GGG:CC - G6 Materials Reports Financial Results for the Second Fiscal Quarter of 2023
(TheNewswire)
Ronkonkoma,N Y - TheNewswire -February 1, 2023 - G6 Materials Corp. (“G6” or the “Company”)(TSXV:GGG ) ( OTC:GPHBF), a high-tech company withexpertise in advanced materials and developing innovative compositesfor a wide range of industrial uses, announcesthat it has filed its unaudited financial results for the secondquarter of the fiscal year ending November 30, 2022, the highlights ofwhich are included in this news release. The full set of CondensedInterim Consolidated Financial Statements and Management Discussionand 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 amountsexpressed in US dollars unless otherwise noted)
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Revenue for the three-month period ended November 30,2022 was $490,527, an increase from the $320,204 reported for the sameperiod last year.
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Gross profit for the three-month period ended November30, 2022 was $201,471, an increase from the $39,383 reported for thesame three-month period last year, primarily due to a change inproduct sales mix.
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Total expenses for the three-month period ended November 30, 2022 was $1,113,357, an increase from the $649,648 reported for thesame three-month period last year, due to an increase in general andadministrative expenses related to additional costs related to thelaunch of the Company’s Breathe product line.
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Net loss for the three-month period ended November 30,2022 was $911,886, as compared to a net loss of $610,265 reported forthe same three-month period last year, which was due to the sales mix, increased general and administrative expensesand share-based compensation.
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Total assets for the period ended November 30, 2022were $2,217,306, from $3,761,922 reported for the annual period endedMay 31, 2022.
Management Commentary
“The first half of the 2023 fiscal year is off to astrong start as revenue and gross profit are improving after makingsome changes made to our product sales mix last year. I would like tothank our staff, customers, partners and other stakeholders for eachdoing their part to assist us in achieving these financial results,”said Daniel Stolyarov, President & Co-CEO of G6 Materials Corp.“The Company is currently working on a number of businessdevelopment initiatives that are promising and have the potential tomake the second half of the 2023 fiscal year as promising as the firsthalf. Our team continues to work towards executing on thoseinitiatives and also evaluating new opportunities as they presentthemselves,” added Mr. Stolyarov.
Summary of Key Financial Measures (all amounts expressed in US dollars unless otherwisenoted)
The following table contains summary financialinformation taken from the Company’s quarterly financial reportscovering the last five reporting quarters. The information set forthshould be read in conjunction with the audited annual financialstatements, prepared in accordance with International FinancialReporting Standards and the related notes thereon.
| Quarter ended Nov 30, 2022 $ |
| Quarter ended Aug 31, 2022 $ |
| Quarter ended May 31, 2022 $ |
| Quarter ended Feb 28, 2022 $ |
| Quarter ended Nov 30, 2021 $ |
| Revenue |
| 490,527 |
| 358,400 |
| 358,540 |
| 337,921 |
| 320,204 |
| Cost of goods sold |
| (289,056) |
| (225,470) |
| (174,744) |
| (130,012) |
| (280,821) |
| Gross profit |
| 201,471 |
| 132,930 |
| 183,796 |
| 207,909 |
| 39,383 |
| Operating expenses |
| (1,113,357) |
| (780,817) |
| (539,593) |
| (630,009) |
| (649,648) |
| Other income/ (expenses) |
| - |
| - |
| - |
| - |
| - |
| Net income (loss) |
| (911,886) |
| (647,887) |
| (3,132,553) |
| (422,100) |
| (610,265) |
| Comprehensive income (loss) |
| (936,580) |
| (626,983) |
| (3,137,058) |
| (404,142) |
| (650,304) |
| Net income (loss) per share (basic and diluted) |
| (0.006) |
| (0.005) |
| ($0.024) |
| ($0.001) |
| ($0.001) |
| Total assets |
| 2,217,306 |
| 3,122,687 |
| 3,761,922 |
| 6,916,831 |
| 7,215,304 |
| Shareholders’ equity |
| 1,992,407 |
| 2,872,171 |
| 3,499,906 |
| 6,457,311 |
| 6,861,453 |
Subsequent Highlighted Events (all amounts expressed in US dollars unless otherwise noted)
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On December 6, 2022 the Company Graphene LaboratoriesInc. ( GLI ”), enteredinto a Strategic Partnership Agreement (the the “ Agreement ”) with Singapore-based MADEAdvance Materials PTE LTD. (“ MADE ”). The Agreement encapsulates the collaboration betweenGLI and MADE, which is focused on production collaboration and thepotential joint development of intellectual property. MADE and GLIintend to explore the possibility of using the fibre composites withgraphene-enhanced resin as necessary to meet specific terms providedby a third-party client.
About G6 Materials Corp.
G6 Materials Corp. is a high-tech company withexpertise in advanced materials that creates value developinginnovative composites for a wide range of industrial uses. GrapheneLaboratories Inc., a wholly owned subsidiary of G6, sells a range ofgraphene-based products and other materials, including but not limitedto conductive epoxies, high-performance composites, and R&Dmaterials, with numerous customers from among the Fortune 500 list ofcompanies, as well as NASA and leading universities. GrapheneLaboratories Inc. has entered the global air filtration market withBreathe + , a line ofmedical-grade HEPA air filtration products enhanced with advancedperformance graphene material.
G6 has identified new graphene-based applications toaccelerate growth into the future. Accordingly, the Company has avaluable IP portfolio currently comprising 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 equippedwith advanced analytical and material processing equipment.
The Company’s e-commerce websites are listedbelow:
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Breathe : Medical-grade HEPA airfiltration enhanced with advanced performance graphene material, formore information, visit www.breatheplus.tech
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Conductive Epoxies: Adhesive materials distributedunder the G6-Epoxy TM trade name and can be purchased at www.g6-epoxy.com
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D Materials: Graphene Laboratories Inc. currentlyoffers over 100 graphene and related products available at www.graphene-supermarket.com
Forward-Looking Information
This news release contains forward-looking statementswithin the meaning of the applicable securities legislation that isbased on expectations, estimates and projections as at the date ofthis 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, potentialcommercialization and patent pending thereof); information about thepotential for the Company’s long-term growth; the business goals andobjectives of the Company, and other forward-looking informationconcerning the intentions, plans and future actions of the parties tothe transactions 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; the Companypatent pending (US20210346831A1) may not be granted; the Company maynot achieve anticipated commercial gains or profitability from thesale of Breathe + Pro Advanced Antimicrobial Graphene AirFiltration System as currently anticipated, or at all; risksassociated with adoption by industries of graphene-based productshealth and environmental factors affecting adoption of thesetechnologies; the company may fail to obtain appropriate governmentapprovals or accreditation related to the business’ operations andtechnological processes; 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 onkey personnel; the potential for conflicts of interest among certainofficers, directors or promoters with certain other projects;competition; dilution; and the volatility of our common share priceand volume.
The Company undertakes no obligation to revise orupdate any forward-looking information other than as required by law.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Commercial Inquiries
Daniel Stolyarov, President & Co-CEO
Telephone: (631) 405-5113
Email: info@g6-materials.com
Investor Inquiries
Nick Kuzyk, Investor Relations
Telephone: 1-(866)-324-4244
Email: investors@g6-materials.com
ON BEHALF OF THE BOARD: Daniel Stolyarov, President& Co-CEO
For more information on G6 Materials Corp., pleasevisit www.G6-Materials.com or its profile page on SEDAR at www.sedar.com .
SOURCE: G6 Materials Corp.
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