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Message: Strong 2Q21 Financial Results: Revenue grew by 383% for the six-month period ending November 30, 2020
G6 Materials Reports Strong 2Q21 Financial Results
Revenue grew by 383% for the six-month period ending November 30, 2020
Ronkonkoma, New York, USA - TheNewswire – April 30, 2021 - G6 Materials Corp. (“G6” or the “Company”) (TSXV: GGG, OTCQB: GPHBF), a technology company creating value through the development of innovative graphene-based solutions, is pleased to announce that it has filed its unaudited financial results for the third quarter of the fiscal year ending February 28, 2021, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting G6’s website at www.g6-materials.com or its profile page on SEDAR at www.sedar.com.
Financial Highlights (all amounts expressed in US dollars unless otherwise noted)
- Revenue for the nine-month period ended February 28, 2021 reached $1,938,991, a 276% increase from the $515,930 reported for the same period of the prior year, which was primarily due to consulting services provided to third-party clients, the ongoing sale of the Company’s air purification products and the receipt of a one-time payment as per the terms of a license and option agreement.
- Gross profit for the nine-month period ended February 28, 2021 was $704,944, a 339% increase from the $160,620 reported for the same period of the prior year, due to the same aforementioned reasons, while partially offset by a recent increase in the shipping costs of direct materials from the imports of air purification materials.
- Total expenses for the nine-month period ended February 28, 2021 were $1,308,452, as compared to $913,208 for the same period of the prior year, primarily due to an increase in research and development expenses as per the terms of a license and option agreement associated with the aforementioned one-time cash payment, as well as the $268,579 of share-based compensation related to the issuance of the options on October 14, 2020.
- Comprehensive loss for the nine-month period decreased by 29% to $531,146 for the period ended February 28, 2021, as compared to a comprehensive loss of $750,944 reported for the same period of the prior year, which was primarily due to a combination of the reasons provided above.
- Total assets for the period ended February 28, 2021 increased by 39% to $1,617,187 from $1,165,686 for the year ended May 31, 2020 and a 119% increase from $740,029 reported for the same period of last year.
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