CYMAT Reports Q2 2019 Results
CYMAT Reports Q2 2019 Results
Canada NewsWire
TORONTO, Dec. 13, 2018
Listing: TSX-V
Symbol: CYM
TORONTO, Dec. 13, 2018 /CNW/ - Today, Cymat Technologies Ltd. ("Cymat" or the "Company") reported the results for its second quarter of fiscal 2019, ended October 31, 2018.
Q2 Highlights
Highlights for the second quarter include:
- Revenue for the quarter was $1,030,000. Quarterly revenue from AlusionTM, Cymat's architectural products, was $918,000. Revenue from SmartMetalTM, the Company's energy absorption material, was $112,000 for the quarter.
- Issued 675,000 common shares as the result of the exercise of $0.25 warrants.
Select financial information for the three and six months ended October 31, 2018 and October 31, 2017 is as follows:
Three Months Ended October 31 | Six Months Ended October 31 | |||
2018 | 2017 | 2018 | 2017 | |
($) | ($) | ($) | ($) | |
Interim Statements of Operations | ||||
Revenue | 1,030,169 | 381,303 | 1,421,586 | 948,347 |
Plant operating expenses | 692,878 | 354,271 | 1,077,921 | 674,608 |
Research and material testing expense | 53,177 | 11,058 | 118,629 | 11,880 |
Selling, general and administrative expenses | 367,987 | 411,551 | 767,621 | 948,854 |
Loss from operations | (83,873) | (395,577) | (542,585) | (686,995) |
Net loss | (136,418) | (389,422) | (625,670) | (836,438) |
Cash used in operating activities | (152,351) | (335,940) | (374,761) | (715,627) |
The Company expects AlusionTM sales to remain the largest source of revenue growth for the balance of Cymat's fiscal year.
"We are pleased with the results generated by our new Chinese and South Korean sales channels," said Michael Liik, Cymat's Executive Chairman. "We expect that Cymat's expansion into these two Asian markets coupled with our growing pipeline of façade projects will continue drive growth for the Alusion brand."
About Cymat:
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be either continuously produced in flat panels or as near-net shapes. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
SOURCE Cymat Technologies Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2018/13/c1679.html
Please make the indicated changes including the new text: US quotes snapshot data provided by IEX. Additional price data and company information powered by Twelve Data.