Business
NEXE Innovations Announces Financial Results for the Three-Month Period Ended November 30, 2022
NEXE Innovations Announces Financial Results for the Three-Month Period Ended November 30, 2022 ...
About this update from Nexe Innovations Inc
[{"type":"text","content":"\n \n \n \n NEXE Innovations Announces Financial Results for the Three-Month Period Ended November 30, 2022\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 30, 2023\n \n \n /CNW/ - NEXE Innovations Inc. (\"NEXE\" or the \"Company\") (TSXV: NEXE) (Frankfurt: NX5) (OTC: NEXNF), a compostable and innovative materials company, is pleased to announce its financial results for the three-month period ended\n \n November 30, 2022\n \n (\"Q2 2023\").\n \n \n \n \n \n \n \n \n \n During the quarter, the Company was focused on transitioning to a\n \n vertically integrated manufacturing facility in\n \n Windsor, Ontario\n \n \n (the \"Windsor Facility\"). The Windsor Facility is close to production with the infrastructure and key equipment in place at the end of January. NEXE is working with vendors and suppliers to complete various tests, including site acceptance tests (SATs) and factory acceptance tests (FATs) and commissioning the equipment for production. At the Windsor Facility, NEXE expects to control the manufacturing process from end-to-end, including both component and finished goods manufacturing.\n \n \n \n \"We are excited about our Windsor Facility and the progress we have made with our vertically integrated manufacturing process that we can scale to producing ~500 million pods annually,\" stated Ash Guglani, President, NEXE Innovations, \"the team is working on the final phases and have started to build an operations team in\n \n Windsor\n \n \".\n \n \n \n \n Key Highlights\n \n \n \n \n \n Given the significant advancements made with the vertically integrated manufacturing process, NEXE decided not to continue running a parallel production of its current composite single-use pod (the \"NEXE Pod\") and decided to consolidate the two different manufacturing operations sooner than initially planned.\n \n As a result of this transition, NEXE started to reduce the current composite NEXE Pod inventories to prepare for the switchover. This resulted in lower revenues in Q2 2023 compared to ...