Applied Graphene Materials reported a fundraising of £9 million under a placing of shares. The company said the funds would be used to support its "joint development activity" with customers, development of its Structural Ink program and to provide working capital for scaling up production capacity.
The company also reported its financial results for the year ended July 31, with a loss that narrowed modestly to £4.3 million from £4.5 million the year prior. Revenue was £97,000 (up from £75,000 the year before). Cash on hand fell to £4.7 million at the end of July from £7.7 million the year before.
The graphene manufacturing company said it was making progress in building further production orders. The company said an "increasing number" of customers were moving closer to production.
Applied Graphene Chief Executive Officer Jon Mabbitt said the company had built "momentum" in the year from both the perspective of number of collaborations and the progress seen in customers getting towards production. Mabbitt said that the next year will be focused on getting customers into production with the "clear objective" for the company to be profitable.