Nanalysis Scientific Corp. (TSXV: NSCI), released today its first quarter financial results for 2021. The company posted revenues of $3.28 million, versus last year’s figure of $1.52 million. The company recorded a net loss of $467,000 during the quarter.
Gross profit for the quarter came in at $2.1 million, a notable increase from the year-ago figure of $1.0 million. Expenses meanwhile amounted to $1.855 million, lead by sales and marketing expenses of $1.0 million and general and administrative expenses of $0.7 million, resulting in an operating profit of $0.3 million. After other items of $0.7 million however, the company posted a net loss of $0.5 million.
The company currently has $3.9 million in unearned revenue, of which $1.1 million relates to prepayments for the 100MHz. Unearned revenue increased on a quarter over quarter basis from $2.9 million as a result of additional customer deposits on pre-orders.
At the end of Q1, Nanalysis had $4.6 million of working capital, including $4,6 million in cash. The company is sitting on an undrawn line of credit of $2.0 million, and $167K of available borrowing on the Western Economic Diversification Canada interest free loan.
Nanalysis Scientific last traded at $0.46 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
