Business
California Nanotechnologies Announces Q3/FY2023 Results and Debt Repayment
US$418k revenue for Q3/FY2023 Three SPS systems worth approximately US$440k sold to date First-...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Q3/FY2023 Results and Debt RepaymentUS$418k revenue for Q3/FY2023Three SPS systems worth approximately US$440k sold to dateFirst-ever debt repayment to Omni-Lite Industries ahead of scheduleLos Angeles, California--(Newsfile Corp. - January 31, 2023) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce revenues of US$418,422 for the quarter ending November 30, 2022. This represents an increase of 79% from the previous quarter last year. For the first nine months of FY2023, revenues have increased to US$1,019,570 from US$609,080 in the previous year. Net income for the first nine months of the year was US$88,575 from US$(51,862) and EBITDA1 was US$292,953 from US$80,838 for the same period last year. The financial statements are available on SEDAR at www.sedar.com and on the Company's website.The main contributors to the Company's second highest quarterly revenue in history, were service programs with the sustainability-focused biotech company, the start-up battery-technology company (Ambri), and other customers in various industries including: advanced materials, aerospace and defense. \"We are pleased with the growth of our services revenues this quarter as we support customers with their ongoing R&D efforts. Customers like Ambri continue to progress well with their first batch of full prototypes now ready for testing and evaluation. We are hopeful some of these R&D initiatives will translate into commercial scale production customers in the future,\" stated Eric Eyerman, CEO of Cal Nano.Cal Nano would also like to announce traction in its growth strategy with another SPS system sale worth approximately US$150,000 to Lehigh University. This SPS system will serve as a lab unit which Cal Nano will install at the department of materials science and engineering at the university. This marks the Company's third SPS system sale to date, bringing the total contract value to approximately US$440,000 for all three units. Cal Nano expects revenues from these units to be recognized next fiscal year 2024 as they are delivered. Furthermore, the Company has seen increasing quote activity for these SPS systems totaling approximately US$900,000 in the last thirty days. These quotes could translate into additional SPS system ...