Business
California Nanotechnologies Announces Q1 2025 Results
Record quarterly revenue of US$1,749K representing 243% YOY increase Strong profitability with n...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"\nCalifornia Nanotechnologies Announces Q1 2025 ResultsRecord quarterly revenue of US$1,749K representing 243% YOY increaseStrong profitability with net income of US$696K and adjusted EBITDA1 of US$754KContinuing progress for new Santa Ana facility to increase manufacturing capacityLos Angeles, California--(Newsfile Corp. - July 9, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce record quarterly revenues of US$1,748,826 for the fiscal quarter ending May 31, 2024. This represents an increase of 243% compared to the same period last year.Net income for the quarter was US$696,042, compared to US$35,467 in the same period last year, while adjusted EBITDA1 was US$754,465, compared to US$112,653 for the same period last year. Diluted earnings per share for the quarter increased to $0.01 compared to $0.00 for the quarter ended May 31, 2024.Adjusted EBITDA1 showed significant improvements due to higher revenue generation from manufacturing services and Spark Plasma Sintering (SPS) equipment sales, which was partly offset by higher overhead costs to support larger operations. Net income saw improvements for the reasons above and benefited from a US$141,829 unrealized gain on share purchase warrants2, which was partly offset from higher depreciation and interest expenses related the Company's new Santa Ana manufacturing facility lease. The financial statements are available on SEDAR+ at www.sedarplus.ca and on the Company's website.\"We continued our momentum this quarter as we work towards commissioning our new Santa Ana facility,\" stated CEO Eric Eyerman. \"Our team has been working hard to set up the infrastructure to support the new SPS and cryomilling equipment while maintaining our growth trajectory with our existing Cerritos-based operations. The new capacity in Santa Ana is expected to allow us to process larger part sizes and higher material volumes, contributing to revenues in Q3/FY2025 and onwards.\"Financial HighlightsAmounts in USDThree monthsendedMay 31, 2024Three months endedMay 31, 2023Period-over-periodchangeRevenues1,748,826509,288243%Cost of Goods Sold599,153225,565165%Gross Profit1,149,673283,723305%Gross Margin166%56%1,000 bpsNet Income/(Loss)696,04235,4671,863%Income/(loss) Per Share -Diluted$0.01$0.00-EBITDA1874,939100,942766%Adju...