Applied Graphene Materials (AGM) recently announced that the company aimed to raise money to fund its operations, but in the current market conditions, this is no longer possible. Shares of AGM dropped by over 40% following the announcement, and are down around 80% since the beginning of 2022.
In the six months that ended on January 2022, AGM 's revenues were only £46,000, while its net loss was £1.9 million. The company's cash reserves will likely only last till the first quarter of 2023 or so.
Despite the low revenues and large loss, back in April AGM's management said that there's a steady growth in potential pipeline projects - as these increased to 192 from 135 last year. The company also updates that it has been progressing with its developments for the battery and hydrogen fuel and storage industries.
In September 2022, AGM signed a supply agreement with a global leader in the car detailing industry for an exclusively developed graphene-based solution, what was said to be a "significant milestone for AGM in the car care sector". The company recently announced several projects and partnerships for its coating, paints and additives.