Business
California Nanotechnologies Announces Q1 2024 Results
Record quarterly revenue of US$509K representing 55% YOY growth  Maintained strong EBITDA 1...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Q1 2024 ResultsRecord quarterly revenue of US$509K representing 55% YOY growth Maintained strong EBITDA1 while continuing growth investmentsManufacturing contracts expected to drive another record revenue quarter in Q2/FY2024Los Angeles, California--(Newsfile Corp. - July 31, 2023) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce record quarterly revenues of US$509,288 for the quarter ending May 31, 2023. This represents an increase of 55% compared to the same period last year. Net income for the quarter was US$35,467, compared to US$50,270 in the same period last year, while EBITDA was US$100,942, compared to US$104,805 in the same period last year. Net income and EBITDA remained relatively stable despite implementation of a higher cost structure to support future revenue growth, offset by increased contribution margin from more revenue in the quarter. The financial statements are available on SEDAR at www.sedar.com and on the Company's website.\"We are off to a strong start this year as we execute on a growing backdrop of activity for our advanced material technologies,\" stated CEO Eric Eyerman. \"This was evidenced by our record revenue quarter, contract wins with a leading green steel cleantech company, and a growing base of existing customers. Additionally, our quoting activity for Spark Plasma Sintering (SPS) equipment remains robust, supporting our growth plan for the rest of the year.\"The Q1/FY2024 revenue increase was due to ongoing R&D manufacturing programs with repeat customers, contributions from the new green steel cleantech company, and the Company's first SPS equipment delivery to Stony Brook University, valued at US$124,500. Gross margin for the quarter was affected by this first equipment delivery, as equipment sales provide lower gross margins than manufacturing contracts.Cal Nano expects continued revenue growth in subsequent quarters from contracted manufacturing revenues and increasing SPS equipment quotes. As a result, Q2/FY2024 is expected to be another record-breaking revenue quarter, driven exclusively by contributions from manufacturing. Cal Nano aims to prioritize long-term revenue generation from manufacturing contracts, as they are more scalable, offer a higher gross margin...