NanoXplore has reported its financial results for the year ended June 30, 2024. Record total revenues of CAD$38,125,566 (around USD$28,168,000) were reported, compared to CAD$33,318,964 (around USD$24,616,000) last year, representing a 14% increase; Loss of CAD$2,421,110 (USD$1,789,000) compared to CAD$2,003,549 (USD$1,480,000) last year.
Additional numbers included adjusted EBITDA of CAD$2,488,304 compared to CAD$526,140 last year; Adjusted EBITDA of CAD$3,329,793 compared to CAD$1,130,962 last year for the Advanced Materials, Plastics and Composite Products segment; Adjusted EBITDA loss of CAD$841,489 compared to CAD$604,822 last year for the Battery Cells segment (VoltaXplore initiative); Total liquidity of CAD$36,504,880 as at June 30, 2024, including cash and cash equivalents of CAD$26,504,880; Total long-term debt of CAD$6,346,503 as at June 30, 2024, down by CAD$1,529,385 compared to June 30, 2023.
Pedro Azevedo, Chief Financial Officer, said: “After a slow beginning to the year, I am very pleased with our 4th quarter and full year performance and financial results. We continued to execute on our expansion in graphene-enhanced SMC materials capacity and margin improvement plans. In addition, we also expanded, and continue to expand, our customer base for graphene powder and graphene-enhanced composites demonstrating the economic value of our graphene offering. These have resulted in our highest ever annual sales, highest ever gross margins and highest ever adjusted EBITDA. Growing our graphene and graphene-enhanced materials sales mix will continue to positively impact gross margins. We are in the 2nd stage of our growth plan but our financials do not yet fully reflect the full potential upside graphene sales will bring. We are once again well positioned for our next fiscal year and continue to execute on our 5-year strategic plan initiatives.”
Soroush Nazarpour, President & Chief Executive Officer, said: “We faced some headwinds and uncertainties at the beginning of this fiscal year namely high interest rate, inflation cost pressure and tight labor market but NanoXplore’s team performed well in this environment, and we delivered record revenues, while gross and EBITDA margins continued to expand. I expect this trend of organic growth and margin performance to continue in 2025 due to broader acceptance of our graphene base products. During the year, we received increased volumes on existing programs and won new customers, demonstrating the innovative nature of our graphene-based solutions and our ability to grow organically. We have a first mover advantage in an emerging advance material sector, and we intend on staying a market leader through developing innovative graphene-enhanced solutions for our customers while expanding our manufacturing capabilities as well as ensuring we maintain a strong balance sheet.”