GPHBF - G6 Materials Reports 1Q22 Financial Results
(TheNewswire)
Revenue grew by 55%,quarter-over-quarter,
for the period ending August 31,2021
Ronkonkoma, New York, USA -TheNewswire - November 1, 2021 - G6 Materials Corp. (“G6” or the“Company”) (TSXV:GGG )( OTC:GPHBF), a technology company creating value by developing innovativegraphene-based solutions, is pleased to announce that it has filed itsunaudited financial results for the first quarter of the fiscal yearending August 31, 2021, the highlights of which are included in thisnews release. The full set of Condensed Interim Consolidated FinancialStatements and Management Discussion and Analysis can be viewed byvisiting G6’s website at www.g6-materials.com or its profilepage on SEDAR at www.sedar.com .
Financial Highlights (all amountsexpressed in US dollars unless otherwise noted)
- Revenue for the three-month period endedAugust 31, 2021 reached $341,134, a 55% increase from the $220,672reported for the previous three-month period, which was primarily dueto a stable increase in sales.
- Gross profit for the three-month periodended August 31, 2021 was $171,482, an 167% increase from the negativeamount of $257,551 reported for the previous three-month period, dueto the aforementioned reason partially offset by the increase in theshipping costs of direct materials and customer shipments mainly fromthe imports of air purification materials.
- Total expenses for the three-month period ended August 31, 2021 were $742,676, a 16% increase fromthe $642,057 reported for the previous three-month period, primarilydue to an increase in professional fees and marketing and investorrelations.
- Net loss for the three-month period endedAugust 31, 2021 improved by 37% to $571,194, as compared to a net lossof $899,609 reported for the previous three-month period, due toincreases in the cost of goods sold, professional fees and office andadministration expenses partially offset by the sales of intellectualproperty, consulting services, air purification products and hygieneproducts.
- Total assets for the period ended August31, 2021 increased by 36% to $8,034,770 from $5,912,649 for the periodended May 31, 2021.
Management Commentary
“I am pleased with G6’s increase in revenue overthe last quarter and significant improvement in the Company’s grossprofit and net loss position relative to the last three-month period.Also, G6’s cash balance and level of total assets is the strongestthat it’s been in a very long time,” said Daniel Stolyarov,President & CEO of G6 Materials Corp. “Barring any unforeseensupply chain interruptions, I am looking forward to the Companymaintaining its positive current momentum further into the 2022 fiscalyear, as we have a number of exciting research projects, businessdevelopment opportunities and other initiatives under way,” addedMr. Stolyarov.
Summary of Key Quarterly FinancialMeasures
(all amounts expressed in US dollars unless otherwisenoted, with 1Q21 shown for year-over-year comparison purposes)
| Quarter ended Aug 31, 2021 $ |
| Quarter ended May 31, 2021 $ |
| Quarter ended Feb 28, 2021 $ |
| Quarter ended Nov 30, 2020 $ |
| Quarter ended Aug 31, 2020 $ |
| Revenue |
| 341,134 |
| 220,672 |
| 263,425 |
| 506,140 |
| 949,426 |
| Cost of goods sold |
| (169,652) |
| (478,223) |
| (193,993) |
| (237,236) |
| (512,818) |
| Gross profit |
| 171,482 |
| (257,551) |
| 69,432 |
| 268,904 |
| 436,608 |
| Operating expenses |
| (742,676) |
| (642,057) |
| (476,373) |
| (530,525) |
| (301,554) |
| Other income/ (expenses) |
| - |
| - |
| 83,300 |
| - |
| 220,000 |
| Net income (loss) |
| (571,194) |
| (899,609) |
| (323,641) |
| (261,621) |
| 355,554 |
| Comprehensive income (loss) |
| (747,028) |
| (407,455) |
| (321,152) |
| (320,759) |
| 340,765 |
| Net income (loss) per share (basic and diluted) |
| ($0.002) |
| ($0.008) |
| ($0.002) |
| ($0.002) |
| $0.002 |
| Total assets |
| 8,034,770 |
| 5,912,649 |
| 1,617,187 |
| 1,342,561 |
| 1,472,872 |
| Shareholders’ equity |
| 7,538,004 |
| 5,525,214 |
| 836,567 |
| 802,039 |
| 855,942 |
Subsequent Highlighted Events (all amounts expressed in US dollars unlessotherwise noted)
- Air Purifier PrototypeReduced Pathogenic Microorganisms by 99.9% in Antimicrobial EfficacyTest : On September 7, 2021, the Companyannounced the results of the antimicrobial efficacy test on aprototype of G6’s proprietary graphene-based air purifier conductedby a US-based microbiological laboratory of The Intertek Group plc.The test showed that the concentration of pathogenic microorganismspresent in the testing chamber was reduced by 99.9% over the durationof the experiment.
- CEO Letter toShareholders : On September 9, 2021, the Companyannounced the issuance of an update letter from G6’s President andChief Executive Officer, Daniel Stolyarov, to the Company’sshareholders.
- Updated CorporateWebsite and Investor Presentation : On September27, 2021, the Company announced that it had significantly updated itsinvestor presentation and made it available for download on itscorporate website at https://g6-materials.com/investors/ . The updated presentation contains recent highlights,including closing of the equity financing, the GX Technologiesacquisition, G6’s air purification products, the scaling-up ofgraphene production, conductive epoxy applications, near-term targetmilestones, and G6’s relative valuation to its peer group. TheCompany also announced that it had added new pages and updated thecontent on existing pages of its corporate website at https://g6-materials.com/ . Theupdated website offers current content and downloadable materialspertaining to G6’s technology, product offerings, intellectualproperty portfolio, the GX Technologies acquisition, investorinformation, news releases and media articles, job postings and otherinformation. Visitors can also join G6’s email distribution list inorder to receive updates directly from G6 in a timely manner.
About G6 Materials Corp.
G6 Materials Corp. is a technology company creatingvalue through the development of innovative graphene-based solutions.Graphene Laboratories Inc., a wholly owned subsidiary of G6, sells arange of graphene-based products and other materials, including butnot limited to conductive epoxies, high-performance composites, andR&D materials, with numerous customers from among the Fortune 500list of companies, as well as NASA and leading universities. GrapheneLaboratories Inc. is developing other innovative products includinggraphene-enhanced air purifiers and it plans to enter the globalfiltration market once all testing is complete and applicablegovernment approvals are received.
G6 has identified new graphene-based applications toaccelerate growth into the future. Accordingly, the Company has avaluable IP portfolio currently comprised of five granted patents. TheCompany’s management team and employees have a deep understanding ofgraphene technology based on decades of aggregate academic andcommercial experience. Graphene Laboratories Inc., a wholly ownedsubsidiary of G6 located in Ronkonkoma, New York, has established itspremium research laboratory and scalable production facility isequipped with advanced analytical and material processingequipment.
The Company’s e-commerce websites are listedbelow:
-
- Conductive Epoxies: Adhesive materials distributedunder the G6-Epoxy TM trade name and can be purchased at www.g6-epoxy.com
- R&D Materials: Graphene Laboratories Inc.currently offers over 100 graphene and related products available at www.graphene-supermarket.com
Forward-Looking Information
This news release contains forward-looking statements within the meaning of the applicable securitieslegislation that is based on expectations, estimates and projectionsas at the date of this news release. By their nature, forward-looking statements involveknown and unknown risks, uncertainties and other factors which maycause actual results, performance or achievements, or other futureevents, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking statements. “Forward-looking information” in thisnews release includes but is not limited to information about thegraphene-enhanced air purifier (including efficacy and potentialcommercialization thereof); information about the potential for theCompany’s long-term growth; the business goals and objectives of theCompany, and other forward-looking information concerning theintentions, plans and future actions of the parties to thetransactions described herein and the terms thereon.
The forward-looking information in this news releasereflects the current expectations, assumptions and/or beliefs of theCompany based on information currently available to the Company.Although the Company believes that the assumptions inherent in theforward-looking information are reasonable, forward-lookinginformation is not a guarantee of future performance and accordinglyundue reliance should not be put on such information due to theinherent uncertainty therein.
Risk factors that could cause actual results to differmaterially include, but are not limited to, the risk that actualresults in commercial applications of the graphene-enhanced airpurifier may differ significantly from the Test Results; the TestResults may not be accepted by applicable regulatory agencies requiredto approve commercialization of the graphene-enhanced air purifier;the Company may not receive required approvals from regulatoryagencies to commercialize the graphene-enhanced air purifier; theCompany may not achieve further stages of commercialization of thegraphene-enhanced air purifier as anticipated, or at all; risks associated with adoption by industries ofgraphene-based products health and environmental factors affectingadoption of these technologies; the company may fail to obtainappropriate government approvals or accreditation related to thebusiness’ operations and technological processes; the results of thetests being performed by an independent laboratory may beunsatisfactory and prevent the company from receiving governmentapprovals and accreditations; the market conditions and demand for itsproduct as well as the market prices of such products being developedby the company may change over time; reliance on key personnel; thepotential for conflicts of interest among certain officers, directorsor promoters with certain other projects; competition; dilution; andthe volatility of our common share price and volume.
The Company undertakes no obligation to revise orupdate any forward-looking information other than as required bylaw.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Commercial Inquiries
Daniel Stolyarov, President & CEO
Telephone: (631) 405-5113
Email: info@g6-materials.com
Investor Inquiries
G6 Investor Relations
Telephone: (631) 405-5114
Email: investors@ g6-materials.com
ON BEHALF OF THE BOARD: Daniel Stolyarov, President& CEO
SOURCE: G6 Materials Corp.
For more information on G6 Materials Corp., pleasevisit www.G6-Materials.com or its profile page on SEDAR at www.sedar.com .
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