Business
California Nanotechnologies Announces Q3/FY2023 Revenue and Provides Corporate Updates
Second highest quarterly revenue of approximately US$390k for Q3/FY2023 New sale of SPS equipmen...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Q3/FY2023 Revenue and Provides Corporate UpdatesSecond highest quarterly revenue of approximately US$390k for Q3/FY2023New sale of SPS equipment valued at US$145k to University of California IrvineLos Angeles, California--(Newsfile Corp. - December 6, 2022) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce approximate revenues of US$390k for the quarter ending November 30, 2022. This represents the second highest quarterly revenue in the company's history and brings total revenue for the nine months ended November 30, 2022, to approximately US$1 million.The stronger revenue this quarter is particularly attributable to Cal Nano's new relationship with the sustainability-focused biotech company mentioned in our Q2/FY2023 news release. The cryomilling work done for this company contributed approximately US $160,000 in revenue for the quarter. \"We expect to receive additional orders and a continuous flow of cryomilling work from this customer in 2023. This would be the first ongoing revenue stream for Cal Nano using our proprietary cryomilling technology,\" stated Eric Eyerman, CEO of Cal Nano. Other important contributors to revenue were related to SPS services provided to companies such as Ambri and businesses in the advanced materials and aerospace/defense industries. Cal Nano has been in ongoing discussions with its thermoelectric customer referred to in recent press releases. After having completed their prototype devices, additional revisions are required before the product goes into commercial production. R&D work with the customer is expected to continue and expansion to commercial volumes has been pushed out from their early 2023 expectation. Additionally, Cal Nano has been engaged by two non-government related companies in the aerospace industry to provide SPS services. Further information will be provided as the projects progress. Cal Nano would like to announce its second SPS system distribution sale of approximately US$145,000 to the University of California Irvine (\"UCI\"). This is an SPS lab unit that Cal Nano will be installing in the new materials research facility at UCI. This unit is expected to ship in Q2/FY2023. Cal Nano's first SPS system sale is still expected to ship in early 2023.The Comp...