Business
California Nanotechnologies Announces Record Revenue for Fiscal 2022
Company announces record $1.08 MM revenue for Fiscal 2022 Cal Nano qualifies for ERC & ...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Record Revenue for Fiscal 2022Company announces record $1.08 MM revenue for Fiscal 2022Cal Nano qualifies for ERC & R&D Tax credits valued at approximately $130,000Los Angeles, California--(Newsfile Corp. - June 30, 2022) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce record revenues of US$1,081,500 for the year ending February 28, 2022 (\"F2022\"). This is an increase of 39% from the previous year. Net income for F2022 was US$275,600 and EBITDA was US$479,992, both the highest in Company history by a wide margin. EPS were $0.01 in F2022 versus nil in F2021. Full financial statements are available at sedar.com.Revenue was US$472,420 in Q4/F2022 versus US$148,164 in the preceding year. EBITDA was US$399,154 in Q4/F2022 up from US$11,658 in Q4/F2021 and net income was US$327,462 in Q4/F2022 versus a net loss US$37,546 in the preceding year. All three results were records for the Company. The results also highlight the earnings leverage inherent in the Company's sophisticated nanotechnology production processes.Revenue for F2022 was associated with customers continuing to utilize the Company's Spark Plasma Sintering and Cryogenic Milling toll services for small- and large-scale R&D programs. However, the largest contribution was from the R&D and first production work for the thermoelectrics customer described in recent press releases. \"With a strong Q4, we were able to move the company into profitability for the first time in our history,\" stated CEO Eric Eyerman. Cal Nano is in continuing discussion with its thermoelectrics customer on follow up orders after completion of the first round of production earlier this year. The customer has indicated that it satisfied to date with the products we have made for them and we are hopeful of ongoing additional revenue late in 2022 and beyond. Revenue to Cal Nano will depend on, among other things, the timing and success of the commercial roll-out by the customer for its product. The customer has provided Cal Nano with a preliminary demand forecast for calendar year 2023 and 2024 which, if it materializes, would result in a significant revenue increase for Cal Nano. We are currently evaluating what equipment purchases would be necessary to fulfill such potentia...