Graphjet Technology, formerly known as Energem Corp., reported a significant financial performance shift in its latest 10-K filing for the fiscal year ending September 30, 2025. The company recorded revenues of approximately $92,776, marking a 100% increase compared to the previous year, attributed to the sale of side products. However, the cost of revenues also surged by 100% to $192,941, resulting in a gross loss of $100,165. The net loss for the year was approximately $16.4 million, a slight improvement from the $17.8 million loss reported in the prior year.
The company underwent a major transformation following its business combination with Graphjet Technology Sdn. Bhd. on March 14, 2024, which led to a name change and a shift in operational focus. Graphjet specializes in the production of artificial graphene and graphite from palm kernel shells, a renewable waste product. Despite not having commenced commercial sales, the company has secured a supply agreement with Toyoda, promising $30 million in annual sales once production ramps up. However, the company has faced challenges, including a suspension from trading on the Nasdaq Global Market on November 13, 2025, due to non-compliance with listing rules, which has since limited its liquidity and marketability.
Operationally, Graphjet has made strides in its production capabilities, with plans to establish a manufacturing facility in Malaysia. The company aims to produce high-quality graphite and graphene at a lower cost than traditional methods, leveraging its patented biomass conversion technology. As of September 30, 2025, Graphjet employed 20 individuals across various departments, including research and development, production, and sales. The company anticipates that its production capacity will reach between 10,000 to 50,000 tons of graphite and 60 to 200 tons of graphene annually once its facilities are fully operational.
Looking ahead, Graphjet's management has outlined a strategic plan to transition from development to commercial operations, focusing on customer qualification and production readiness. The company is actively seeking additional funding to support its growth initiatives, including the completion of its manufacturing facility and the acquisition of necessary equipment. Despite the challenges posed by market conditions and regulatory changes, Graphjet remains committed to establishing itself as a leader in the graphene and graphite industry, with a focus on sustainability and cost efficiency.
About GRAPHJET TECHNOLOGY
Graphjet Technology specializes in converting palm kernel shells, a renewable agricultural waste, into high-quality artificial graphite and graphene. Its innovative, cost-effective manufacturing processes support applications in energy storage, electric vehicles, and electronics. The company aims to provide sustainable, mass-produced materials at lower prices, leveraging proprietary technology and strategic partnerships to compete in the global graphite and graphene markets.
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