All amounts in this press release are in Canadian dollars, unless otherwise stated.
HIGHLIGHTS
- Total revenues of
$29,063,024 in Q2-2024 compared to$31,725,122 in Q2-2023, representing an 8% decrease due to a 6-week strike at one of our major customers; - Gross margin on revenues from customers of 19.4% in Q2-2024 compared to 17.8% in Q2-2023 and of 19.5% for YTD 2024 compared to 14.9% for YTD 2023;
- Adjusted EBITDA* of
$416,000 in Q2-2024 compared to$141,300 in Q2-2023 for the advanced materials, plastics and composite products; - Adjusted EBITDA* of -
$508,806 in Q2-2024 compared to nil in Q2-2023 for the battery cells segment (VoltaXplore initiative); - Net adjusted EBITDA* in Q2-2024 of -
$92,806 compared to$141,300 in Q2-2023 and net adjusted EBITDA* of -$541,138 for YTD 2024 compared to-$1,835,732 for YTD 2023; - Total liquidity of
$37,880,673 as atDecember 31, 2023 , including cash and cash equivalents of$27,558,073 ; - Total long-term debt of
$7,072,298 as atDecember 31, 2023 , down by$803,590 compared toJune 30, 2023 ; NanoXplore maintains its annual revenue guidance of$130 million for the year endingJune 30, 2024 .
OVERVIEW
A. REPORTING SEGMENTS RESULTS
Q2-2024 | Q2-2023 | Variation | YTD 2024 | YTD 2023 | Variation | |||
$ | $ | $ | % | $ | $ | $ | % | |
From Advanced materials, plastics and composite products | ||||||||
Revenues | 29,058,796 | 31,725,122 | (2,666,326) | (8%) | 57,972,897 | 58,957,647 | (984,750) | (2%) |
Non-IFRS Measure * | ||||||||
Adjusted EBITDA | 416,000 | 141,300 | 274,700 | 194% | 586,654 | (1,835,732) | 2,422,386 | 132% |
From Battery cells | ||||||||
Revenues | 4,228 | — | 4,228 | 100% | 26,158 | — | 26,158 | 100% |
Non-IFRS Measure * | ||||||||
Adjusted EBITDA | (508,806) | — | (508,806) | (100%) | (1,127,792) | — | (1,127,792) | (100%) |
B. RESULTS OF OPERATIONS VARIANCE ANALYSIS - THREE-MONTH PERIODS
Revenues
Q2-2024 | Q2-2023 | Variation | Q1-2024 | Variation | |||
$ | $ | $ | % | $ | $ | % | |
Revenues from customers | 28,559,390 | 31,417,369 | (2,857,979) | (9%) | 28,706,752 | (147,362) | (1%) |
Other income | 503,634 | 307,753 | 195,881 | 64% | 229,279 | 274,355 | 120% |
Total revenues | 29,063,024 | 31,725,122 | (2,662,098) | (8%) | 28,936,031 | 126,993 | 0% |
All revenues are coming from the segment of advanced materials, plastics and composite products, except for
Revenues from customers remained stable, varying from
Revenues from customers decreased from
Other income increased from
Adjusted EBITDA
1) From Advanced materials, plastics and composite products
The adjusted EBITDA improved from
- Higher other income of
$191,653 due to grants received for R&D programs; and - Lower administrative expenses (SG&A and R&D) of
$171,412 mainly due to lower headcounts.
2) From Battery cells
The adjusted EBITDA passed from nil in Q2-2023 to
C. RESULTS OF OPERATIONS VARIANCE ANALYSIS - SIX-MONTH PERIODS
Revenues
YTD 2024 | YTD 2023 | Variation | ||
$ | $ | $ | % | |
Revenues from customers | 57,266,142 | 58,564,536 | (1,298,394) | (2%) |
Other income | 732,913 | 393,111 | 339,802 | 86% |
Total revenues | 57,999,055 | 58,957,647 | (958,592) | (2%) |
All revenues are coming from the segment of advanced materials, plastics and composite products, except for
Revenues from customers decreased from
Other income increased from
Adjusted EBITDA
1) From Advanced materials, plastics and composite products
The adjusted EBITDA improved from -
- Gross margin on revenues from customers increased by
$2,446,730 compared to the last year period due to favourable product mix, improved productivity and cost control; - Higher other income of
$313,644 as described above; and - Partially offset by higher administrative expenses (SG&A and R&D) of
$341,988 mainly due to higher wages, including higher accrued variable compensation.
2) From Battery cells
The adjusted EBITDA passed from nil in the last year period to
D. OTHER
Additional information about the Corporation, including the Corporation’s Interim Management Discussion and Analysis for the three and six-month periods ended
* Non-IFRS Measures
Results of operations may include certain unusual and other items which have been separately disclosed, where appropriate, in order to provide a clear assessment of the underlying Corporation results.
The financial statements and MD&A were prepared using results and financial information determined 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”.
WEBCAST
ABOUT
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, including the relevant assumptions and risks factors set out in NanoXplore’s most recent annual management discussion and analysis filed on SEDAR+ at www.sedarplus.ca, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic. Any forward-looking information is made as of the date hereof and, except as required by law,
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
No securities regulatory authority has either approved or disapproved the contents of this press release.
For further information, please contact:
Vice-President Corporate Development
py.terrisse@nanoxplore.ca
Tel: 1 438 476-1965
Source:
2024 GlobeNewswire, Inc., source