NanoXplore Is Back To Pre-Drop Levels, But I Can't Justify Its Market Cap

NanoXplore delivered a strong fiscal 3Q26, reversing prior revenue declines and returning to positive adjusted EBITDA. NNXPF maintains FY26 revenue guidance of CAD $115–120 million, but profitability remains elusive due to rising interest costs and ongoing negative cash flow. Potential upside hinges on a trucking market recovery and new initiatives like dry-process graphene, though their financial impact is unquantified and speculative.