12:32:12 EST Thu 22 Feb 2024
Enter Symbol
or Name

California Nanotechnologies Corp
Symbol CNO
Shares Issued 31,803,750
Close 2023-01-30 C$ 0.125
Market Cap C$ 3,975,469
Recent Sedar Documents

California Nano earns $88,575 (U.S.) over nine months

2023-01-31 13:26 ET - News Release

Mr. Eric Eyerman reports


California Nanotechnologies Corp. had revenues of $418,422 (U.S.) for the quarter ending Nov. 30, 2022. This represents an increase of 79 per cent from the previous quarter last year. For the first nine months of fiscal year 2023, revenues have increased to $1,019,570 (U.S.) from $609,080 (U.S.) in the previous year. Net income for the first nine months of the year was $88,575 (U.S.) from $(51,862 (U.S.)) and EBITDA (earnings before interest, taxes, depreciation and amortization) was $292,953 (U.S.) from $80,838 (U.S.) for the same period last year. The financial statements are available on SEDAR and on the company's website.

The main contributors to the company's second-highest quarterly revenue in history were service programs with the sustainability-focused biotech company, the start-up battery-technology company (Ambri) and other customers in various industries, including advanced materials, aerospace and defence. "We are pleased with the growth of our services revenues this quarter as we support customers with their ongoing R&D efforts. Customers like Ambri continue to progress well with their first batch of full prototypes now ready for testing and evaluation. We are hopeful some of these R&D initiatives will translate into commercial scale production customers in the future," stated Eric Eyerman, chief executive officer of California Nanotechnologies.

California Nanotechnologies would also like to announce traction in its growth strategy with another SPS (spark plasma sintering) system sale worth approximately $150,000 (U.S.) to Lehigh University. This SPS system will serve as a lab unit which California Nanotechnologies will install at the department of materials science and engineering at the university. This marks the company's third SPS system sale to date, bringing the total contract value to approximately $440,000 (U.S.) for all three units. California Nanotechnologies expects revenues from these units to be recognized next fiscal year 2024 as they are delivered. Furthermore, the company has seen increasing quote activity for these SPS systems totalling approximately $900,000 (U.S.) in the past 30 days. These quotes could translate into additional SPS system sales in FY2024.

California Nanotechnologies has been focused on reducing its outstanding debt balance in FY2023. At the beginning of the current fiscal year, the company had both bank debt of $133,142 (U.S.) and borrowings from Omni-Lite Industries Canada Inc. (including accrued interest) of $1,441,516 (U.S.). Since the beginning of this fiscal year, the company has repaid all the bank debt, and in January, 2023, paid $120,000 (U.S.) toward the borrowings from Omni-Lite Industries Canada. The $120,000 (U.S.) represents a prepayment of the 12 scheduled $10,000 (U.S.) principal repayments that were due between March 1, 2023, and Feb. 28, 2024. California Nanotechnologies believes that reducing its debt is in the best interests of shareholders.

About California Nanotechnologies Corp.

California Nanotechnologies is the sole North American provider for commercial SPS and cryomilling services. Cryomilling is used to produce nanomaterials and advanced powder systems. SPS is used for turning powders into solid parts using a pulsed current and high pressure. With multiple systems in-house, California Nanotechnologies is able to manufacture parts from advanced materials in multiple sizes and shapes at production scale. Due to SPS's unique method of heating, it is superior for sintering advanced and nanomaterials that will go into the next generation of enhanced products in the aerospace, green energy and defence industries.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.