NanoXplore Reports Results for its Q2-2024

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MONTREAL, Feb. 13, 2024 (GLOBE NEWSWIRE) — NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX:GRA), a world-leading graphene company, reported today financial results for the three and six-month period ended December 31, 2023.

All amounts in this press release are in Canadian dollars, unless otherwise stated.

HIGHLIGHTS

Total revenues of $29,063,024 in Q2-2024 compared to $31,725,122 in Q2-2023, representing an 8% decrease due to a 6-week strike at one of our major customers;
Gross margin on revenues from customers of 19.4% in Q2-2024 compared to 17.8% in Q2-2023 and of 19.5% for YTD 2024 compared to 14.9% for YTD 2023;
Adjusted EBITDA* of $416,000 in Q2-2024 compared to $141,300 in Q2-2023 for the advanced materials, plastics and composite products;
Adjusted EBITDA* of -$508,806 in Q2-2024 compared to nil in Q2-2023 for the battery cells segment (VoltaXplore initiative);
Net adjusted EBITDA* in Q2-2024 of -$92,806 compared to $141,300 in Q2-2023 and net adjusted EBITDA* of -$541,138 for YTD 2024 compared to -$1,835,732 for YTD 2023;
Total liquidity of $37,880,673 as at December 31, 2023, including cash and cash equivalents of $27,558,073;
Total long-term debt of $7,072,298 as at December 31, 2023, down by $803,590 compared to June 30, 2023;
NanoXplore maintains its annual revenue guidance of $130 million for the year ending June 30, 2024.

OVERVIEW

Pedro Azevedo, Chief Financial Officer, stated: “The lower sales in the quarter compared to last year were the result of a six-week strike at one of our major OEMs without which sales would have been higher. The strike ended at the end of November and we see a recovery in the second half of our fiscal year. Moreover, with the start of tooling deliveries related to contract awards recently announced, we remain confident with our Fiscal Year 2024 full revenues expectations. Graphene-enhanced parts volumes continue to increase, and we have lined up new OEM programs that will begin delivering financial returns in the coming quarters.”

Soroush Nazarpour, President & Chief Executive Officer, said: “I am very pleased with the performance of NanoXplore’s team as we have stayed focused and delivered a good quarter. Our execution was on point and translated into a solid performance in our second quarter where our Graphene Enhanced Composite operations continue to improve on profitability. As a testament to that, our gross margin increased by more than 150 bps compared to the second quarter of last year. Our outlook for the second half is robust, demonstrating strong demand for our graphene-enhanced products. Case in point, we recently announced more than $30M of new program wins and expansion of existing programs.”

A. REPORTING SEGMENTS RESULTS

NanoXplore reports its financials in two distinct segments: Advanced materials, plastics and composite products and Battery cells.

 
Q2-2024
Q2-2023
Variation
YTD 2024
YTD 2023
Variation

 
$
$
$
%
$
$
$
%

 
 
 
 
 
 
 
 
 

From Advanced materials, plastics and composite products

Revenues
29,058,796
31,725,122
(2,666,326)
(8%)
57,972,897
58,957,647
(984,750)
(2%)

Non-IFRS Measure *
 
 
 
 
 
 
 
 

Adjusted EBITDA
416,000
141,300
274,700
194%
586,654
(1,835,732)
2,422,386
132%

 
 
 
 
 
 
 
 
 

From Battery cells

Revenues


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