CrayoNano AS 1Q 2021 Financial update
CrayoNano AS 1Q Financial update
Trondheim, Norway (CNANO): The unaudited accounts for the first quarter 2021 have been released and are available on the company website HERE. The cash flow was in line with current business plan with a negative NOK 15 million for the quarter. The Company has a robust cash position of NOK 116,5 million. The total equity is NOK 172 million with an equity ratio of 86%.
The EIC Accelerator project with a 2,4 MEUR grant previously announced in December 2020 was kicked off in April and will run for 18 months. The grant is not reflected in the books yet as it will be paid out in tranches over the next 15 months. The additional contemplated equity contribution of about EUR 5 million from EIC is still in process and terms and conditions are expected to be available to CrayoNano during 2Q/3Q 2021.
As CrayoNano has not yet released its ground breaking technology, a limited revenue is recorded. As part of the planned ramp up the payroll and other operating costs increased to NOK 7,7 in 1Q 2021 compared to NOK 4,5 million in 1Q 2020.
Total numbers of shares fully diluted are 30 715 841 hence earnings pr share fully diluted is -NOK 0,22.
CrayoNano still experience a negative effect of covid-19 due to closed borders in Norway, as the hiring and onboarding of industry experts has been pushed out, with limited visibility in schedule for opening borders.
Despite current Covid issues CrayoNano is moving forward according to its business plan and is preparing for an eventful and busy second half of 2021.
CFO of CrayoNano Bård Skogstad Mail: email@example.com Mobile: +47 72 90 98 60
CrayoNano specializes in UV-C LED packaged chips for disinfection of water, surface and air based on a breakthrough, patented technology combining Graphene and nanostructures.
The company is headquartered in Trondheim, Norway applying a fab-lite model with a global supply-chain and world-wide footprint to provide our OEM customers new semiconductor devices that enable new industrial and consumer product solutions in health & safety, water purification, life science, white goods, and automotive industries. CrayoNano is registered on OTC in Norway under the ticker: CNANO.