- Revenue of $3M
- Revenue growth of 678% T/T
- Net profit of $1.6 million
- 60% gross profit margin
BROOMFIELD, Colo., May 17, 2022 (GLOBE NEWSWIRE) — through InvestorWire – Industrial Nanotech, Inc. (Pink leaves: INTK). Despite strong economic headwinds, global nanoscience solutions and research leader Industrial Nanotech, Inc. reported outstanding financial results for the first quarter ended March 31, 2022. The company posted record revenue of $3 million for the March quarter, up 678% from the prior quarter (December 31, 2021) of $385,793; the most positive result ever recorded in the company’s history.
Stuart Burchill, CEO of Industrial Nanotech, said, “We delivered an outstanding performance in the first quarter with record revenue profitability, driven by strong demand and excellent execution at all levels of the business. Revenue of $3 million was a remarkable achievement for the company, supported by strong sales trends and customer demand throughout the period. This is an important milestone for us as we move towards our sustainability goal of becoming carbon neutral in our supply chain and all of our products by 2030.”
Despite the current economic climate, Industrial Nanotech, Inc. continues to show strong financial performance, in part due to its unique business model and products. The key distinguishing attributes of this model, which include innovation, creating new technologies, launching new brands and products, and engaging with customers and shareholders, will only grow stronger as time goes on. time as the company grows and produces more products and solutions.
“The results for this quarter demonstrate Industrial Nanotech’s ability to create the best products and solutions for our customers, as well as our focus on innovation. We are pleased to see strong customer demand for our products and solutions,” added Burchill.
First Quarter Financial Highlights
Net income increased to $1.6 million from a net loss of $297,181 in the fourth quarter of fiscal 2021.
· Gross profit increased to $1.8 million from $189,516 in the fourth quarter of fiscal 2021. Gross profit margin was 60% of net revenue.
· Operating expenses of $195,350 million were recorded compared to $474,681 in the fourth quarter of fiscal 2021.
$3.2 million in accounts receivable was recorded, compared to $269,542 as of December 31, 2021.
· An increase in equity of $865,061 (compared to $799,565 for the fourth quarter of 2022).
Focus on a growing revenue stream
The company expects total revenue for the second quarter of fiscal 2022 to exceed $6 million, representing 100% growth.
Mr. Burchill added: “As we move forward, we are raising our expectations for higher revenues and profits. Our objective and our strategy are clear. We are extremely forward-looking to double our revenues in the second quarter of fiscal 2022 and repeat this pattern in the third and fourth quarters of 2022. We will focus on growth by investing in R&D and advanced technologies, by hiring experienced and skilled talent, creating opportunities for our employees to learn and develop, and strengthening our supply chain and operational efficiency. With the right business strategy, experienced people and an innovative business platform, we continue to build on our success and deliver long-term sustainable and profitable growth. I am proud of our enthusiastic and motivated team – we are looking forward and excited for a successful 2022 financial year. »
Additionally, a share buyback will take place beginning June 1, 2022. The company has a pink stream listing and intends to list on a senior exchange in 2023.
AAbout Industrial Nanotech, Inc.
Industrial Nanotech, Inc. is a global leader in the development of nanoscience solutions and products. To see www.industrial-nanotech.com and the Company’s subsidiary at www.syneffex.com for more information.
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions and the ability to attract and retain qualified personnel. The Company undertakes no obligation to revise/update any forward-looking statements to reflect events or circumstances that may occur after the date of this release.
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