Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Nano One Materials Corp. (NANO) Halal?

FAIL

Nano One Materials Corp. · TSX: NANO · Materials

The short answer

No — Nano One Materials (NANO) does not pass this Shariah stock screen. Its battery cathode materials business (patented One-Pot process, Candiac LFP facility, Burnaby Innovation Centre) has no prohibited lines, and its interest-bearing debt of about C$19.5M is roughly 18.3% of its ~C$106.6M market cap (119,787,082 shares at C$0.89, Oct 1, 2026) — under the ~33% ceiling. But Nano One is pre-revenue: it states it has not historically generated revenue while earning interest income on its cash (C$128,967 in Q1 2026), so the non-compliant income gate fails. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Nano One Materials Corp. (TSX: NANO) is a process technology company built on patented processes — its One-Pot process and M2CAM technology — for producing cathode active materials (CAM) for lithium-ion batteries, with a current focus on LFP. Product development and process optimization are based at its Innovation Centre in Burnaby, British Columbia; piloting, demonstration and commercial production are based at its Candiac, Québec facility (~800 tpa capacity targeted for H1 2027), pursued under its capital-light "Design One Build Many" licensing and joint-venture strategy with partners including Sumitomo Metal Mining, Rio Tinto and Worley. The disclosed business — battery materials technology, licensing and cathode production for EVs, energy storage systems and consumer electronics — has no prohibited lines. (Battery materials are also marketed for defence and national-security applications — a dual-use cathode-materials market, not a weapons business.) Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At March 31, 2026 (the most recent published balance-sheet detail, Q1 2026 interim FS), interest-bearing debt was about C$19.5M: a government loan of C$4.4M, lease liabilities of C$15.0M (Candiac facility sale-leaseback) and an equipment finance liability of C$0.1M — against a market cap of roughly C$106.6M (119,787,082 shares at C$0.89, Oct 1, 2026), debt ÷ market cap is about 18.3%, under the ~33% ceiling (about 4.2% excluding leases). The Q2 2026 release (Aug 11, 2026) confirms the position held steady: C$19.3M cash, C$18.2M net assets at June 30, 2026. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Nano One is development-stage and pre-revenue: its Q1 2026 financial statements state the company "has not historically generated revenue," the MD&A shows revenue of nil ("-") for eight straight quarters, and trailing-twelve-month revenue is CA$0.00. It nonetheless earns interest income on its cash (C$128,967 in Q1 2026; C$38,677 in Q1 2025). With no revenue denominator, the non-compliant income ratio cannot be computed — per this screen's pre-revenue precedent it is written as null and Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Nano One Materials do?

Nano One Materials Corp. (TSX: NANO) is a process technology company built on patented processes — its <strong>One-Pot process</strong> and M2CAM technology — for producing cathode active materials (CAM) for lithium-ion batteries, with a current focus on LFP (lithium iron phosphate). Product development and process optimization are based at its Innovation Centre in Burnaby, British Columbia, while piloting, demonstration and commercial production are based at its facility in Candiac, Québec (~800 tonnes per annum capacity targeted for the first half of 2027). It pursues a capital-light "Design One Build Many" strategy: technology licensing, joint ventures and product sales, with partners including Sumitomo Metal Mining, Rio Tinto and Worley. Its disclosed business lines — battery materials technology, licensing and cathode production for EVs, energy storage and consumer electronics — contain no prohibited lines, so the business gate passes. (Battery materials are also marketed for defence and national-security applications — a dual-use cathode-materials market, not a weapons business.)

Why does Nano One Materials fail this Shariah stock screen?

Nano One's battery cathode materials business has no prohibited lines and its debt gate passes, but it is pre-revenue: the company states it has not historically generated revenue while earning interest income on its cash (C$128,967 in Q1 2026), so the non-compliant income gate fails. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Nano One Materials' interest-bearing debt ratio?

At March 31, 2026 (the most recent published balance-sheet detail, from the Q1 2026 interim financial statements), interest-bearing debt was about <strong>C$19.5M</strong>: a government loan of C$4.4M, lease liabilities of C$15.0M (the Candiac facility sale-leaseback) and an equipment finance liability of C$0.1M. Against a market capitalization of roughly C$106.6M (119,787,082 shares at C$0.89 on Oct 1, 2026), debt ÷ market cap is about <strong>18.3%</strong> — under the ~33% ceiling (about 4.2% excluding leases). The Q2 2026 release (Aug 11, 2026) confirms the position held steady: C$19.3M cash and C$18.2M net assets at June 30, 2026.

What is Nano One Materials' non-compliant income ratio?

Nano One is development-stage and pre-revenue: its Q1 2026 financial statements state the company "has not historically generated revenue," the MD&A shows revenue of nil ("-") for eight straight quarters, and trailing-twelve-month revenue is CA$0.00. It nonetheless earns interest income on its cash (C$128,967 in Q1 2026; C$38,677 in Q1 2025). With no revenue denominator, the non-compliant income ratio cannot be computed — per this screen's pre-revenue precedent it is written as null and the income gate fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Nano One Materials?

No rating or coverage of Nano One Materials (TSX: NANO) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q1 2026 condensed interim consolidated financial statements (May 14, 2026), the Q1 2026 MD&A, and the Q2 2026 results release (Aug 11, 2026).

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).