UK-based graphene developer Haydale announced its financial results for the full financial year that ended on September 2023 (FY22). Revenues were £4.30 million, up 48% from last year, as the company's US business is recovering. The company's operating loss, however, also increased to £3.49 million (up slightly from 2022).
Haydale sales that its US sales continued to progress with growth in the core aerospace and automotive markets. The company has established a regionalised manufacturer's representative network which is already showing signs of generating improved commercial traction within the North American steel mill, aerospace and automotive sectors for our finished tooling.
Haydale says that it has consolidated its UK-based nanomaterial functionalization technology offering, which is leading to key partnership arrangements anticipated to assist the company's commercial progress. Haydale continued to optimize and extend the functionality of its HDPlas HT1400 plasma reactor installed in 2022, and can now functionalize nanomaterials for third parties on an industrial scale. Haydale recently signed commercial agreements with industry partners (Saint Gobain, Cadent and Petronas), all of which have a commercial requirement that may potentially be met through the application of Haydale's plasma functionalization process to their materials or the use of the company's wider product range.
Haydale recently completed a £5 million funding round, selling new ordinary shares.
Haydale recently also executed a collaboration agreement with PETRONAS Technology Ventures, in an effort to accelerate commercialization of graphene-based formulations in various different industries. The company also announced a £350,000 three-stage project with Cadent to develop graphene ink-based low-power radiator heaters.