ItN Nanovation AG announced unaudited earnings results for the third quarter and first nine months of 2014. For the third quarter, the company turnover of EUR 713,000 surpassed that of the previous year by 55%. Operating performance surpassed the level of the previous year by even 125% with EUR 809,000. At the same time other operating expenses temporarily rose by 59% to EUR 1,047,000, resulting in the EBITDA to decrease to negative of EUR 1,212,000 compared to EUR 1,273,000 in the previous year.

For the first nine months of 2014, the company has generated a group turnover of EUR 2,281,000 compared to the turnover of the previous year's quarter which amounted to EUR 1,633,000, this is a significant improvement by EUR 648,000. The operating performance noticeably increased to EUR 2,297,000 compared to EUR 1,568,000 for the same period a year ago. This was seen alongside an increase in material costs to EUR 834,000 compared to the previous year's value of EUR 676,000. The EBITDA increased to negative EUR 3,666,000 Compared to EUR 2,881,000 for the same period a year ago, due to the special effects described in the semiannual report such as extension of capacity and implementation of a membrane production facility. Correspondingly, the group's earnings decreased to negative of EUR 4,670,000 compared to EUR 3,740,000 for the same period a year ago, during the reporting period of January to September 2014.

The fourth quarter is expected to be the strongest quarter of the business year by far.

For the entire year of 2014, the turnover is expected to significantly exceed the level of the previous year. The management board continues to expect a cumulated group turnover of EUR 15 to 20 million for 2014. As stated in the semiannual report, the EBITDA for the entire year is expected to be in the low negative single-digit million range.

The management board continues to expect a cumulated group turnover of EUR 15 to 20 million for 2015.