Revenues at nanomaterial developer Nanoco Group (Nanoco) have risen 21 per cent to £1.3m amid increased commercial activity.
The company has posted is half-year results for the six months up to 31 January 2022 – revealing adjusted EBITDA of £1.1m courtesy of cost savings and gross profit.
It reduced its monthly cash burn reduced to £0.3m – down 25 per cent from £0.4m this time last year.
The company’s net cash has risen £1.8m, increased to £2.6m at February 2022 month end with receipt of tax credit and major customer payment in February
Nanoco develops and manufacture of cadmium-free quantum dots and other nanomaterials from its technology platform, which can be used for lighting and scientific research.
It has reported that its litigation against Samsung continues in line with expectations, with increased confidence in a positive outcome for the company.
A decision from the Patent Trial and Appeal Board on the validity of five patents is due next month, with Nanoco accusing Samsung of wilful infringement of its intellectual property.
Nanoco chief executive Brian Tenner revealed the company would prioritise enhancing its operations at its domestic production facility.
He said: “Good progress has continued on a number of fronts throughout the Period, with extremely encouraging progress on manufacturing scale-up which has the potential to lead to our first commercial production orders. Our operational efforts therefore now focus primarily on scale up activities and re-commissioning our Runcorn production facilities. In parallel, we continue to provide an expanding range of materials to a number of customers for multiple potential use cases.”