MONTREAL, Sept. 18, 2024 (GLOBE NEWSWIRE) -- NanoXplore Inc. ("NanoXplore" or "the Corporation") (TSX:GRA), a world-leading graphene company, reported today financial results for the year ended June 30, 2024.
All amounts in this press release are in Canadian dollars, unless otherwise stated.
Key Financial Highlights Q4-2024
Record total revenues of $38,125,566 compared to $33,318,964 last year, representing a 14% increase;
Adjusted gross margin* on revenues from customers of 23.6% compared to 20.8% last year;
Loss of $2,421,110 compared to $2,003,549 last year;
Adjusted EBITDA* of $2,488,304 compared to $526,140 last year;
Adjusted EBITDA* of $3,329,793 compared to $1,130,962 last year for the Advanced Materials, Plastics and Composite Products segment;
Adjusted EBITDA* loss of $841,489 compared to $604,822 last year for the Battery Cells segment (VoltaXplore initiative);
Total liquidity of $36,504,880 as at June 30, 2024, including cash and cash equivalents of $26,504,880;
Total long-term debt of $6,346,503 as at June 30, 2024, down by $1,529,385 compared to June 30, 2023.
Key Financial Highlights Fiscal Year 2024
Record total revenues of $129,992,368 in 2024 compared to $123,857,171 in 2023, representing a 5% increase;
Adjusted gross margin* on revenues from customers of 21.1% in 2024 compared to 17.4% in last year;
Loss of $11,665,006 compared to $12,798,174 last year;
Adjusted EBITDA* of $2,519,134 compared to a loss of $857,887 last year;
Adjusted EBITDA* of $5,176,437 in 2024 compared to a loss of $234,795 last year for the Advanced Materials, Plastics and Composite Products segment;
Adjusted EBITDA* loss of $2,657,303 in 2024 compared to $623,092 last year for the Battery Cells segment (VoltaXplore initiative).
Overview
Pedro Azevedo, Chief Financial Officer, said: "After a slow beginning to the year, I am very pleased with our 4th quarter and full year performance and financial results. We continued to execute on our expansion in graphene-enhanced SMC materials capacity and margin improvement plans. In addition, we also expanded, and continue to expand, our customer base for graphene powder and graphene-enhanced composites demonstrating the economic value of our graphene offering. These have resulted in our highest ever annual sales, highest ever gross margins and highest ever adjusted EBITDA. Growing our graphene and graphene-enhanced materials sales mix will continue to positively impact gross margins. We are in the 2nd stage of our growth plan but our financials do not yet fully reflect the full potential upside graphene sales will bring. We are once again well positioned for our next fiscal year and continue to execute on our 5-year strategic plan initiatives."
Soroush Nazarpour, President & Chief Executive Officer, said: "We faced some headwinds and uncertainties at the beginning of this fiscal year namely high interest rate, inflation cost pressure and tight labour market but NanoXplore's team performed well in this environment, and we delivered record revenues, while gross and EBITDA margins continued to expand. I expect this trend of organic growth and margin performance to continue in 2025 due to broader acceptance of our graphene base products. During the year, we received increased volumes on existing programs and won new customers, demonstrating the innovative nature of our graphene-based solutions and our ability to grow organically. We have a first mover advantage in an emerging advance material sector, and we intend on staying a market leader through developing innovative graphene-enhanced solutions for our customers while expanding our manufacturing capabilities as well as ensuring we maintain a strong balance sheet."
* Non-IFRS Measures
The Corporation prepares its financial statements under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation's performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include "Adjusted EBITDA" and "Adjusted gross margin".
The following tables provide a reconciliation of IFRS "Loss" to Non-IFRS "Adjusted EBITDA" and of IFRS "Gross margin" to Non-IFRS "Adjusted Gross margin" for the three-month periods and for the years ended June 30, 2024 and 2023.
IFRS "Loss" to Non-IFRS "Adjusted EBITDA"
Q4-2024
Q4-2023
FY 2024
FY 2023
$
$
$
$
Loss
(2,421,110
)
(2,003,549
)
(11,665,006
)
(12,798,174
)
Current and deferred income tax expenses (recovery)
1,220,221
(239,724
)
966,577
(38,650
)
Net interest revenues
33,861
22,924
(78,794
)
(63,342
)
Share of loss of a joint venture
—
—
—
1,059,880
Loss (gain) on disposal of property, plant and equipment
(193
)
131,974
(18,453
)
131,974
Foreign exchange
111,928
(329,788
)
287,302
725,221
Share-based compensation expenses
498,655
273,910
1,557,425
1,118,772
Non-operational items (1)
189,783
—
459,783
116,000
Depreciation and amortization
2,855,159
2,670,393
11,010,300
8,890,432
Adjusted EBITDA
2,488,304
526,140
2,519,134
(857,887
