G6 Materials Reports Financial Results for the First Fiscal Quarter of 2024
Ronkonkoma, New York, USA – TheNewswire – October 31, 2023 – G6 Materials Corp. (“G6” or the “Company”) (TSXV: GGG, OTCQB: GPHBF),
a high-tech company with expertise in advanced materials and developing innovative composites for a wide range of industrial uses, announces that it has filed its unaudited financial results for the first quarter of the fiscal year ending August 31, 2023, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting G6’s website at www.g6-materials.com or its profile page on SEDAR at www.sedar.com.
Financial Highlights (all amounts expressed in US dollars unless otherwise noted)
- Revenue for the three-month period ended August 31, 2023 was $320,907, a decrease from the $358,400 reported for the same period last year, due to a change in product sales mix.
- Gross profit for the three-month period ended August 31, 2023 was $87,560 or 27% of revenue, a decrease from the $132,930 or 37% of revenue reported for the same three-month period last year, due to the aforementioned change in product sales mix as a result of seasonal variations.
- Total expenses for the three-month period ended August 31, 2023 was $514,506, an improvement from the $780,817 reported for the same three-month period last year, primarily due to a decrease in general and administrative expenses and research and development costs.
- Net loss for the three-month period ended August 31, 2023 was $426,946, an improvement as compared to the net loss of $647,887 reported for the same three-month period last year, primarily due to a decrease in operating expenses, particularly general and administrative expenses, marketing as well as research and development costs.
- Total assets for the period ended August 31, 2023 were $1,129,035, from $1,441,003 reported for the annual period ended May 31, 2023.
“The first three months of the Company’s 2024 fiscal year saw it make significant gains in its overall level of cash-based expenses, while revenue generally held steady over the same period. Gross profit margin also improved significantly over the last quarter, which helped lower our net loss,” said Kevin Cornish, President, Interim CEO & CFO of G6 Materials Corp.
“As recently announced, G6 is going through a period of change but we are grateful to remain a debt-free company with recurring revenues from diverse group of loyal customers, valuable intellectual property in the form of seven granted patents, and a simple capital structure. I would like to thank our employees, board of directors, shareholders, consultants, advisors and other stakeholders for their support during this time,” added Mr. Cornish.
Summary of Key Financial Measures (all amounts expressed in US dollars unless otherwise noted)
The following table contains summary financial information taken from the Company’s quarterly financial reports covering the last five reporting quarters. The information set forth should be read in conjunction with the Company’s audited annual financial statements, prepared in accordance with International Financial Reporting Standards and the related notes thereon.
About G6 Materials Corp.
G6 Materials Corp. is a high-tech company with expertise in advanced materials that creates value developing innovative composites for a wide range of industrial uses. Graphene Laboratories Inc., a wholly owned subsidiary of G6, sells a range of graphene-based products and other materials, including but not limited to conductive epoxies, high-performance composites, and R&D materials, with numerous customers from among the Fortune 500 list of companies, as well as NASA and leading universities. Graphene Laboratories Inc. has entered the global air filtration market with Breathe+, a line of medical-grade HEPA air filtration products enhanced with advanced performance graphene material.
G6 has identified new graphene-based applications to accelerate growth into the future. Accordingly, the Company has a valuable IP portfolio currently comprising seven granted patents. The Company’s management team and employees have a deep understanding of graphene technology based on decades of aggregate academic and commercial experience. Graphene Laboratories Inc. has established its premium research laboratory and scalable production facility equipped with advanced analytical and material processing equipment.
The Company’s e-commerce websites are listed below:
- Breathe+: Medical-grade HEPA air filtration enhanced with advanced performance graphene material, for more information, visit breatheplus.tech
- Conductive Epoxies: Adhesive materials distributed under the G6-EpoxyTMtrade name and can be purchased at g6-epoxy.com
- R&D Materials: Graphene Laboratories Inc. currently offers over 100 graphene and related products available at graphene-supermarket.com
This news release contains forward-looking statements within the meaning of the applicable securities legislation that is based on expectations, estimates and projections as at the date of this news release. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. “Forward-looking information” in this news release includes but is not limited to information about the graphene-enhanced air purifier (including efficacy, potential commercialization and patent pending thereof); information about the potential for the Company’s long-term growth; the business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Risk factors that could cause actual results to differ materially include, but are not limited to, the actual results in commercial applications of the Company’s graphene-enhanced air purifier may differ significantly from its test results; health and environmental factors affecting the adoption of the Company’s graphene-based technologies or other products; the Company may fail to obtain appropriate government approvals or accreditation related to the business’ operations and technological processes; the market conditions and demand for its product as well as the market prices of such products being developed by the Company may change over time; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; competition; dilution; and the volatility of our common share price and volume.
The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Elena Polyakova, Chief Operating Officer
Email: [email protected]
Nick Kuzyk, Investor Relations
Email: [email protected]
ON BEHALF OF THE BOARD: Gary Dyal, Chairman
SOURCE: G6 Materials Corp.