Nocopi Technologies Reports Fourth Quarter and Full Year 2022 Financial Results
Nocopi Technologies, Inc. (OTC Pink: NNUP) announced its fourth quarter and full year results for 2022, showcasing significant growth.
Q4 revenue surged to $3,087,600, compared to $514,100 in Q4 2021, driven by increased licensee revenue from a major renewal. Full-year net sales reached $4,627,200 with a net income of $1,813,100, up from $49,400 in 2021. Gross profit margin improved to 94.6%. Operating expenses increased by 24% to $563,200, primarily due to sales and marketing costs. The company ended the year with $5.34 million in cash and no debt, refreshing its board and pursuing growth through mergers and acquisitions. Chairman Michael Feinstein noted challenges from supply chain issues but emphasized ongoing business expansion.
- Q4 2022 revenue increased to $3,087,600 from $514,100 in Q4 2021.
- Full-year net sales for 2022 were $4,627,200, with net income rising to $1,813,100 from $49,400 in 2021.
- Gross profit margin increased to 94.6%, up from 64.9% in Q3 2021.
- Renewed licensing agreements with three licensees and a new agreement in the children's entertainment sector.
- Ended 2022 with $5.34 million in cash and a debt-free balance sheet.
- Product and other sales decreased by approximately 10.5% due to a decline in specialty ink shipments.
- Operating expenses increased by 24%, primarily driven by higher sales and marketing expenses.
KING OF PRUSSIA, Pa., March 31, 2023 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTC Pink: NNUP), a developer of specialty reactive inks today announced results for its fourth quarter and twelve months ended December 31, 2022. Nocopi’s SEC filings are available here.
2022 Q4 Results
2022 Q4 revenue was
Gross profit increased to
Operating expenses in the quarter increased
Net income for the fourth quarter was
2022 Full Year Results
- Full year net sales for 2022 of
$4,627,200 and net income of$1,813,100 , verse 2021 net sales of$1,951,900 and net income of$49,400. - During 2022, we have renewed and extended our licensing agreements with three of our licensees as well as entered into a new license agreement in Q4 in the children’s entertainment space.
- Ended the year with cash and cash equivalents of
$5.34 million and a debt free balance sheet.
- Refreshed our board of directors with three new directors appointed in the last twelve months, for a total of six currently serving, four of whom are independent directors.
- Remain focused on accelerating our growth through improving our operations and pursuing accretive expansion opportunities through a merger or acquisition transaction.
Commentary
Nocopi Chairman and CEO Michael Feinstein commented, “Fiscal 2022 marks the seventh consecutive year of profitable operations at Nocopi Technologies. We encountered challenging headwinds from supply chain constraints and global economic conditions in late 2021 into 2022, but we remain focused on growing our business and expanding our customer base as we enter 2023 and beyond.
We are pleased to announce that during the past year, we have renewed and extended our licensing agreements with three of our licensees for multiyear agreements. Notably, we executed a five-year extension with our largest domestic licensee, which represents the longest extension term we have ever done in our history with this licensee. In addition, in the fourth quarter, we have entered into a new license in the children’s entertainment space.
We anticipate that our many licensees will continue to offer innovative products utilizing our technologies and will continue to expand both in the domestic and international marketplaces. We also continue to create new ink technologies in attempt to increase the offerings of our licensee’s product portfolios. Additionally, in attempt to accelerate our growth, we are pushing forward with new sales distribution channels to expand our customer base for our portfolio of ink technologies.
In regard to executing our long-term strategic plans, Nocopi is pursuing a highly disciplined approach in looking for attractive opportunities to expand by merger or acquisition. Given the backdrop of the current financial conditions, we will remain disciplined in our capital deployment strategy. Our long-term intentions are focused around growing our free cash flow.”
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.
Investor & Media Contacts
610-834-9600
ir@nocopi.com
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