California Nanotechnologies Announces Q3 2025 Results
California Nanotechnologies (CANOF) reported record Q3 2025 results with revenue of US$1.8M, up 56% year-over-year. The company achieved Adjusted EBITDA of US$826K, marking another quarterly record. Net income was US$113K, down from US$514K in the prior year, primarily due to non-cash charges related to share purchase warrants.
The revenue growth was driven by manufacturing programs and a Spark Plasma Sintering equipment delivery. The green steel cleantech customer program contributed approximately 57% of quarterly revenue. Gross margin improved year-over-year, though lower than the previous quarter due to equipment sales. The company completed repayment of US$600K borrowings to Omni-Lite, becoming debt-free for the first time in 15 years.
California Nanotechnologies (CANOF) ha riportato risultati record per il terzo trimestre del 2025, con un fatturato di US$1,8M, in aumento del 56% rispetto all'anno precedente. L'azienda ha raggiunto un EBITDA rettificato di US$826K, segnando un altro record trimestrale. L'utile netto è stato di US$113K, in calo rispetto ai US$514K dell'anno precedente, principalmente a causa di oneri non monetari relativi a warrant per l'acquisto di azioni.
La crescita del fatturato è stata guidata dai programmi di produzione e dalla consegna di attrezzature per la sinterizzazione al plasma Spark. Il programma cliente per l'acciaio verde ha contribuito approssimativamente al 57% del fatturato trimestrale. Il margine lordo è migliorato rispetto all'anno precedente, sebbene sia inferiore rispetto al trimestre precedente a causa delle vendite di attrezzature. L'azienda ha completato il rimborso di prestiti per US$600K a Omni-Lite, diventando esente da debiti per la prima volta in 15 anni.
California Nanotechnologies (CANOF) reportó resultados récord en el tercer trimestre del 2025 con ingresos de US$1.8M, un aumento del 56% en comparación con el año anterior. La empresa logró un EBITDA ajustado de US$826K, marcando otro récord trimestral. La ganancia neta fue de US$113K, en comparación con los US$514K del año anterior, principalmente debido a cargos no monetarios relacionados con garantías de compra de acciones.
El crecimiento de los ingresos fue impulsado por programas de fabricación y la entrega de equipos de sinterización por plasma Spark. El programa de cliente de acero verde contribuyó aproximadamente con el 57% de los ingresos trimestrales. El margen bruto mejoró año tras año, aunque fue inferior al del trimestre anterior debido a las ventas de equipos. La empresa completó el reembolso de préstamos de US$600K a Omni-Lite, quedando libre de deudas por primera vez en 15 años.
캘리포니아 나노기술(CANOF)은 2025년 3분기 기록적인 실적을 보고했으며 수익은 US$1.8M으로 전년 대비 56% 증가했습니다. 이 회사는 또 다른 분기 기록을 세우며 조정된 EBITDA는 US$826K에 도달했습니다. 순이익은 US$113K로, 전년도 US$514K에서 감소했으며, 이는 주식 매입 보증과 관련된 비현금 비용 때문입니다.
수익 성장률은 제조 프로그램과 스파크 플라즈마 소결 장비의 제공에 의해 촉진되었습니다. 녹색 강철 클린테크 고객 프로그램은 분기 수익의 약 57%를 차지했습니다. 총 이익률은 전년 대비 개선되었지만, 장비 판매로 인해 이전 분기보다 낮았습니다. 이 회사는 Omni-Lite에게 US$600K의 대출을 상환하고 15년 만에 처음으로 부채 없는 상태가 되었습니다.
California Nanotechnologies (CANOF) a annoncé des résultats records pour le troisième trimestre 2025 avec un chiffre d'affaires de US$1,8M, en hausse de 56 % par rapport à l'année précédente. L'entreprise a atteint un EBITDA ajusté de US$826K, marquant un autre record trimestriel. Le revenu net était de US$113K, en baisse par rapport à US$514K l'année précédente, principalement en raison de charges non monétaires liées aux options d'achat d'actions.
California Nanotechnologies (CANOF) berichtete über rekordverdächtige Ergebnisse im 3. Quartal 2025 mit einem Umsatz von US$1,8M, was einem Anstieg von 56% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein adjustiertes EBITDA von US$826K, was einen weiteren Quartalsrekord markiert. Der Nettogewinn betrug US$113K, gegenüber US$514K im Vorjahr, hauptsächlich aufgrund von Nicht-Bar-Aufwendungen im Zusammenhang mit Aktienkaufoptionen.
Das Umsatzwachstum wurde durch Fertigungsprogramme und die Lieferung von Spark-Plasma-Sinteranlagen angetrieben. Das Kundenprogramm für grünen Stahl trug etwa 57% zum Quartalsumsatz bei. Die Bruttomarge verbesserte sich im Jahresvergleich, lag jedoch unter dem Vorquartal aufgrund von Maschinenverkäufen. Das Unternehmen hat die Rückzahlung von US$600K an Omni-Lite abgeschlossen und ist zum ersten Mal seit 15 Jahren schuldenfrei.
- Record quarterly revenue of US$1.8M, up 56% YOY
- Adjusted EBITDA increased 94% to US$826K
- Gross margin improved to 177% from 67% YOY
- Became debt-free after repaying US$600K to Omni-Lite
- New SPS2000 machine installation expanding manufacturing capacity
- Net income decreased 78% to US$113K YOY
- High customer concentration with one client representing 57% of quarterly revenue
- Non-cash charges of US$439K impacting financial results
- Diluted EPS decreased from $0.01 to $0.00 YOY
- Record quarterly revenue of US
$1,806 K, representing56% YOY increase - Strong gross profit and Adjusted EBITDA1 despite higher costs for capacity expansion
- Improved balance sheet with Omni-Lite repayment to become debt-free
Los Angeles, California--(Newsfile Corp. - January 15, 2025) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce quarterly revenues of US
Adjusted EBITDA1 showed significant improvement at US
Net income of US
The Company would have reported higher net income without the associated derivative liability. Diluted earnings per share for the quarter was
"Our momentum has continued into this fiscal quarter as we executed our growth plan and commissioned Santa Ana," stated CEO Eric Eyerman. "This led to record revenues, gross profit, and adjusted EBITDA, which all showed strength despite incurring higher costs to support our flagship manufacturing facility. Given the higher manufacturing capacity, key investments completed, and continued customer innovation, we look forward to seeing these initiatives' potential long-term impact."
Financial Highlights
| Amounts in USD | Three months ended November 30, 2024 | Three months ended November 30, 2023 | Period-over-period change | Nine months ended November 30, 2024 | Nine months ended November 30, 2023 | Period-over-period change |
| Revenues | 1,806,205 | 1,159,234 | 5,077,216 | 2,354,453 | ||
| Cost of Goods Sold | 413,983 | 380,493 | 1,281,252 | 752,612 | ||
| Gross Profit | 1,392,222 | 778,741 | 3,795,964 | 1,601,841 | ||
| Gross Margin1 | 1,000bps | 700bps | ||||
| Net Income/(Loss) | 113,139 | 513,897 | ( | 154,151 | 763,038 | ( |
| Income/(loss) Per Share – Diluted | - | - | ||||
| EBITDA1 | 327,569 | 577,928 | ( | 730,658 | 958,178 | ( |
| Adjusted EBITDA1 | 826,453 | 426,686 | 2,389,890 | 831,904 |
The increase in revenue for Q3/FY2025 was attributed to the continued ramp-up of manufacturing programs and a Spark Plasma Sintering (SPS) equipment delivery, which represented another quarterly revenue record. The green steel cleantech customer's program continues to progress well and represented revenues of approximately
Cal Nano continues recognizing its customer concentration risk and is working to reduce it. The Company continues investing in sales and business development capabilities to enhance market reach and build stronger relationships with a broader range of clients.
Gross margin increased year-over-year due to continued operational efficiencies and stronger unit economics. The gross margin was lower than the previous fiscal quarter due in part to having an equipment sale valued at US
In addition, a new mid-sized SPS2000 machine was installed at Santa Ana in Q3/FY2025, increasing the range and capacity of SPS manufacturing services. The Company expects in the near term that additional capital commitments will be incremental and that the short-term capacity targets have been achieved.
Within the quarter, Cal Nano achieved a significant milestone by repaying the remainder of its approximately US
Lastly, Cal Nano has amended its investor relations service agreement with Panolia Investor Relations Inc. to reflect an adjustment in the monthly service fee, from US
About California Nanotechnologies Corp.
At Cal Nano, we envision a world in which our advanced technologies are used to help make the most innovative products on this planet and beyond. With our unique expertise in processing metallurgic powders into parts, global leaders trust us to help push the boundaries of applied material science. Headquartered in Greater Los Angeles, California, Cal Nano hosts advanced processing and testing machinery and capabilities across two manufacturing facilities for materials research and production needs. Our customers range from Fortune 500 companies to startups with programs spanning aerospace, renewable energy, defense, and semiconductors.
For further information, please contact:
California Nanotechnologies Corp.
Eric Eyerman, CEO
T: +1 (562) 991-5211
info@calnanocorp.com
Panolia Investor Relations Inc.
Brandon Chow, Principal & Founder
T: +1 (647) 598-8815
brandon@panoliair.com
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
This press release makes reference to certain non-IFRS measures. These non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of results of operations of Cal Nano from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the financial information of Cal Nano reported under IFRS. The Company uses non-IFRS measures such as EBITDA to provide investors with a supplemental measure of operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the Company's ability to meet its capital expenditure and working capital requirements.
"EBITDA" means the earnings before interest, income taxes, depreciation, and amortization, where interest is defined as net finance costs as per the consolidated statement of comprehensive income.
"EBITDA margin" means the earnings before interest, income taxes, depreciation, and amortization, where interest is defined as net finance costs as per the consolidated statement of comprehensive income as a percentage of total revenues.
"Adjusted EBITDA" refers to earnings before interest, income taxes, depreciation, amortization, share-based compensation, and the unrealized gain on share purchase warrants, with interest defined as net finance costs as per the consolidated statement of comprehensive income.
"Adjusted EBITDA margin" refers to earnings before interest, income taxes, depreciation, amortization, share-based compensation, and the unrealized gain or loss on share purchase warrants, with interest defined as net finance costs as per the consolidated statement of comprehensive income as a percentage of total revenues.
Reconciliations and Calculations
The tables set forth below provides a quantitative reconciliation of Gross Margin and EBITDA, which are Non-IFRS financial measures, to the most comparable IFRS measure disclosed in the Company's financial statements. The reconciliation of Non-IFRS measures to the most directly comparable measure calculated in accordance with IFRS is provided below where appropriate.
Gross Margin Reconciliation
| Amounts in USD | Three months ended November 30, 2024 | Three months ended November 30, 2023 | Nine months ended November 30, 2024 | Nine months ended November 30, 2023 |
| Revenues | 1,806,205 | 1,159,234 | 5,077,216 | 2,354,453 |
| Cost of Goods Sold | 413,983 | 380,493 | 1,281,252 | 752,612 |
| Gross Profit | 1,392,222 | 778,741 | 3,795,964 | 1,601,841 |
| Gross Margin |
EBITDA and Adjusted EBITDA Reconciliation
| Amounts in USD | Three months ended November 30, 2024 | Three months ended November 30, 2023 | Nine months ended November 30, 2024 | Nine months ended November 30, 2023 |
| Net Income/(Loss) | 113,139 | 513,897 | 154,151 | 763,038 |
| Depreciation & Amortization | 153,381 | 36,486 | 388,397 | 109,089 |
| Interest Expense | 61,049 | 28,280 | 184,305 | 85,186 |
| Income Tax Expense | - | (735) | 805 | 865 |
| EBITDA | 327,569 | 577,928 | 730,658 | 958,178 |
| EBITDA Margin | ||||
| Share-based Compensation | 59,753 | 47,731 | 156,574 | 72,699 |
| Realized Loss/(Gain) on Share Purchase Warrants | 655,782 | - | 974,260 | - |
| Unrealized Loss/(Gain) on Share Purchase Warrants | (216,651) | (198,973) | 528,398 | (198,973) |
| Adjusted EBITDA | 826,453 | 426,686 | 2,389,890 | 831,904 |
| Adjusted EBITDA Margin |
Derivative Liability Recognition for Warrant Issuance under IFRS
On October 30, 2023, the Company successfully closed an issuance of units comprising common shares and warrants, encompassing an aggregate of 5,000,000 warrants, each with an exercise price of CA
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: future financial results, including anticipated profitability and/or lack thereof; statements about future plans, including statements about the planned expansion of the Company's manufacturing capacity, and new sites for the Company's production and headquarters; demand for the Company's services by current and future customers, including existing and future orders for the Company's SPS equipment and the anticipated revenue therefrom; and 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; a significant change in demand for the Company's services and products; industry conditions, governmental regulation, including environmental regulation; the effects of product development and need for continued technological change; the effect of government regulation and compliance on the Corporation and the industry; research and development risks; reliance on key personnel; operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk, risk of technological or scientific obsolescence; dependence of technical infrastructure; 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.sedarplus.ca. 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.
1 Non-IFRS Measure
2 See disclosure under "Derivative Liability Recognition for Warrant Issuance under IFRS"
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237165
FAQ
What was CANOF's revenue growth in Q3 2025?
Why did CANOF's net income decrease in Q3 2025?
What percentage of CANOF's Q3 2025 revenue came from the green steel cleantech customer?
When did CANOF become debt-free?
What was CANOF's gross margin in Q3 2025?
