NanoXplore Reports Q1-2024 Results
NanoXplore Inc. ("NanoXplore" or "the Corporation"), a world-leading graphene company, has announced its financial results for the three-month period ending September 30, 2023. The highlights of the report include a 6% increase in total revenues compared to the same period last year, a significant improvement in gross margin on revenues, and a positive outlook for the future.
In Q1-2024, NanoXplore achieved total revenues of $28,936,031, representing a 6% increase from Q1-2023. The gross margin on revenues from customers also saw a substantial improvement, reaching 19.7% compared to 11.6% in the previous year. The adjusted EBITDA for the advanced materials, plastics, and composite products segment was $170,654, offset by -$618,986 for the battery cells segment. NanoXplore ended the quarter with a total liquidity of $39,581,390, including cash and cash equivalents of $28,933,670. The Corporation also reduced its long-term debt by $377,420.
NanoXplore expects total revenues of $130 million for the year ending June 30, 2024. The Corporation has won significant new business that will contribute to its performance in the second half of 2024. Despite the potential impact of central bank interest rate hikes on growth, NanoXplore's graphene initiatives continue to grow steadily, positioning the company to deliver returns to its shareholders.
Pedro Azevedo, Chief Financial Officer, expressed satisfaction with the quarter's results and highlighted the margin improvements achieved over the past year. Soroush Nazarpour, President & Chief Financial Officer, praised the performance of NanoXplore's team, emphasizing the significant improvement in gross margin and the new contract wins that will positively impact future financial performance. Nazarpour also mentioned the Corporation's focus on margin expansion, cost reduction, and innovation in manufacturing graphene.
For more detailed information, including the Corporation's financial statements and management discussion and analysis, please visit NanoXplore's website.
Please note that the financial figures mentioned are in Canadian dollars unless stated otherwise.
Implications for New Businesses
The recent Q1-2024 results from NanoXplore, a leader in the graphene industry, provide valuable insights for new businesses, particularly those in the advanced materials, plastics, and composite products segments. The Corporation's 6% increase in total revenues and significant improvement in gross margin on revenues demonstrate the potential for growth and profitability in this sector.
NanoXplore's positive future outlook, despite potential central bank interest rate hikes, suggests resilience and adaptability. New businesses should take note of this, understanding the importance of building a robust business model that can withstand external economic pressures.
Innovation and Cost Reduction
The Corporation's focus on margin expansion, cost reduction, and innovation in manufacturing graphene is a testament to the value of continuous improvement and innovation. New businesses should strive to emulate this approach, seeking ways to improve efficiency, reduce costs, and innovate to stay competitive.
Winning New Business
Finally, NanoXplore's success in winning significant new business that will contribute to its performance in the second half of 2024 underscores the importance of proactive business development efforts. New businesses should prioritize building strong relationships with potential customers and securing new contracts to ensure steady revenue growth.