On the Heels of Its Initial Public Offering, Adamas One Reports Initial Diamond Sales for Fiscal Year 2022

Rhea-AI Summary

Adamas One Corp. (Nasdaq: JEWL) reported $1.78 million in sales for fiscal year ended September 30, 2022, marking a significant shift from zero sales in the previous year. The company commenced sales mid-second quarter after ramping up its production capabilities at its Greenville, S.C. facility. CEO Jay Grdina stated that the company is on track to produce 3,000 carats per month and generate over $1 million in monthly revenue by May 2023. Adamas One is focused on expanding its market presence in both wholesale jewelry and industrial diamond sectors, supported by its proprietary technology and 36 patents.

Positive

• $1.78 million in sales achieved during the fiscal year.
• Transitioned successfully from R&D to commercial production.
• Projected to reach $1 million in monthly revenue by May 2023.

Negative

• None.

Following early 2022 ramp-up, the Company initiated sales beginning mid-second quarter

SCOTTSDALE, Ariz., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Adamas One Corp. (Nasdaq: JEWL) (“Adamas One,” “Adamas” or the “Company”), The Original Lab-Grown Diamond Company™, a high-tech company that leverages proprietary technology to produce high-quality, single-crystal, Lab-Grown Diamonds for jewelry and diamond materials for industrial uses, announced financial results for the fiscal year ended September 30, 2022.

Financial highlights from the year, which are discussed in detail in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 13, 2023, include more than $1.78 million in sales of the Company’s Lab-Grown Diamonds, compared to zero sales in the prior fiscal year. Significantly, based on the Company’s preparations and refinement of its processes, sales and marketing activities began mid-second quarter, which means that all sales were achieved within the closing seven months of the year. Other pertinent activities include the initial public offering of the Company and significant intellectual property activities.

“Our goal as a company is continued growth, quarter over quarter, year over year,” stated Adamas One CEO, Jay Grdina, “Fiscal 2022 was important for the Company as we pivoted from our R&D efforts to production for commercial sales of our diamond products. We are now hard at work both producing diamonds and upgrading our production capabilities, working diligently to reach full capacity at our Greenville, S.C. facility. We are on target to have our Greenville facility at full manufacturing capabilities of 3,000 cts per month, and expect over $1 million in revenue per month, both by May 2023. All of these activities are designed to lay the groundwork for what we believe will be a successful fiscal 2023. We look forward to, as appropriate, continuing to update our shareholders on our progress.”

About Adamas One Corp.

Adamas is a lab-grown diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications, in its facilities in Greenville, South Carolina. The Company holds 36 patents and uses its proprietary chemical vapor deposition (CVD) to grow gem-sized and smaller diamond crystals. Adamas One™ lab-grown diamonds have the same physical, chemical and optical properties as mined diamonds. The Company’s controlled manufacturing processes enables it to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored Type IIA diamonds to suit a variety of industrial and gemstone applications. The Company intends to market and sell its diamonds into the wholesale jewelry and industrial markets. For more information, visit www.adamasone.com.

Not Mined. Not Fake. Just sped up perfection. ™

Forward-Looking Statements
This press release may include “forward-looking statements.” To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “should”, “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in documents that we file from time to time with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Adamas One Corp. does not undertake any duty to update any forward-looking statements except as may be required by law. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For more information contact:

Investor Relations
CORE IR
Scott Arnold, Managing Partner
516 222 2560
ir@adamasone.com

Media Relations
CORE IR
Jules Abraham
917 885 7378

Source: Adamas One Corp.

FAQ

What were the sales figures for Adamas One Corp. in fiscal 2022?

Adamas One Corp. reported $1.78 million in sales for the fiscal year ended September 30, 2022.

What is the future revenue projection for Adamas One Corp.?

Adamas One Corp. expects to generate over $1 million in monthly revenue by May 2023.

Which markets does Adamas One Corp. target for its lab-grown diamonds?

Adamas One Corp. aims to market its diamonds in the wholesale jewelry and industrial diamond sectors.

How does Adamas One Corp. ensure the quality of its diamonds?

Adamas One Corp. uses proprietary chemical vapor deposition technology to produce high-quality, single-crystal diamonds.

What is the significance of the Greenville, S.C. facility for Adamas One Corp.?

The Greenville facility is crucial for scaling production to 3,000 carats per month, which is central to the company's growth strategy.