NanoXplore Reports Results for its Q1-2025
MONTREAL, Nov. 06, 2024 (GLOBE NEWSWIRE) -- NanoXplore Inc. ("NanoXplore" or "the Corporation") (TSX:GRA), a world-leading graphene company, reported today financial results for the three-month period ended September 30, 2024.
All amounts in this press release are in Canadian dollars, unless otherwise stated.
Key Financial Highlights
Total revenues of $33,665,414 compared to $28,936,031 last year, representing a 16% increase;
Adjusted gross margin(1) on revenues from customers of 20.9% compared to 19.7% last year;
Loss of $2,719,012 compared to $3,726,078 last year;
Adjusted EBITDA(2) of $1,124,299 compared to an adjusted EBITDA loss of $488,332 last year;
Adjusted EBITDA(2) of $1,512,104 compared to $170,654 last year for the Advanced Materials, Plastics and Composite Products segment;
Adjusted EBITDA(2) loss of $387,805 compared to an adjusted EBITDA loss of $618,986 last year for the Battery Cells segment (VoltaXplore initiative);
Total liquidity of $31,342,215 as at September 30, 2024, including cash and cash equivalents of $21,342,215;
Total long-term debt of $5,853,678 as of September 30, 2024, down by $492,825 compared to June 30, 2024;
The Corporation expects total revenues of between $140 million and $155 million for the year ending June 30, 2025.
Overview
Pedro Azevedo, Chief Financial Officer, stated: "Our fiscal year is off to a solid start. Sales growth in low double-digits, adjusted margins continuing to expand and a higher adjusted EBITDA. This year will see NanoXplore adding to its manufacturing capacity in order sell more graphene-enhanced materials to our customers, continue to execute on our 5-year strategic plan while working with several existing and new partners on commercial uses of graphene. For the year, we are expecting solid year-over-year growth as uses of graphene continue to expand despite some uncertainty related to our largest customer's activity."
Soroush Nazarpour, President & Chief Executive Officer, stated: "We're pleased with our performance at the start of the year, despite some hesitancy in demand from certain customers in the transportation sector due to labour strikes and relatively elevated inventory levels. Nonetheless, demand for our Advanced Materials, Plastics, and Composite Products continues to be strong, as reflected in our robust organic revenue growth this quarter. We are prioritizing direct graphene powder sales due to their higher gross margins compared to graphene-enhanced compounds and composite products. We're also encouraged by the progress in various end markets for graphene powder, particularly in drilling fluid and foam applications. Our balance sheet remains strong, and we continue to uphold our leadership in graphene-enhanced solutions."
* 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 ended September 30, 2024 and 2023.
IFRS "Loss" to Non-IFRS "Adjusted EBITDA"
Q1-2025
Q1-2024
$
$
Loss
(2,719,012
)
(3,726,078
)
Current and deferred income (tax recovery)
474,614
(226,429
)
Net interest expenses (revenues)
38,842
(29,913
)
Gain on disposal of property, plant and equipment
—
(18,260
)
Foreign exchange
30,082
572,596
Share-based compensation expenses
517,536
302,062
Non-operational items (1)
40,000
40,000
Depreciation and amortization
2,742,237
2,637,690
Adjusted EBITDA
1,124,299
(448,332
)
- From Advanced materials, plastics and composite products
1,512,104
