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California Nanotechnologies Announces Preliminary Q2 2024 Results and Revised Omni-Lite Debt Agreement
Record preliminary quarterly revenue of US$675K representing 148% YOY growth Preliminary estimat...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Preliminary Q2 2024 Results and Revised Omni-Lite Debt AgreementRecord preliminary quarterly revenue of US$675K representing 148% YOY growthPreliminary estimated strong EBITDA1 and net income of US$240K and US$175K respectivelyPartial Omni-Lite loan repayment and conversion of demand loan to fixed term loanLos Angeles, California--(Newsfile Corp. - September 12, 2023) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to report that unaudited quarterly revenues of approximately US$675,000 are expected for the second quarter ended August 31, 2023. This is expected to represent another quarterly revenue record and a 148% increase over Q2/F2023 revenues of US$271,969. The Company is also expected to continue to deliver strong profitability, with preliminary estimated EBITDA1 of approximately US$240,000 compared to US$49,437 in Q2/F2023, and preliminary estimated net income of approximately US$175,000 compared to a net loss of US$26,496 for the same period last year.Q2 2024 (Preliminary & Unaudited) vs. Q2 2023 (Unaudited) ResultsFor the quarter endedAugust 31, 2023(preliminary & unaudited)For the quarter endedAugust 31, 2022(unaudited)% ChangeRevenuesUS$675,000US$271,969148%EBITDA1US$240,000US$49,437385%EBITDA margin136%18%-Net income (loss)US$175,000(US$26,496)- The preliminary financial results reported here are based on current preliminary estimates and shall be qualified in their entirety by the Company's interim financial statements and MD&A for the quarter ended August 31, 2023, which are expected to be filed on SEDAR+ on or before October 30, 2023.\"We are happy to see our hard work come together this quarter as we expect to deliver on our long-term growth objectives. Our team has been busy executing on several opportunities including work with our 'green' steel cleantech customer, who is our largest account year-to-date. Across the board, we're observing growth prospects as more customers experience positive outcomes through our advanced material technologies in both Spark Plasma Sintering and Cryomilling,\" stated Eric Eyerman, CEO of California Nanotechnologies Corp.Furthermore, Cal Nano is pleased to announce it has amended certain terms of the loan agreement it has in place with Omni-Lite Industries Ca...