CrayoNano Q2 2022 Financial Results
CrayoNano AS (NOTC:CNANO) is pleased to announce its Q2 2022 Financial Results. During the period, CrayoNano continued its planned launch of its first product, a UV-C LED for the fast growing disinfection market.
Jo Uthus, CEO said:
“We have continued to deliver on our plans to disrupt the UV-C LED market and we are now in the test & trial phase of our first product with a selected group of customers. We are seeing a strong demand for UV-C LEDs and are on plan to start selling our components in the second half of 2022. To support our ambition of a high-quality market entry, we are scaling our in-house operations and have accelerated our plans to implement and build our new design center in Taiwan, which we expect to be operational in the fourth quarter.’
‘We have appointed DNB and Sparebank1 Markets as advisors to assist in raising new equity to support our acceleration plans and long term funding requirements.’
CrayoNano’s first UV-C LED product is now available, with confirmed interest from the targeted system integrators we have engaged with. As part of our high-quality market entry, we have shipped our first units to a select small group for test, trials, and design-in. As expected, demand for our component has been strong. We are now preparing volume production, and are filling the pipeline as planned, shipping in 2023.
The Taiwan product design and manufacturing center, commencing operations in Q4, continues to be our priority to quickly bring and scale our new technology from development to the local foundries for mass market adoption. The UV-C LED disinfection market continues to grow at double digits and is expected to be worth USD 2.5bn by 2025. We see exceptional potential for our technology with our ability to meet high market demand with volume production, which should enable CrayoNano to become market leader in the UV-C LED market.
As we continue to strengthen our organization, including our Taiwan operations, payroll and other operating costs increased during the period to NOK 18.2m in Q2 2022 compared to NOK 16.2m in Q1 2022, or NOK 9.9m in Q1 2021. CrayoNano has pre-purchased key inputs and materials in the second quarter to support the production ramp up in H2 2022. This has increased the cash spending to NOK 28m. The cash effect from working capital changes is expected to moderate again in the next quarter.
CrayoNano has a robust cash position of NOK 58m at the end of the first half of 2022
Private Placement Update
CrayoNano is contemplating a private placement to raise new equity to support the current acceleration plans and long term funding requirements. CrayoNano also continues to prepare for a listing on Euronext Growth. The company has appointed DNB Markets and SpareBank1 Markets as advisors in connection with the contemplated capital raise and potential listing.
As announced 27th August 2021, CrayoNano has already signed a term sheet with the European Investment Bank (EIB) where the EIB has pre-committed EUR 5m in equity funding subject to certain terms and conditions.
Conference Call Details
CrayoNano will host an analyst and investor video webcast about its Q2 2022 Financial Update at [10:00 CET]. The live video webcast will be accessible via the company’s website:
LINK TO WEBCAST
A video replay service will also be made available after the webcast at the above web address.
Calendar of future events for CrayoNano
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. 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.