Cal Nano Reports Revenue Decline

California Nanotechnologies (TSXV:CNO), a company that provides products to aerospace and athletics industries announced its first quarter 2020 financial results ending May 31, 2019. The company reported revenues of US$130,000 for the quarter, dipping from US$182,000 during the same time period last year.

As quoted in the press release:

The revenue decline in Q1 fiscal 2020 was associated with the delay of programs from a number of customers including the large aerospace manufacturer and US National Lab. “The completion of these programs has been pushed to Q2/Q3 fiscal 2020 which has resulted in a lower than expected revenue for Q1. As we continue to complete these projects and move onto the next phases, the upcoming quarters are expected to improve,” stated CEO Eric Eyerman.

The Company is currently working on a large cryogenic milling program with a US National Lab that involves developing nearly 2 dozen specialty alloy materials for energy applications. The program involves a variety of cryomilling, SPS, custom Electrical Discharge Machining and material testing which will be completed within Q2. Along with this work, the Company has also been involved in using SPS to sinter transparent Spinel materials for potential military applications. Spinel is a special ceramic material that is significantly tougher, stronger and harder than glass.

Click here to read the full press release.