Symbols: TSXV: CYMOTCQB: CYMHF
MISSISSAUGA, ON, Sept. 30, 2024 /PRNewswire/ - Cymat Technologies Ltd. (TSXV:CYM) (OTCQB:CYMHF) (the "Company" or "Cymat") is pleased to announce its results for the first quarter of the fiscal 2025 year – the three months ended July 31, 2024.
Cymat commenced its new fiscal year with a record-setting quarterly revenue of $2M and achieving positive cashflow from operations. Sales were led by Cymat's architectural business as the Company delivered $1.8M of AlusionTM panels. Sales included its first major order for the NEOM development in the Kingdom of Saudi Arabia, cladding for an Italian energy company's new head office, and a major restocking order for its China-based AlusionTM distributor.
While more modestly represented in the quarterly revenue figure, SmartMetalTM – Cymat's custom engineered stabilized aluminum foam (SAF) – commenced with initial deliveries under long-term contracts in key industry verticals.
One such vertical for SmartMetalTM is the defense and security sector. SmartMetalTM attributes particularly relevant to the needs of this market sector include its ability to dissipate blast and impact energy, its comparative lightweight, and its compatibility with composite systems designed for multi-threat protection applications. Within this defense vertical, Cymat is pleased to announce that it has shipped the first 24 SmartMetalTM underbelly protection kits to our Asian military vehicle manufacturer customer. This shipment is the leading edge of an expected initial 350 kit order. These SmartMetalTM equipped transport vehicles have been ordered by the customer's national military who is expanding its fleet by approximately 700 vehicles. While this order is still on a quoted-price basis, Cymat is in the final stages of approval for the definitive 3-year supply contract. The full value of the initial contract is anticipated to be in the $4M - $5M range. The OEM's marketing efforts for this vehicle are expected to extend to the broader global military customer base, where earlier vehicle variants are in service.
Another key market for SmartMetalTM is the energy infrastructure sector. In a recently issued press release, Cymat announced the receipt of a major order for SmartMetalTM panels from NUVIA, a global specialist in nuclear technology based in France. Cymat has begun the shipment of these panels which NUVIA will integrate into its NuFoamTM system to provide protection of sensitive nuclear power generation equipment from external threats. These panels represent the first $1M phase of a total $2.7M order. France's ongoing life extension programs for its nuclear power generating facilities is expected to result in a future stream of similar orders. By attaining ...
