Correction: Correction: Industrial Nanotech Inc. Achieves Stellar Financial Performance in the First Quarter of Fiscal 2022
Industrial Nanotech, Inc. reports record revenue growth of $3 million in the first quarter of fiscal 2022
- Revenue of $3M
- 678% Q/Q revenue growth
- Net income of $1.6M
- Gross profit margin of 60%
BROOMFIELD, Colo., May 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire– Industrial Nanotech, Inc (Pink Sheets: INTK). Despite strong economic headwinds, global nanoscience solutions and research leader Industrial Nanotech, Inc. posted sterling financial results for the first quarter ended March 31, 2022. The company posted a March quarter revenue record of $3m, up 678% on the previous quarter (December 31, 2021) of $385,793; the most positive result ever recorded in the company’s history.
Stuart Burchill, CEO of Industrial Nanotech, said, “We delivered an exceptional first-quarter performance with record revenue profitability, driven by strong demand and excellent execution across all levels of the business. Revenue of $3 million was a remarkable achievement for the company, supported by strong sales trends and customer demand throughout the period. This is an important milestone for us as we progress towards our aim of sustainability to become carbon neutral across our supply chain and all our products by 2030.”
Notwithstanding the current economic climate, Industrial Nanotech, Inc. continues to deliver strong financial performance, due in part to its unique business model and products. The key distinguishing attributes of this model, which include innovation, creating new technologies, launching new brands and products, as well as engaging with customers and shareholders, will only grow stronger over time as the company expands and produces more products and solutions.
“This quarter’s results are a testament to Industrial Nanotech’s ability to create the best products and solutions for our customers, as well as our focus on innovation. We are delighted to see the strong customer demand for our products and solutions,” added Mr. Burchill.
Quarter 1 Financial Highlights
· Net income increased to $1.6 million, compared to a net loss of $297,181 in the fourth quarter of fiscal 2021.
· Gross profit increased to $1.8 million compared to $189,516 in the fourth quarter of fiscal 2021. The gross profit margin was 60% of net revenues.
· Operating expenses of $195,350 were recorded compared to $474,681 in the fourth quarter of fiscal 2021.
· An increase in stockholders’ equity of $865,061 (compared to $799,565 for the fourth quarter of 2022).
Forward-focus on an increasing revenue stream
The company projects total revenues for the second quarter of the 2022 fiscal year to exceed $6 million, representing 100% growth.
Mr. Burchill added, “As we move forward, we are raising our expectations for higher revenues and profits. Our purpose and strategy are clear. We are intensely forward-focused on doubling our revenue in the second quarter of fiscal 2022 and repeating that pattern in Q3 and Q4 of 2022. We will focus on growth by investing in R&D and advanced technology, hiring experienced and skilled talent, creating opportunities for our people to learn and develop, as well as stepping up our supply chain and our operating efficiencies. With the right business strategy, experienced people, and an innovative business platform we continue to build on our success and deliver long-term sustainable and profitable growth. I am proud of our enthusiastic and driven team - we are eager and enthusiastic for a successful 2022 fiscal year.”
In addition, a stock buyback will take place commencing June 1, 2022. The company has a pink stream listing and intends to list on a senior exchange in 2023.
About Industrial Nanotech, Inc.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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