$NANX
NANOPHASE TECHNOLOGIES Corp

2024 Q3 Form 10-Q Financial Statement

#000199937124009833 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $16.87M $13.05M
YoY Change 111.94% 9.89%
Cost Of Revenue $10.76M $9.306M
YoY Change 67.45% 13.53%
Gross Profit $6.102M $3.740M
YoY Change 298.82% 1.77%
Gross Profit Margin 36.18% 28.67%
Selling, General & Admin $1.934M $1.829M
YoY Change 14.1% -13.11%
% of Gross Profit 31.69% 48.9%
Research & Development $970.0K $864.0K
YoY Change -8.23% -12.82%
% of Gross Profit 15.9% 23.1%
Depreciation & Amortization $231.0K $235.0K
YoY Change 32.76% 36.63%
% of Gross Profit 3.79% 6.28%
Operating Expenses $2.904M $2.693M
YoY Change 5.52% -13.02%
Operating Profit $3.198M $1.047M
YoY Change -361.7% 80.83%
Interest Expense $153.0K $191.0K
YoY Change -28.5% -22.36%
% of Operating Profit 4.78% 18.24%
Other Income/Expense, Net
YoY Change
Pretax Income $3.045M $856.0K
YoY Change -312.05% 157.06%
Income Tax
% Of Pretax Income
Net Earnings $3.045M $856.0K
YoY Change -312.05% 157.06%
Net Earnings / Revenue 18.05% 6.56%
Basic Earnings Per Share $0.04 $0.02
Diluted Earnings Per Share $0.04 $0.01
COMMON SHARES
Basic Shares Outstanding 69.86M shares 54.86M shares
Diluted Shares Outstanding 71.94M shares 58.71M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.925M $2.358M
YoY Change 146.21% 7.33%
Cash & Equivalents $2.925M $2.358M
Short-Term Investments
Other Short-Term Assets $3.061M $2.096M
YoY Change 194.33% 100.96%
Inventory $15.04M $13.87M
Prepaid Expenses
Receivables $8.732M $5.932M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.76M $24.26M
YoY Change 91.39% 39.67%
LONG-TERM ASSETS
Property, Plant & Equipment $10.23M $9.261M
YoY Change 18.86% 9.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000K $2.000K
YoY Change -33.33% -60.0%
Total Long-Term Assets $18.29M $16.59M
YoY Change 8.86% -2.03%
TOTAL ASSETS
Total Short-Term Assets $29.76M $24.26M
Total Long-Term Assets $18.29M $16.59M
Total Assets $48.05M $40.85M
YoY Change 48.54% 19.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.562M $5.577M
YoY Change 4.66% 12.51%
Accrued Expenses $3.207M $1.800M
YoY Change 183.81% 24.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.272M
YoY Change -100.0% -73.56%
Long-Term Debt Due $6.200M
YoY Change
Total Short-Term Liabilities $23.29M $13.77M
YoY Change 31.87% -28.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.200M
YoY Change -100.0%
Other Long-Term Liabilities $9.590M $8.956M
YoY Change -1.7% -8.25%
Total Long-Term Liabilities $9.590M $15.16M
YoY Change -10.84% 55.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.29M $13.77M
Total Long-Term Liabilities $9.590M $15.16M
Total Liabilities $32.88M $28.93M
YoY Change 15.7% -0.75%
SHAREHOLDERS EQUITY
Retained Earnings -$99.87M -$102.9M
YoY Change -2.6% 1.8%
Common Stock $699.0K $698.0K
YoY Change 40.93% 40.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.17M $11.92M
YoY Change
Total Liabilities & Shareholders Equity $48.05M $40.85M
YoY Change 48.54% 19.09%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.045M $856.0K
YoY Change -312.05% 157.06%
Depreciation, Depletion And Amortization $231.0K $235.0K
YoY Change 32.76% 36.63%
Cash From Operating Activities $4.202M -$565.0K
YoY Change 61.37% -52.08%
INVESTING ACTIVITIES
Capital Expenditures $1.403M $477.0K
YoY Change 3240.48% -39.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.403M -$477.0K
YoY Change 3240.48% -39.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.232M 1.382M
YoY Change -37.48% -55.01%
NET CHANGE
Cash From Operating Activities 4.202M -565.0K
Cash From Investing Activities -1.403M -477.0K
Cash From Financing Activities -2.232M 1.382M
Net Change In Cash 567.0K 340.0K
YoY Change -156.25% -69.17%
FREE CASH FLOW
Cash From Operating Activities $4.202M -$565.0K
Capital Expenditures $1.403M $477.0K
Free Cash Flow $2.799M -$1.042M
YoY Change 9.25% -47.08%

Facts In Submission

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<p id="xdx_80F_eus-gaap--NatureOfOperations_zxgnABI3Kv1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(2) <span id="xdx_82A_z4m4w7Zbr51h">Description of Business</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nanophase Technologies Corporation (“Nanophase,” “Company,” “we,” “our,” or “us”) is a science-driven company which, along with its wholly owned subsidiary, Solésence, LLC (our “Solésence beauty science subsidiary”), is focused in various beauty- and life-science markets.  Using consumer health as our end-goal and science and innovation to guide the path, skin health and medical diagnostics combined currently make up the majority of our business and drive our forward growth strategy.  We offer engineered materials, formulation development and commercial manufacturing through an integrated family of technologies. Our expertise in materials engineering allows us to effectively coat and disperse particles on a nano and “non-nano” scale for use in a variety of skin health markets, including for use in sunscreens as active ingredients and as fully developed prestige skin care and cosmetics products, marketed and sold through our Solésence beauty science subsidiary.  In terms of our life sciences focus, we have seen demand decrease for our medical diagnostics ingredients. Additionally, we continue to sell products in legacy markets, including architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, and surface finishing technologies (polishing) applications, all of which, along with medical diagnostics, fall into the advanced materials product category.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We target markets, primarily related to skin health products and ingredients, as well as diagnostic life sciences ingredients where we believe our materials and products offer practical and competitive minerals-based solutions. We traditionally work closely with current customers in these target markets to identify their material and performance requirements. We market our materials to various end-use applications manufacturers, and our Solésence® products to cosmetics and skin care brands.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Recently developed technologies have made certain new products possible and opened potential new markets. During 2015 we were granted a patent on a new type of particle surface treatment (coating) — now called Active Stress Defense ™ Technology — which became the cornerstone of our new product development in personal care, with first revenue recognized during 2016. Active Stress Defense™ now refers to a suite of three proprietary technologies — Original Active Stress Defense™, Kleair™, and Bloom™ — all three of which either utilize a unique and proprietary, mineral-based technology or work synergistically with one of our unique and proprietary, mineral-based technologies to improve performance and/or aesthetics. Our ongoing innovation efforts include new IP in areas that advance environmental protection, align with market needs, and complement our existing technologies. Through the creation of our Solésence beauty science subsidiary, we utilize our technology suite to manufacture and sell fully developed solutions to targeted customers in the skin care industry, typically in prestige skin care and cosmetics markets, in addition to the ingredients we have traditionally sold in the personal care area.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Although our primary strategic focus has been the North American market, we currently sell materials to customers overseas and have been working to expand our reach within foreign markets. Our common stock trades on the OTCQB marketplace under the symbol NANX.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason, we classify such revenue as “other revenue” in our Consolidated Statements of Operations, as it does not represent revenue directly from the sale of our products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Under SEC Release 33-10513; 34-83550, Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company and accordingly, it has scaled some of its disclosures of financial and non-financial information in this quarterly report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p>
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