COMP <GO>

NVX vs TGEN // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

NOVONIX Limited American Depository Shares (NASDAQ) VS. Tecogen Inc. (NYSE) • 15-METRIC TALLY: NVX 1 — TGEN 1

■ METRIC PARITY

LAST: $2.15 (-4.44%) • MKT CAP: $48.4M

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LAST: $1.80 (-9.55%) • MKT CAP: $60.1M

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NVX VS. TGEN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NVX	TGEN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	36.30%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	-35.00%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	-14.66%	—	TIE	/fcf-yield <GO>
Operating Margin	—	-30.50%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-30.50%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	19.70%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	1.24	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	3/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.5	35.9	+7.60	NVX	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$48.4M	$60.1M	-$11.6M	TGEN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NVX REV	TGEN REV	NVX GROSS %	TGEN GROSS %	NVX FCF	TGEN FCF
FY 2025	—	$27.1M	—	36.3%	—	-$10.3M
FY 2024	—	$22.6M	—	43.6%	—	$3.1M
FY 2023	—	$25.1M	—	—	—	-$817.8K

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NVX // BETA —

TGEN // BETA —