GGG:CC - G6 Materials Reports Financial Results for the Third Fiscal Quarter of 2023
(TheNewswire)
Ronkonkoma,N Y - TheNewswire - May 2,2023 - G6 Materials Corp. (“G6” or the “Company”) (TSXV: GGG,OTCQB: 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 thirdquarter of the fiscal year ending February 28, 2023, 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 February 28,2023 was $370,646, an increase from the $337,921 reported for the sameperiod last year; revenue for the nine-month period ended February 28,2023 was $1,219,573, an increase from the $999,259 reported for thesame period last year.
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Gross profit for the three-month period ended February28, 2023 was $176,318, a decrease from the $207,909 reported for thesame three-month period last year; gross profit for the nine-monthperiod ended February 28, 2023 was $510,719, an increase from the$418,774 reported for the same nine-month period last year due to afavourable change in product sales mix.
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Total expenses for the three-month period ended February 28, 2023 was $622,844, a slight decrease from the $630,009 reported forthe same three-month period last year; total expenses for thenine-month period ended February 28, 2023 was $2,517,018, an increasefrom the $2,022,333 reported for the same nine-month period last year,due to an increase in salaries and benefits, office and administrativeexpenses and share-based compensation.
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Net loss for thethree-month period ended February 28, 2023 was $446,526, as comparedto a similar net loss of $422,100 reported for the same three-monthperiod last year ; net loss for the nine-monthperiod ended February 28, 2023 was $2,005,999, as compared to a netloss of $1,603,559 reported for the same nine-month period last year,which was primarily due to the aforementioned combination ofreasons
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Total assets for the period ended February 28, 2023were $1,856,490, from $3,761,922 reported for the annual period endedMay 31, 2022.
Management Commentary
“Over the first nine months of our fiscal 2023 year,G6 Materials has increased its revenues nicely, as compared to thesame period last year, along with a corresponding increase in grossprofit. We also continue to focus on optimizing our cost structure andminimizing major operating and corporate expenses where possible,”said Daniel Stolyarov, President & Co-CEO of G6 Materials Corp.“I would like to thank our employees, consultants, advisors andstakeholders for their dedication, guidance and support. Our teamcontinues to explore the addition of new products to the Company’ssales mix as well as the development of innovative intellectualproperty for our patent portfolio,” 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 Company’s audited annualfinancial statements, prepared in accordance with InternationalFinancial Reporting Standards and the related notes thereon.
| Quarter ended Feb 28, 2023 $ |
| Quarter ended Nov 30, 2022 $ |
| Quarter ended Aug 31, 2022 $ |
| Quarter ended May 31, 2022 $ |
| Quarter ended Feb 28, 2022 $ |
| Revenue |
| 370,646 |
| 490,527 |
| 358,400 |
| 358,540 |
| 337,921 |
| Cost of goods sold |
| (194,328) |
| (289,056) |
| (225,470) |
| (174,744) |
| (130,012) |
| Gross profit |
| 176,318 |
| 201,471 |
| 132,930 |
| 183,796 |
| 207,909 |
| Operating expenses |
| (622,844) |
| (1,113,357) |
| (780,817) |
| (539,593) |
| (630,009) |
| Other income/ (expenses) |
| - |
| - |
| - |
| - |
| - |
| Net income (loss) |
| (446,526) |
| (911,886) |
| (647,887) |
| (3,132,553) |
| (422,100) |
| Comprehensive income (loss) |
| (447,044) |
| (936,580) |
| (626,983) |
| (3,137,058) |
| (404,142) |
| Net income (loss) per share (basic and diluted) |
| (0.006) |
| (0.006) |
| (0.005) |
| ($0.024) |
| ($0.001) |
| Total assets |
| 1,856,490 |
| 2,217,306 |
| 3,122,687 |
| 3,761,922 |
| 6,916,831 |
| Shareholders’ equity |
| 1,602,078 |
| 1,992,407 |
| 2,872,171 |
| 3,499,906 |
| 6,457,311 |
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 adeep understanding of graphene technology based on decades ofaggregate academic and commercial experience. Graphene LaboratoriesInc., a wholly owned subsidiary of G6 located in Ronkonkoma, New York,has established its premium research laboratory and scalableproduction facility equipped with advanced analytical and materialprocessing 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 these technologies; the company may fail to obtainappropriate government approvals or accreditation related to thebusiness’ operations and technological processes; the marketconditions and demand for its product as well as the market prices ofsuch products being developed by the company may change over time;reliance on key personnel; the potential for conflicts of interestamong certain officers, directors or promoters with certain otherprojects; competition; dilution; and the volatility of our commonshare price and 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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