Nocopi Technologies Reports Third Quarter Financial Results
- Steadily growing product sales in Q3
- Completed a $5M equity offering in September without incurring placement fees or commissions
- Positive cash balance of $10,476,500 at the end of 2023 Q3
- 16.2% decrease in revenue compared to 2022 Q3
- Gross profit margin decreased to 46.1% due to lower dollar contribution from license and royalty and increased raw material prices
- Operating expenses increased to $944,800, resulting in a pretax loss of $613,900
KING OF PRUSSIA, Pa., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTC: NNUP), a developer of specialty reactive inks today announced results for its third quarter ended September 30, 2023. Nocopi’s SEC filings are available here.
2023 Q3 Results
2023 Q3 reported revenue was
Gross profit decreased to
2023 Q3 operating expenses increased to
Pretax loss for the quarter was
Net cashflow from operations during the nine months ended September 30, 2023 was
Cash used in investing activities for the first nine months ended September 30, 2023 was
Completed
During 2023 Q3, Nocopi completed a private placement of 1.25 million shares of common stock for gross proceeds of
Chairman and CEO Remarks
“From a balance sheet perspective, Nocopi is strongly positioned with excess cash and no debt to pursue a new growth platform. We have been actively evaluating opportunities for potential fit with our core strategy of increasing per share value for all Nocopi shareholders. Our recent equity offering completed in September further supports us entering the next chapter of our growth strategy and signifies the strong backing we have received from investors,” said Chairman and CEO Michael S. Liebowitz.
“Operationally, we experienced steadily growing product sales in Q3, which has been part of a broader trend this year and should eventually translate into growing royalty revenue over the several upcoming quarters. Our team has been working on developing new business with new customers across the globe while we remain disciplined on our cost levels.”
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
FAQ
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