Business
California Nanotechnologies Announces Q3 2024 Results
Record quarterly revenue of US$1,159K representing 177% YOY increase All-time high quarterly pro...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Q3 2024 ResultsRecord quarterly revenue of US$1,159K representing 177% YOY increaseAll-time high quarterly profitability with net income of US$514K and adjusted EBITDA1 of US$427KStronger balance sheet with US$1,128K of cash on hand and positive working capital1Los Angeles, California--(Newsfile Corp. - January 16, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce record quarterly revenues of US$1,159,234 for the quarter ending November 30, 2023. This represents an increase of 177% compared to the same period last year. Net income for the quarter was US$513,897 compared to a net income of US$64,801 in the same period last year, while adjusted EBITDA1 was US$426,686, compared to US$145,310 in the same period last year. Diluted earnings per share for the quarter increased to $0.02 compared to $0.00 in the same period last year.Adjusted EBITDA1 showed significant improvements due to higher revenue generation and improving efficiencies at the current scale of operations, which was partly offset by professional fees related to the recently closed non-brokered private placement and shares for debt exchange. Net income also saw improvements for the reasons above and benefited from an unrealized gain on share purchase warrants2. The financial statements are available on SEDAR+ at www.sedarplus.ca and on the Company's website.\"We are thrilled to announce yet another record-breaking quarter, marking the first instance in the Company's history of surpassing US$1 million in quarterly revenues,\" stated CEO Eric Eyerman. \"After closing our first equity issue in almost a decade, we expect to be better positioned to execute on our growing pipeline of opportunities in the 2024 calendar year. The next twelve months will be an important period as we aim to capture new opportunities and make key growth investments.\"The increase in revenue for Q3/FY2024 was attributed to both the ongoing ramp-up of R&D manufacturing programs for new and existing customers and two Spark Plasma Sintering (SPS) equipment deliveries, valued at US$275K. The green steel cleantech customer continues to grow and is the largest account to date with other customers also increasing their scope. Furthermore, Cal Nano does not foresee any further SPS ...