DRP Journal

Discover Research Profit

Finance 

Nanophase Technologies Corporation (OTCMKTS:NANX) Stock Gains After Earnings Update

Pete Matthews , , , ,

Mineral based and scientifically driven healthcare solutions leader Nanophase Technologies Corporation (OTCMKTS:NANX) mainly offers solutions for the beauty and life sciences categories. Yesterday, the company was in focus after it announced its financial results for the first fiscal quarter that had ended on March 31, 2023.

Trading Data

On Thursday, NANX stock surged 2.49% to $0.6928 with more than 418 shares, compared to its average volume of 14.12K shares. The stock moved within a range of $0.6928 – 0.6999 after opening trade at $0.6999.

Nanophase Reports Record First Quarter Revenue for 2023

The Chief Executive Officer and President of the company Jass Jankowski noted that Nanophase Technologies had managed to end the quarter with a strong performance with regards to both revenues and profitability. That being said, she also stated that the performance had not been in line with the company’s plans and the poor performance in January had proven difficult to overcome.

The company announced that it had generated revenues of $9.5 million in the  quarter and that reflected a year on year rise of 16% from the prior year quarter when it generated $8.2 million. The gross margin quarter over quarter went up to 4% and 2% of that was due to the savings from labour costs.

The CEO also said that there were $20 million worth of open purchase orders and two thirds of that would reflect in the second fiscal quarter. She expected more orders for shipments in the third quarter.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.