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Nocopi Technologies (NNUP) reported a significant revenue increase of 119% in Q3 2022, reaching $685,900 compared to $312,500 in Q3 2021. This growth is driven by higher ink shipments and a renewed international license agreement. Excluding this license revenue, Q3 revenue rose 42% to $444,900. Gross profit also saw a 136% increase, totaling $493,500, with a gross profit margin of 72%. Net income improved to $206,500. The company continues to face supply chain challenges but aims to stabilize operations and pursue growth opportunities.
Nocopi Technologies has appointed Michael S. Liebowitz to its Board of Directors, effective immediately. Liebowitz, the company's largest shareholder, emphasized his commitment to driving profitable growth and enhancing shareholder value. The Chairman, Michael Feinstein, expressed confidence in Liebowitz's experience to accelerate growth and pursue strategic opportunities. Nocopi develops specialty reactive inks for various markets and generates revenue through technology licensing and product sales. The company also addresses counterfeiting and product authentication.
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