Nocopi Technologies Reports First Quarter Financial Results
KING OF PRUSSIA, Pa., May 15, 2023 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTC Pink: NNUP), a developer of specialty reactive inks today announced results for its first quarter ended March 31, 2023. Nocopi’s SEC filings are available here.
2023 Q1 Results
2023 Q1 total revenue increased
Gross profit increased to
2023 Q1 operating expenses decreased to
Pretax earnings for the quarter were
Net cash from operations during the quarter was
Cash used in investing activities for the quarter was
Nocopi Chairman and CEO Michael Feinstein, M.D., commented, “We are experiencing continued progress in the recovery of customer demand from the headwinds of early and mid-2022. Q1 is seasonally our weakest quarter of the year. The lower license and royalty revenue felt during the quarter was somewhat expected as we experienced weaker ink product sales during the middle of last year. Our business typically experiences a time lag of 6 to 9 months between an ink product sale and the associated royalty revenue from the licensee. We saw that lag show up in 2023 Q1.
Our team has been working on developing new business with both new and existing customers. At the end of last year (2022 Q4), we were pleased to have extended our largest customer for a 5-year license renewal which starts this summer. This renewal marks the 12th year of partnership with this customer and we look forward to mutually growing our businesses together in the years to come.
From a balance sheet perspective, Nocopi remains positioned with a strong financial base, with over
We remain focused on ongoing cost management controls while seeking organic growth initiatives and acquisition opportunities. Our team is patient and hopeful that we will find the right growth opportunities to build long term value for all Nocopi shareholders.”
About Nocopi Technologies (www.nocopi.com)
Nocopi Technologies, headquartered in King of Prussia, PA develops and markets specialty reactive inks and licenses these technologies. Nocopi’s ink technologies are backed by proprietary and patented technology. Our inks are marketed for use across a variety of end markets.
Safe Harbor for Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. . Forward-looking statements involve a number of estimates, assumptions, risks and uncertainties that may cause actual results to differ materially from those anticipated. Forward-looking statements may address uncertainties regarding customer preferences or demand for products incorporating Nocopi technology that underlie the company’s revenue expectations, the company’s ability to develop new products and new product applications, the financial condition of customers and the timeliness of their payments, the impact of fluctuations in currencies, global trade and shipping markets, other risks to which the company is subject; other factors beyond the company's control. Actual results could differ from those projected due to numerous factors and uncertainties, and Nocopi can give no assurance that such statements will prove to be correct nor that Nocopi’s actual results of operations, financial condition and performance will not differ materially from those reflected or implied by its forward-looking statements. Investors should refer to the risk factors described by Nocopi in Item 1.A "Risk Factors" in its most recent Form 10-K and other SEC reports available at www.sec.gov/edgar. Forward-looking statements are made as of the date of this news release; Nocopi assumes no obligation to update these statements.