C-Bond Systems Reports Highlights for Second Quarter 2024 with Revenue More Than Double that of Second Quarter 2023 and First Half 2024 Revenue Up 94% from First Half 2023

Rhea-AI Summary

C-Bond Systems (OTC: CBNT) reported strong financial results for Q2 2024, with revenue more than doubling compared to Q2 2023. Key highlights include:

• Q2 2024 sales: $863,533, up 108.6% from Q2 2023
• H1 2024 sales: $1,800,337, up 93.7% from H1 2023
• Q2 2024 gross profit: $438,574 (50.8% of sales), up 114% from Q2 2023
• H1 2024 gross profit: $913,449 (50.7% of sales), up 92.4% from H1 2023

The company's Patriot Glass Solutions subsidiary, offering glass strengthening protective solutions, has contributed to this growth. CEO Scott R. Silverman expressed confidence in surpassing last year's revenue and delivering a record year based on current momentum and solid backlog.

Positive

• Q2 2024 revenue increased by 108.6% year-over-year to $863,533
• H1 2024 revenue grew by 93.7% year-over-year to $1,800,337
• Q2 2024 gross profit margin improved to 50.8% from 49.5% in Q2 2023
• Q2 2024 operating loss decreased by $379,503 compared to Q2 2023
• H1 2024 operating loss reduced by $261,586 compared to H1 2023
• Operating expenses decreased by 18.8% in Q2 2024 compared to Q2 2023

Negative

• H1 2024 operating expenses increased by 11.3% year-over-year to $1,747,329
• Company still reported an operating loss of $192,361 in Q2 2024
• H1 2024 operating loss was $833,880 despite revenue growth

CEO Scott R. Silverman will discuss these results on a podcast, which will be posted on Wednesday, August 21st, on the Company’s YouTube channel

SAN ANTONIO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a developer and marketer of glass strengthening solutions for enhanced safety, today announced financial results for the three months ended June 30, 2024, with quarterly revenue more than double that of second quarter of 2023, and first half 2024 revenue up almost 94% from the first half of 2023.

The Company’s CEO, Scott R. Silverman, will discuss these financial results on a podcast, which will be posted tomorrow on the Company’s YouTube channel at: https://www.youtube.com/@CBondSystemsInc.

Second Quarter and First Half 2024 Financial Highlights:

• For the three months ended June 30, 2024, sales amounted to $863,533 as compared to $414,055 for the three months ended June 30, 2023, an increase of $449,478, or 108.6%.
• For the six months ended June 30, 2024, sales amounted to $1,800,337 as compared to $929,275 for the six months ended June 30, 2023, an increase of $871,062, or 93.7%.
• For the three months ended June 30, 2024, cost of sales amounted to $424,959 as compared to $209,071 for the three months ended June 30, 2023, an increase of $215,888, or 103.3%.
• For the six months ended June 30, 2024, cost of sales amounted to $886,888 as compared to $454,431 for the six months ended June 30, 2023, an increase of $432,457, or 95.2%.
• For the three months ended June 30, 2024, gross profit amounted to $438,574, or 50.8% of sales, as compared to $204,984, or 49.5% of sales, for the three months ended June 30, 2023, an increase of $233,590, or 114.0%. For the six months ended June 30, 2024, gross profit amounted to $913,449, or 50.7% of sales, as compared to $474,844, or 51.1% of sales, for the six months ended June 30, 2023, an increase of $438,605, or 92.4%.
• For the three months ended June 30, 2024, operating expenses amounted to $630,935 as compared to $776,848 for the three months ended June 30, 2023, a decrease of $145,913, or 18.8%. For the six months ended June 30, 2024, operating expenses amounted to $1,747,329 as compared to $1,570,310 for the six months ended June 30, 2023, an increase of $177,019, or 11.3%.
• During the three and six months ended June 30, 2023, the Company reported a gain on sale of its C-Bond nanoShield™ product line of $4,051,709.
• Loss from operations was $192,361 for the three months ended June 30, 2024, compared to loss from operations of $571,864 for the three months ended June 30, 2023, a positive change of $379,503, not including the gain on sale of C-Bond nanoShield in 2023. Loss from operations was $833,880 for the six months ended June 30, 2024, compared to loss from operations of $1,095,466 for the six months ended June 30, 2023, a positive change of $261,586, not including the gain on sale of C-Bond nanoShield in 2023.

“Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue,” stated Scott R. Silverman, Chairman and CEO of C-Bond. “We more than doubled revenue quarter over quarter and achieved almost the same performance when comparing the first half of this year with last year. With our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year.”

C-Bond’s glass strengthening protective solutions, sold through its Patriot Glass Solutions subsidiary, including C-Bond Secure, an application to deter forced entry, and C-Bond BRS, a ballistic-resistant system, have been installed in more than 200 schools, government buildings, media sites, and other high-security facilities around the country. To see a demonstration of Patriot Glass Solutions’ security products, watch our video at: https://bit.ly/3l93oZV

The Company’s Form 10-Q for the second quarter of 2024 can be found in the Investors section its website or on the SEC’s website at www.sec.gov.

About C-Bond                
C-Bond Systems, Inc. (OTC: CBNT) is a Universal City, TX-based nanotechnology company and marketer of the patented C-Bond technology, which is independently proven to strengthen glass in architectural applications. The Company’s Patriot Glass Solutions subsidiary sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies. For more information, please visit our websites:  www.cbondsystems.com, www.patriotglasssolutions.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys and https://twitter.com/Patriot_Glass.

Forward-Looking Statements
Statements in this press release about our future expectations including the likelihood that Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue; the likelihood that with our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to successfully commercialize its products; the Company’s and its customers’ ability to source materials; construction delays; film delays; the Company’s ability to raise capital; regulatory risks; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on April 1, 2024, its Forms 10-Q filed on August 19, 2024, May 14, 2024, and November 14, 2023, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

FAQ

What was C-Bond Systems' (CBNT) revenue for Q2 2024?

C-Bond Systems reported revenue of $863,533 for Q2 2024, which is more than double the revenue of $414,055 from Q2 2023, representing a 108.6% increase.

How much did C-Bond Systems' (CBNT) gross profit increase in Q2 2024?

C-Bond Systems' gross profit for Q2 2024 increased by 114% to $438,574, compared to $204,984 in Q2 2023. The gross profit margin also improved from 49.5% to 50.8%.

What was C-Bond Systems' (CBNT) revenue growth for the first half of 2024?

C-Bond Systems reported revenue of $1,800,337 for the first half of 2024, representing a 93.7% increase compared to $929,275 for the first half of 2023.

Did C-Bond Systems (CBNT) reduce its operating loss in Q2 2024?

Yes, C-Bond Systems reduced its operating loss in Q2 2024. The loss from operations was $192,361, compared to $571,864 in Q2 2023, representing a positive change of $379,503.