NanoXplore has reported its financial results for Q3 2024. Total revenues were CAD$33,867,747 (USD$24,896,011) in Q3-2024 compared to CAD$31,580,560 (USD$23,214,711) in Q3-2023, representing a 7% increase;
The Company reports total liquidity of CAD$40,149,612 (USD$29,512,976) as of March 31, 2024 and total long-term debt of CAD$5,515,205 (USD$4,054,089) as of March 31, 2024, down by CAD$2,360,683 (USD$1,735,279) compared to June 30, 2023.
NanoXplore maintains its annual revenue guidance of CAD$130 million (over USD$95 million) for the year ending June 30, 2024.
Pedro Azevedo, Chief Financial Officer, stated: “After a challenging first half of the year impacted by strikes at some of our customers’ plants, I am pleased with the results of our 3rd quarter and expect an even stronger 4th quarter to finish our fiscal year. The operational improvements and strong growth in our graphene-enhanced products over the last several quarters coupled with the new expanded credit facility have us well positioned for a strong start to our fiscal 2025 and beyond.”
Soroush Nazarpour, President & Chief Executive Officer, said: “I am very pleased with the performance of NanoXplore’s team in the quarter as we delivered record results in terms of revenues, gross margin and EBITDA. It is my expectation for the fundamental drivers behind this performance to continue into Q4 and beyond. Our vision of vertical integration is bearing fruit and demand for our Advance Material Segment solutions keeps getting stronger, leading to market share gain.”
NanoXplore reports its financials in two distinct segments: Advanced materials, plastics and composite products and Battery cells. Most revenues came from the segment of advanced materials, plastics and composite products.
