California Nanotechnologies Announces Positive Q2/FY2021 Results

Rhea-AI Summary

California Nanotechnologies Corp. (OTC PINK:CANOF) reported a Q2 revenue of $287,768, marking its second-largest quarterly revenue ever. For the first half of the fiscal year, the company achieved a record revenue of $455,305, an 8.2% increase from $420,758 in the same period last year. The growth is attributed to collaborations with Idaho National Lab and the expansion of its customer base, adding over a dozen new clients for R&D programs. The net income for Q2 was $20,365, reflecting the company's ongoing growth and operational success.

Positive

• Q2 revenue of $287,768, the 2nd largest quarterly revenue in company history.
• Record six-month revenue of $455,305, an 8.2% increase compared to $420,758 last year.
• Increased customer base with over a dozen new R&D clients, enhancing revenue performance.

Negative

• None.

• Company announces $287K revenue for Q2
• Record six month revenue of $455K
• Cal Nano sees large increase in customer base

LOS ANGELES, CA / ACCESSWIRE / October 30, 2020 / California Nanotechnologies Corp. (TSXV:CNO)(OTC PINK:CANOF) ("Cal Nano" or the "Company") is pleased to announce that revenue for the quarter ending August 31, 2020 was $287,768. This represents the 2^nd largest quarterly revenue in the Company's history. Net income for the quarter was $20,365. The full financial statements available at sedar.com.

		Division
Sales Year	Spark Plasma Sintering	Research and Development	Sport and Recreation
2020	85%	14%	1%
2019	60%	31%	9%

The Company has achieved six month revenue of $455,305 which is an increase 8.2% or $24,547 from the same period last year, of $420,758. "Our ongoing collaboration with Idaho National Lab and other industry leaders with programs involving both cryomilling and SPS contributed to record revenue for the first half of the fiscal year" stated Eric Eyerman, CEO.

Cal Nano is pleased to announce that it is continuing to add new customers to its portfolio. The number of R&D projects, for both, new and existing customers, continues to grow. Cal Nano has added over a dozen new customers for new R&D programs using our expertise in cryomilling and SPS capabilities. "These new customers are expanding our production capabilities and driving a higher revenue performance for this quarter" stated Eric Eyerman, CEO.

For further information, please contact:

Eric Eyerman, CEO
T: (562)-991-5211
E: info@calnanocorp.com
W: www.calnanocorp.com

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

W. WWW.CALNANOCORP.COM
E. INFO@CALNANOCORP.COM
P. 562.991.5211
F. 562.926.6913

SOURCE: California Nanotechnologies Corp.

View source version on accesswire.com:
https://www.accesswire.com/613359/California-Nanotechnologies-Announces-Positive-Q2FY2021-Results

FAQ

What were California Nanotechnologies' (CANOF) Q2 results for 2020?

California Nanotechnologies reported Q2 revenue of $287,768 and a net income of $20,365.

How much revenue did CANOF achieve in the first half of 2020?

The company achieved a record revenue of $455,305 in the first half of 2020.

What contributed to the revenue growth for California Nanotechnologies in Q2 2020?

The revenue growth was driven by collaborations with Idaho National Lab and the addition of new customers.

How does the current revenue compare to the previous year for CANOF?

The current six-month revenue represents an 8.2% increase from $420,758 in the same period last year.