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Revenue Grew by 110% for Year Ended
Financial Highlights(all amounts expressed in US dollars unless otherwise noted)
- Revenue for the year period ended
May 31, 2021 reached$1,939,663 , a 110% increase from the$922,614 reported for the same period of the prior year, which was primarily due to the continuing strong demand for the Company’s offering of air purification products and graphene-related consulting services provided to third-party clients with a higher margin.- Gross profit for the year ended
May 31, 2021 was$517,393 , a 156% increase from the$202,245 reported for the same period of the prior year, due to the aforementioned reasons listed above.- Total expenses for the year ended
May 31, 2021 were$1,950,509 , as compared to$1,240,593 for the same period of the prior year, primarily due to an increase in professional fees, marketing and investor relations and research and development expenses, as well as the$268,579 of share-based compensation.- Comprehensive loss for the year ended
May 31, 2021 decreased by 6% to$938,601 , as compared to a comprehensive loss of$1,002,112 reported for the same period of the prior year, which was primarily due to increases in the sales of intellectual property consulting services, air purification products and hygiene products, which was partially offset by increases in professional fees and office and administration expenses.- Total assets for the year ended
May 31, 2021 increased by 407% to$5,912,649 from$1,165,686 for the same period of the prior year.
Management Commentary
“Our financial results for the 2021 fiscal year feature significant highlights that include G6’s strong growth in revenue, gross profit and total assets. I am proud of our team’s accomplishments and thank them for their hard work to achieve these results. G6 is well financed to pursue its goals in the 2022 fiscal year and I look forward to executing on our near-term target milestones,” said
Summary of Key Financial Measures
(all amounts expressed in US dollars unless otherwise noted)
----------------------------------------------------------- | |Year ended |Year ended |Year ended | | |May 31, 2021|May 31, 2020|May 31, 2019| | |$ |$ |$ | |---------------------------------------------------------| |Revenue |1,939,663 |922,614 |946,834 | |---------------------------------------------------------| |Gross profit |517,393 |202,245 |592,964 | |---------------------------------------------------------| |Net loss |1,129,816 |1,014,348 |599,373 | |---------------------------------------------------------| |Comprehensive Loss|938,601 |1,002,112 |601,565 | |---------------------------------------------------------| |Net loss per share|$0.01 |$0.01 |$0.01 | |---------------------------------------------------------| |Total assets |5,912,649 |1,165,686 |1,066,851 | |---------------------------------------------------------| |Total non-current |149,733 |- |24,000 | |financial | | | | |liabilities | | | | -----------------------------------------------------------
Subsequent Highlighted Events (all amounts expressed in US dollars unless otherwise noted)
- Closing of GX Technologies Acquisition:On
August 4, 2021 , the Company executed a definitive purchase agreement (the “Agreement”) to formalize and close the previously announced acquisition (the “Transaction”) of all membership interests ofGX Technologies, LLC (“GX Technologies”). Pursuant to the terms of the Agreement, the Company paid for the membership interests of GX Technologies by issuing 25,000,000 common shares (the “Consideration Shares”) of G6 at a deemed price ofC$0.20 per common share of the Company onAugust 23, 2021 .
- Air Purifier Test Results: On
September 7, 2021 , the Company announced the results of the antimicrobial efficacy test on a prototype of G6’s proprietary graphene-based air purifier (the “Lab Test”) conducted by a US-based microbiological laboratory of The Intertek Group plc. The test showed that the concentration of pathogenic microorganisms present in the testing chamber was reduced by 99.9% over the duration of the experiment. Two different pathogens were randomly chosen to be tested under each experiment, which were the E. coli bacteria and the Phi-X174 bacteriophage. The duration of the Lab Test was set to two hours.
Outlook
Subsequent to its successful 2021 fiscal year, the Company is focused on achieving its carefully selected group of near-term target milestones. They include the commencement of the pilot-scale reactor for graphene oxide production; the achievement of ISO certification of its
About
G6 has identified new graphene-based applications to accelerate growth into the future. Accordingly, the Company has a valuable IP portfolio currently comprised of five granted patents and six patent applications filed. The Company’s management team and employees have a deep understanding of graphene technology based on decades of aggregate academic and commercial experience.
The Company’s e-commerce websites are listed below:
- Conductive Epoxies: Adhesive materials distributed under the G6-EpoxyTMtrade name and can be purchased atg6-epoxy.com
- R&D Materials:
Graphene Laboratories Inc. currently offers over 100 graphene and related products available atGraphene-Supermarket.com
Forward-Looking Information
This news release contains forward-looking statementswithin the meaning of the applicable securities legislation that is based on expectations, estimates and projections as at the date of this news release.By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. “Forward-looking information” in this news release includes but is not limited to information about the graphene-enhanced air purifier (including efficacy and potential commercialization thereof); information about the potential for the Company’s long-term growth; the business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Risk factors that could cause actual results to differ materially include, but are not limited to, the risk that actual results in commercial applications of the graphene-enhanced air purifier may differ significantly from the Test Results; the Test Results may not be accepted by applicable regulatory agencies required to approve commercialization of the graphene-enhanced air purifier; the Company may not receive required approvals from regulatory agencies to commercialize the graphene-enhanced air purifier; the Company may not achieve further stages of commercialization of the graphene-enhanced air purifier as anticipated, or at all;risks associated with adoption by industries of graphene-based products health and environmental factors affecting adoption of these technologies; the company may fail to obtain appropriate government approvals or accreditation related to the business’ operations and technological processes; the results of the tests being performed by an independent laboratory may be unsatisfactory and prevent the company from receiving government approvals and accreditations; the market conditions and demand for its product as well as the market prices of such products being developed by the company may change over time; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; competition; dilution; and the volatility of our common share price and volume.
The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither
Commercial Inquiries
Telephone: (631) 405-5113
Email: info@g6-materials.com
Investor Inquiries
G6 Investor Relations
Telephone: (631) 405-5114
Email: investors@g6-materials.com
ON BEHALF OF THE BOARD: Daniel Stolyarov, President & CEO
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