Black Swan Graphene Orders Next-Generation Production System to Triple Capacity to 140 Tonnes

Black Swan Graphene Orders Next-Generation Production System to Triple Capacity to 140 Tonnes

Black Swan Graphene Inc. (TSXV: SWAN) (OTCQX: BSWGF) (FSE: R960) ("Black Swan" or the "Company") is pleased to announce that it has ordered its next-generation production unit, a significant milestone in the Company's industrial scale-up strategy and a key element of its broader effort to position itself as a global leader in graphene-enhanced materials.

The Company currently has the capacity to produce up to 40 tonnes of high-quality graphene annually. As part of its growth initiative, the Company is undertaking a significant expansion that will increase its production capacity to 140 tonnes per annum, more than tripling its current capacity. This scale-up will position the Company among the leading graphene producers globally.

The additional production unit will be installed within the Company's existing operational facility located at Thomas Swan & Co. Ltd. ("Thomas Swan") in the UK. This site already comprises a well-established infrastructure, with power and other essential utilities required for expansion. By leveraging the existing site and utilities at the Thomas Swan facility, the Company will be able to minimize capital expenditure, reduce lead times for installation, and accelerate the path to increased commercial output.

This expansion reflects the growing demand for graphene across a range of applications, including composite materials, plastics and coatings. The increased production capacity will not only support existing customer relationships but also enable the Company to meet the requirements of new strategic partners seeking reliable and scalable graphene supply.

Simon Marcotte President and Chief Executive Officer, commented: "This expansion marks a pivotal milestone in our evolution; it is not just an increase in production capacity, but another step toward industrial scale. As demand for our products increases and several customer development programs are advancing, this investment positions us to meet both current and future market needs with confidence."

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Existing Facility

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Graphene products

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New Equipment

The GEA Ariete 3160 unit (the "3160") is currently well advanced in its design, engineering and tailored to Black Swan's proprietary specifications. In collaboration with technology partner GEA, a global leader in high-pressure homogenization systems, the equipment is expected to be completed and installed in the short term at the Company's facility in Consett, United Kingdom, marking a pivotal step toward increasing production capacity from the current 40 tonnes annually to an impressive 140 tonnes per year.

The enhanced capacity is being driven by the successful execution of commercial agreements and strategic partnerships across the polymers, concrete, and advanced composites industries, and by an expanding sales pipeline. The new system will not only meet this growing demand but will also maintain critical spare capacity needed to advance customer-tailored development programs, which are instrumental in driving product adoption and long-term revenue growth.

The 3160 is a modular, scalable high-pressure homogenizer designed to handle the production of graphene nanoplatelets at industrial scale. Its development leverages the strong collaboration between Black Swan and GEA, which began over a decade ago. This partnership has produced a robust, proprietary exfoliation process capable of producing high-quality graphene products cost-effectively and reliably - a critical factor in unlocking large-volume applications for this transformational material.

This investment is funded in part by proceeds from the Company's recent equity financing. In addition to the equipment purchase, the funds supported the hiring of key sales and operations personnel, expanding Black Swan's ability to serve clients globally and to deepen commercial engagement.

Michael Edwards, Chief Operating Officer, commented: "Graphene-enhanced materials are moving from promise to deployment, and Black Swan is at the center of that transition. With our Graphene Enhanced Masterbatch™ ("GEM") polymer products now in commercial rollout and our concrete admixtures showing clear sustainability gains, our ability to deliver consistently and at scale is what sets us apart."

Black Swan has already launched seven GEM polymer products, which are being well received by the market, and the concrete admixtures, developed in partnership with Concretene and The University of Manchester's GEIC, are positioned to reduce cement usage and carbon emissions by up to 30%. The new 3160 system will ensure that this growing product portfolio can be delivered at scale and with the consistency demanded by global clients.

Corporate Matters

Black Swan is also pleased to announce that it has entered into an investor relations agreement (the "Agreement") with Equitrend Data Inc. ("Equitrend"), pursuant to which Equitrend will provide investor relations and communications services to the Company in accordance with TSXV policies and subject to the approval of the TSXV.

Under the terms of the Agreement, Equitrend will receive total consideration of CAD$300,000 over a three-month period, payable in monthly installments of $100,000 or until the budget is fully expended. The Company may elect to extend the Agreement for an additional three months, under which Equitrend would receive an additional budget of CAD$300,000, payable in monthly installments of $100,000 or until the budget is fully expended.

Pursuant to the Agreement, Equitrend has received a grant of stock options exercisable to purchase 150,000 common shares in the Company ("Common Shares") at a price of $1.00 per share for a period of 5 years (the "Consultant Options"). The Consultant Options vest as to 25% three months from the date of grant and 25% every three months thereafter.

Equitrend's services will include retail investor outreach, Pay-Per-Click campaign development, social media and email marketing, the creation of landing pages, online banner and native advertisements, and other related investor relations activities. These campaigns may be conducted on platforms such as Instagram, Facebook, YouTube, or other digital channels.

The principal of Equitrend is Sam Khabbazian and the company is based in Vancouver, BC, Canada , Email: info@equitrend-data.com, Phone: +1 (888) 269-4724. Neither Mr. Khabbazian nor Equitrend currently have any interest, directly or indirectly in the Company or its securities.

About Black Swan Graphene Inc.

Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several volume driven industrial sectors, including concrete, polymers, and others. Black Swan's graphene processing technology was developed by Thomas Swan and Co. Ltd. ("Thomas Swan") over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer with a century-long track record and a reputation for being at the forefront of advanced materials and graphene innovation. Since 2024, Black Swan has launched seven commercially available Graphene Enhanced MasterbatchTM ("GEM") polymer products which are currently being tested by several international clients.

More information is available at: www.blackswangraphene.com.

For more information please contact:

Paul Hardy, Vice President - Corporate Development
phardy@blackswangraphene.com
+1 (416) 844-7365

Black Swan Graphene Inc. on behalf of the Board of Directors

Simon Marcotte, CFA, President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation: statements with respect to the expectations of management regarding the Offering; the expectations of management regarding the use of proceeds of the Offering; and the closing of the Offering. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the business of the Company as well as in relation to the Offering and Closing thereof. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, changes in the financial markets and in the demand for graphene and graphene products, changes in laws, regulations and policies affecting the graphene industry. The ongoing labour shortages, inflationary pressures, fluctuations in interest rates, the global financial climate and geopolitical conflicts in various regions, including Ukraine and the Middle East, are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.

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NorthStar Gaming Reports Second Quarter 2025 Results

NorthStar Gaming Reports Second Quarter 2025 Results

Double-digit revenue growth and record gross margin underscore NorthStar's scalable growth model

NorthStar Gaming Holdings Inc. (TSXV: BET,OTC:NSBBF) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three- and six-month periods ended June 30, 2025. All dollar figures are quoted in Canadian dollars.

"Our team maintained our pattern of solid year-over-year growth, led by managed services revenue more than doubling over the second quarter of last year," said Michael Moskowitz, Chair and CEO of NorthStar. "Operating leverage driven by continued growth of the business has led to gross margin continuing to outpace revenue growth, with Q2 2025 gross margin percentage reaching an all-time high of 40.8%, advancing our path to profitability. Ongoing innovation and efficiency in our marketing program is enabling us to drive growth while at the same time reducing operating expenses as a percentage of revenue."

Financial Highlights for the Second Quarter Ended June 30, 2025 ("Q2 2025"):

  • Revenue1 was $8.5 million in Q2 2025, a 15% increase from $7.4 million in Q2 2024. Revenue in Q2 2025 includes $0.9 million of managed services revenue, an increase of 125% from $0.4 million in Q2 2024.
  • Gross Margin was $3.5 million, a 25% increase from $2.8 million in Q2 2024, while the Gross Margin percentage increased to 40.8% of revenue, up from 37.6% in Q2 2024.
  • Profit before marketing and other expenses2 was $0.7 million in Q2 2025, an increase of 87% compared to $0.4 million in Q2 2024.
  • General and administrative expense was $2.7 million in Q2 2025, an increase of 14% from $2.4 million in Q2 2024. The increase is primarily due to $0.3 million of one-time expenses incurred in Q2 2025 associated with the restatement of prior financial results and disclosure review. G&A expense excluding one-time expenses represented 28.4% of revenue compared to 32.3% a year earlier.
  • Marketing expense was $3.1 million in Q2 2025, a decrease of 16% from $3.6 million in Q2 2024, and represented 35.8% of revenue compared to 48.8% in Q2 2024. The Company continues to realize efficiencies in its marketing program.

Financial Highlights for the Six-Month Period Ended June 30, 2025 ("YTD 2025"):

  • Revenue1 was $16.4 million in YTD 2025, a 23% increase from $13.4 million in YTD 2024. Revenue in YTD 2025 includes $1.1 million of managed services revenue, an increase of 120% from $0.5 million in YTD 2024.
  • Gross Margin was $6.5 million, a 39% increase from $4.7 million in YTD 2024, while the Gross Margin percentage increased to 39.7% of revenue, up from 34.9% in YTD 2024.
  • Profit before marketing and other expenses2 was $1.3 million in YTD 2025 compared to a loss of $(0.1) million in YTD 2024.
  • General and administrative expense was $5.2 million in YTD 2025, an increase of 8% from $4.8 million in YTD 2024. The increase is primarily due to $0.3 million of one-time expenses incurred in Q2 2025 associated with the restatement of prior financial results and disclosure review. As a percentage of revenue, G&A excluding one-time expenses decreased to 29.7% in YTD 2025 compared to 35.9% a year earlier.
  • Marketing expense of $7.2 million decreased 3% from $7.4 million in YTD 2024, and represented 43.7% of revenue compared to 55.1% in YTD 2024.

Recent Operating Highlights:

  • Launched "Summer of Spoils" marketing campaign highlighted by "Exceptionally Canadian" branding targeted at strengthening brand loyalty and player engagement through the busy summer months and reinforcing NorthStar's Canadian roots.
  • The Company sustained record-level customer retention, driven by repeat engagement from recent first-time depositors.
  • Realized continued improvement in cost per acquisition of a customer ("CPA"), down 10% from Q2 2024 due to the increasing efficiency of marketing programs.
  • Completed the Spring Tournament Series in April 2025, with both new and existing players showing higher-than-average engagement levels in subsequent months.
  • Initiated a comprehensive upgrade of our Casino UI/UX to enhance speed, flexibility and overall customer experience.
  • Established a new partnership with Snappy Inc. to deliver personalized, scalable gifting for our rapidly growing base of NorthStar ELITE members.
  • Celebrated our third birthday by hosting exclusive in-person experiences for select NorthStar ELITE members.

Outlook

"We expect to continue to deliver solid year-over-year growth in the coming quarters, driven by steady improvement in our business fundamentals and KPIs," said Mr. Moskowitz. "We have continued with our focus on financial discipline and prudent cost management to maintain our progress towards profitability. As the Ontario market matures, we are excited by growth opportunities in other regions of Canada through our managed services business and the anticipated introduction of regulatory frameworks in provinces such as Alberta."

Q2 2025 Corporate Update Webinar

On August 14, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's Q2 2025 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

Date: Thursday, August 14, 2025
Time: 11:00 am EDT
Register: Webinar Registration

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

Stock Option Cancellations

The Company also announces that it and certain directors, officers and consultants of the Company have, effective today's date, mutually agreed to cancel stock options (the "Cancelled Options") exercisable to acquire an aggregate of 6,026,779 common shares of the Company. These Cancelled Options were granted on March 3, 2023, with an expiry date of March 3, 2028, and were each exercisable at a price of $0.50 per common share. No consideration was paid for the surrender of the Cancelled Options.

Restatement of Results

The comparative results for the three- and six-month periods ended June 30, 2024 have been restated in the Company's financial statements and the corresponding management's discussion & analysis ("Q2 2025 MD&A") to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements. Please see note 2 of the Company's condensed consolidated interim financial statements for the three- and six-month periods ended June 30, 2025 ("Q2 2025 Financial Statements").

Additional Information

For additional information, please refer to the Q2 2025 Financial Statements and the corresponding Q2 2025 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The term "Profit/(Loss) before marketing and other expenses" is a non-IFRS financial measure. This measure is not a recognized measure under International Financial Reporting Standards ("IFRS") and does not have a standardized meaning prescribed by IFRS and is, therefore, not necessarily comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Operating Results

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

$ Millions (unaudited)
Three months ended

Six months ended

June 30,
2025


June 30,
2024


June 30,
2025


June 30,
2024

Revenue $ 8,540
$ 7,431
$ 16,389
$ 13,361
Cost of Revenues
5,056

4,635

9,886

8,694
Gross Margin
3,484

2,796

6,503

4,667
General and administrative expenses
2,742

2,400

5,176

4,803
Profit/(Loss) before marketing and other expenses (1)
742

396

1,327

(136 )
Marketing
3,058

3,624

7,155

7,357
Loss before other expenses (1)
(2,316 )
(3,228 )
(5,828 )
(7,493 )
Other expenses
1,527

1,777

3,815

4,417
Net loss $ (3,843 ) $ (5,005 ) $ (9,643 ) $ (11,910 )

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information: Company Contact:

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

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NorthStar Gaming to Host Q2 2025 Earnings Webinar on August 14th

NorthStar Gaming to Host Q2 2025 Earnings Webinar on August 14th

NorthStar Gaming Holdings Inc. (TSXV: BET,OTC:NSBBF) (OTCQB: NSBBF) ("NorthStar" or the "Company") announces that it will hold an investor webinar on August 14th at 11:00 am EDT following the release of its results for the second quarter of 2025. The Company expects to announce its financial results and file its condensed consolidated interim financial statements for the three- and six-month periods ended June 30, 2025 and associated management's discussion and analysis on August 13, 2025.

NorthStar invites all investors and other interested parties to register for the webinar at the link below. Michael Moskowitz, Chairman and CEO, will be presenting the Company's financial results and an update on current operations and strategic priorities.

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Quarterly Activities/Appendix 4C Cash Flow Report

Quarterly Activities/Appendix 4C Cash Flow Report

IODM Ltd (IOD:AU) has announced Quarterly Activities/Appendix 4C Cash Flow Report

Download the PDF here.

NorthStar Gaming Announces Grant of Equity Incentive Awards to Non-Executive Directors in Lieu of Cash Compensation

NorthStar Gaming Announces Grant of Equity Incentive Awards to Non-Executive Directors in Lieu of Cash Compensation

NorthStar Gaming Holdings Inc. (TSXV: BET,OTC:NSBBF) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced that its Board of Directors approved the grant of equity incentive awards pursuant to the Company's Equity Incentive Plan (the "Plan").

The Company has granted an aggregate of 5,078,913 deferred share units ("DSUs") pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services rendered in 2024. Satisfying the compensation in share-based compensation is part of the Company's ongoing efforts to reduce costs. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

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