains forward-looking statements. When used in this press release, the words ‘‘may’’, ‘‘would’’, ‘‘could’’, ‘‘will’’, ‘‘intend’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘seek’’, ‘‘propose’’, ‘‘estimate’’, ‘‘project’’, ‘‘expect’’ and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect NanoXplore’s then current views with respect to future events based on certain facts and assumptions and are subject to certain risks and uncertainties, including without limitation changes in the risk factors described under the section “Risks and Uncertainties” of this press release. The forward-looking statements are based on certain key expectations and assumptions made by NanoXplore, including expectations and assumptions concerning availability of capital resources, business performance, market conditions and customer demand. Although NanoXplore believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct.

Many factors could cause NanoXplore’s actual results, performance or achievements to vary from those described in this press release, including without limitation those listed above as well as the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements should not be unduly relied upon. NanoXplore does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements. Forward-looking statements contained in this press release about prospective results of operations, financial position or cash flows are based on assumptions about future events, including economic conditions and proposed courses of action, based on NanoXplore’s management’s assessment of the relevant information currently available. Readers are cautioned that outlook information contained in this press release should not be used for the purposes other than for which it is disclosed herein or therein, as the case may be.

No securities regulatory authority has either approved or disapproved the contents of this press release.

For further information, please contact:

Pedro Azevedo
Chief Financial Officer
pedro.azevedo@nanoxplore.ca
Tel: 1 438 476-1973

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⁽¹⁾ Adjusted gross margin is a non-IFRS measure and a reconciliation can be found in the “Overall Results” section of the MD&A.
⁽²⁾ Adjusted EBITDA is a non-IFRS measure and a reconciliation can be found in the “Overall Results” section of the MD&A.