Business
California Nanotechnologies Announces FY2024 Results
Record annual revenue of US$3,337K representing 142% YOY increase New facility progressing wel...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces FY2024 ResultsRecord annual revenue of US$3,337K representing 142% YOY increaseNew facility progressing well with equipment expected to be commissioned in August 2024Q1/FY2025 expected to build on momentum with record quarterly revenue and profitabilityLos Angeles, California--(Newsfile Corp. - June 27, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce record annual revenues of US$3,337,457 for the fiscal year ending February 29, 2024. This represents an increase of 142% compared to the same period last year. Revenues for the quarter ended February 29, 2024, were US$983,004, representing an increase of 171% compared to the same period last year.Net income for the fiscal year was US$381,678, compared to US$79,764 in the same period last year, while adjusted EBITDA1 was US$1,157,141, compared to US$384,174 for the same period last year. A net loss of US$318,359 was recorded for the quarter ended February 29, 2024, compared to a net loss of US$8,811, while adjusted EBITDA was US$325,326, compared to US$73,025 for the same period last year.Diluted earnings per share for the fiscal year increased to $0.01 compared to $0.00 in the same period last year, while remaining unchanged at $0.00 for the quarter ended February 29, 2024, compared to the same period last year.Adjusted EBITDA1 showed significant improvements due to the contribution margin from higher revenue generation relating to R&D manufacturing programs and equipment sales, which was partly offset by new investments to expand the Company's manufacturing footprint. Net income saw improvements for the reasons above but was partly offset by a US$363,256 unrealized loss on share purchase warrants2, employee bonus payments, and consulting expenses. The financial statements are available on SEDAR+ at www.sedarplus.ca and on the Company's website.\"FY2024 was a transformative year for Cal Nano as we executed on growth initiatives including the signing of key clients, scaling up R&D contracts, signing a new lease to expand our footprint, and installing additional capacity,\" stated CEO Eric Eyerman. \"We hope to continue the momentum in the new fiscal year, and at this time, we are expecting Q1/FY2025 to be a record quarter in revenue and profitability.\"Financ...