GTIJFElectrical Industrial ApparatusIFRS · EUR

Graphjet Technology

Graphjet Technology develops and is commercializing a biomass-based process to manufacture artificial graphene and graphite from palm kernel shells. The company positions itself as a low-cost, lower-carbon alternative supplier of battery-grade graphite and graphene for advanced materials and EV supply chains.

Ask about the company
Revenue0.1m EUR
Operating profit (EBIT)-22.5m EUR
−29.2 %y/y
EBIT margin-24,275.5%
Net income-16.4m EUR
+7.9 %y/y
Free cash flow-2.5m EUR
+42.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-25-20-15-10-505m EUR2021: EBIT -0.31 m EUR20212022: EBIT -1.3 m EUR20222023: EBIT -0.90 m EUR20232024: EBIT -17 m EUR20242025: 0.09 m EUR2025: EBIT -23 m EUR20250.09-23
RevenueOperating profit (EBIT)
Ask Clarifo about Graphjet Technology

Business

Share of revenue
Artificial graphite50 %

Synthetic graphite made from palm kernel shells for battery and industrial use.

Artificial graphene30 %

Biomass-derived graphene used in advanced materials and performance applications.

Battery-grade materials15 %

High-purity graphite products intended for EV battery supply chains.

Technology commercialization5 %

Process development, qualification, and scale-up of the biomass manufacturing platform.

Customers

Graphjet is targeting multinational companies in the battery and advanced materials sectors, especially EV battery manufacturers and industrial buyers that need graphite and graphene inputs. The company says it is still in customer qualification and sampling, so near-term demand depends on product testing, performance validation, and eventual supply agreements.

EV battery manufacturers

Buy battery-grade graphite for anode materials and qualify suppliers based on performance, cost, and reliability.

Advanced materials companies

Buy graphene and graphite for higher-performance applications and product development.

Industrial materials buyers

Purchase synthetic graphite as a lower-cost substitute for mined or coal-based alternatives.

Strategic partners and investors

Support commercialization, capacity expansion, and market access through funding or collaboration.

Strategy

Graphjet’s strategy is to complete commissioning, qualify customers, and move from development-stage activity into commercial production. It is also pursuing phased capacity expansion, diversified funding, and government incentive programs to support scale-up and reduce capital risk.

Customer qualification and samplingShort term

Commercial supply depends on passing product testing and performance validation.

Commissioning and production ramp-upShort term

Stable commercial output is needed before the business can scale revenue.

Capacity expansionMedium term

Larger scale is needed to lower unit costs and support customer demand.

Diversified fundingShort term

The company needs capital to complete development and fund growth without overreliance on one source.

Geography

Graphjet’s current operating base is in Malaysia, where it sources palm kernel shells and plans its first main production facility. It also plans a commercial artificial graphite plant in Nevada, reflecting a strategy to serve U.S. battery supply-chain incentives and domestic customers while maintaining access to Malaysian biomass feedstock.

Risks

Graphjet is an early-stage industrial materials company with limited operating history, so execution risk is high and commercial adoption is not yet proven. Its economics depend on successful scale-up, customer qualification, and stable access to low-cost biomass feedstock, while the market is exposed to price pressure from larger graphite producers and Chinese supply dynamics.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer qualification and adoption risk1Price volatility and oversupply2Capital availability3Manufacturing and operational hazards4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer qualification and adoption riskImpact: HighLikelihood: High

    Sales depend on passing testing and securing supply agreements in a competitive market.

    Exposure: Revenue conversion and ramp timing

  2. Price volatility and oversupplyImpact: HighLikelihood: High

    Cheaper Chinese graphite or broader market oversupply could force price reductions.

    Exposure: Gross margin and market share

  3. Capital availabilityImpact: HighLikelihood: High

    The company needs funding to finish commissioning and scale production.

    Exposure: Liquidity and expansion plans

  4. Manufacturing and operational hazardsImpact: HighLikelihood: Medium

    Graphite and graphene production involves industrial processes that can be disrupted by accidents, weather, or infrastructure damage.

    Exposure: Production continuity and liability

  5. Limited operating historyImpact: High

    The company has not yet established a long commercial track record, making execution uncertain.

    Exposure: Business viability and investor confidence

Ask Clarifo about Graphjet Technology

Accounting

Judgemental items
Fair value of financial instruments

Management uses estimates for instruments and accrued expenses, which can move reported liabilities and earnings.

Impact: Can affect net loss and balance-sheet values

Long-lived asset impairment

Planned production facilities and development assets may need write-downs if commercialization is delayed.

Impact: Can materially reduce asset carrying values

Revenue recognition during ramp-up

Sales may be limited to samples or initial deliveries before steady commercial contracts exist.

Impact: Can create lumpy quarterly revenue and margin reporting

Similar listed companies

Publicly listed companies with a comparable business focus.

Graphex Group Ltd

GRFXY · Electrical Industrial Apparatus

Groove Botanicals Inc.

GRVE · Crude Petroleum & Natural Gas

GrafTech International Ltd

EAF · Electrical Industrial Apparatus

Blackwell 3D Construction Corp.

General Bldg Contractors - Residential Bldgs

Lithium Americas Corp

LAC · Metal Mining

NewHydrogen, Inc.

NEWH · Unsupported Plastics Film & Sheet

Last updated: 24/09/2026