Applied Graphene Materials (AGM) recently gave financial updates, as part of which the Company stated it is looking forward to stronger sales growth and has enough cash to fund operations well into 2023 after a £5.5 million fundraise in January.
AGM said it continues to develop its dispersed GNP technology platform and the potential to extend this to adjacencies applicable to the coatings sector. AGM added that significant progress has been made with coatings customers, and it is now starting to see repeat business with some long-range engagements.
Progress with customer-led projects in composites and functional materials is continuing, although not without technical challenges, the Company said.
AGM also continues to reportedly make excellent progress in the development of a distributor-based conduit to market for its products and services, while it is especially pleased with the approval by the European Chemicals Agency (ECHA) of an increased powder volume to supply large volumes of graphene for graphene consortium members.
This has addressed a major barrier to the adoption of this new technology in the EU, the group commented, allowing deployment at scale.
In the half-year to January 31, revenue advanced 17% to £42,000 while loss before tax was cut 22% to £1.8 million.
Our route to significant revenue is through providing our high-quality graphene nanoplatelets dispersed in a format ready to be incorporated into customer product formulations, said chief executive Adrian Potts in a release.
We continue to work successfully with our customers on graphene integration through to product testing and product launches and we are now starting to see our customer base launch graphene-enhanced products on a larger scale.
All of this progress is key to driving AGM's sales growth, and it is particularly pleasing to see our customers in the coatings sector starting to use graphene-enhanced products in a range of large-scale, real-life applications, resulting in a developing pattern of repeat orders for our graphene products.