CrayoNano Q3 2022 Financial Results
CrayoNano Q3 2022 Financial Results
CrayoNano AS (NOTC:CNANO) is pleased to announce its Q3 2022 Financial Results and to provide an update on the private placement. During the period, CrayoNano booked its first revenue and we have subsequently launched the CrayoLED™ H-Series (CLH-N3S), an ultraviolet-C light emitting diode (UV-C LED) semiconductor packaged component.
Jo Uthus, CEO said:
“We continue to deliver on our mission to address the rapid growing UV-C LED space, booking our first revenue in the quarter and the continued growth of our operations in Taiwan being important milestones for CrayoNano. Our product continues to receive excellent feedback with demand for our first batch of units exceeding supply, supporting our ambition to scale to 1 million units in 2023. Much of this demand is intended for water disinfection devices, which will support the delivery of clean drinking water solutions to more people around the world.
To finance our current business plan, we are working with our advisors DNB Markets and Sparebank1 Markets as we seek to raise new equity. As previously announced, EUR 5m has already been committed from the EIC Fund subject to certain terms and conditions.
In the period, we continued to progress our Taiwanese operations with the completion of the Cleanroom at our Product Design and Manufacturing Center, in the heart of the global semiconductor industry. This key milestone supports our priority to scale our technology for mass market adoption with our CrayoNano Taiwan Fab 2 expected to be operational by the end of the year. This supports our Fab light strategy, and our presence in Taiwan allows local management of our supply chain, access to the country’s broad pool of talent and expertise as well as control of our manufacturing process.
CrayoNano generated commercial revenue of NOK 0.2m from the sale of our first product to multiple customers. Further demand for our component remains strong and we remain on track to deliver initial trial-unit production in 2022, with an expected volume production of 1m units shipping in 2023.
On 6 October 2022, CrayoNano launched the CrayoLED™ H-Series (CLH-N3S), an ultraviolet-C light emitting diode (UV-C LED) semiconductor packaged component. Working in close collaboration with our customers to tailor to their needs, our team have developed a robust and powerful UV-C LED component. CrayoLED’s quality-driven design meets the high standards for reliability and performance in the fast-growing industrial and commercial disinfection and sanitization market.
CrayoNano is working with DNB Markets and SpareBank1 Markets, with an intention to raise new equity, supported by a signed term sheet from the European Innovation Council Fund (EIC Fund) to invest EUR 5m subject to certain terms and conditions. This additional capital, alongside a cash balance of NOK 40m at the end of the quarter and continued revenue generation, is expected to finance our planned growth and expansion. CrayoNano continues to prepare for a listing on Euronext Growth in connection with the private placement.
As we continue to strengthen the organization including our Taiwan operations, operating expenses increased to NOK 19.6m in Q3 2022 compared to NOK 18.2m in Q2, or NOK 13.3m in Q3 2021. The net cash spending ended at NOK 18m in the quarter.
Conference Call Details
CrayoNano will host an analyst and investor video webcast at 10:00 CET. The live video webcast will be accessible via the company’s website HERE.
A video replay service will also be made available after the webcast at the above web link.
Calendar of future events for CrayoNano
Q4 Financial Update February 2023
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. Utilising 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.