CrayoNano Q1 2022 Trading Update
CrayoNano AS (NOTC:CNANO) is pleased to announce its Q1 2022 Investor Update. During the period, CrayoNano continued preparations for the production of its next generation UV-C LED technology.
Jo Uthus, CEO said:
“In the first quarter of 2022 we made some important progress towards our goals. We welcomed Jens Kielland, Chief Financial Officer, to our growing team and established our operations in Taiwan, where we are on track to be operational in the third quarter. We continue to work towards our planned listing on the EuroNext Growth market and capital raise, both of which we expect to complete in 2022. There is a clear demand for our disruptive technology, and I am confident in our ability to execute a controlled market entry, shipping high quality products to a select group of key customers in 2022.”
CrayoNano has begun test manufacturing of its first units which it will soon begin to ship to customers. These early shipments form an essential part of building the order pipeline for CrayoNano’s unique UV-C technology, and future scale shipments.
As part of this planned ramp up, payroll and other operating costs increased during the period to 16.2 MNOK in Q1 2022 compared to 7.8 MNOK in the 1Q 2021.
CrayoNano has a robust cash position of 86.2 MNOK at the end of the first quarter, with a burn rate of about 5 MNOK per month.
As a result of the Ukraine Crisis, there has been a global impact on consumables, notably Hydrogen. Early in the quarter, CrayoNano took steps to exit all supply arrangements with Russian companies, finding alternative sources of supply.
Conference Call Details
CrayoNano will host an analyst and investor video webcast about its Q1 2022 Financial Update at 10:00 CET. The live video webcast will be accessible via the company’s website and the link below:
An audio replay service will also be made available after the webcast at the above web address.
Calendar of future events for CrayoNano
- 2022 Interim Results - 25 August 2022
- Q3 Financial Update - 26 October 2022
For more information, please contact:
CEO Jo Uthus
Phone: +47 72 90 98 60
CrayoNano develops and manufactures semiconductor components based on our expertise and technology in nanomaterials. With our patented and proprietary technology, our first application targets the fast-growing disinfection market with high quality and performance-driven UV-C LEDs.
The company is headquartered in Trondheim, Norway, applying a fab-lite model with a global supply chain and worldwide footprint to provide our customers with innovative semiconductor devices. Our vision is to enable new applications and solutions in health & safety, water purification, life sciences, consumer and industrial goods, and automotive industries. CrayoNano is registered on OTC in Norway under the ticker: CNANO