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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 – February 1, 2021 - G6 Materials Corp. (“G6” or the “Company”) (TSXV: GGG, OTCQB: GPHBF), a technology company and world-leader in creating value through the development of innovative graphene-based solutions, is pleased to announce that it has filed its unaudited financial results for the second quarter of the fiscal year ending November 30, 2020, 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 six-month period ended November 30, 2020 reached $1,675,566, a 383% increase from the $346,693 reported for the same period of the prior year, which was primarily due to strong customer demand for the Company’s air purification products, consulting services provided to third-party clients and the receipt of a one-time payment as per the terms of a license and option agreement.
- Gross profit for the six-month period ended November 30, 2020 was $635,512, a 562% increase from the $96,019 reported for the same period of the prior year, due to the same aforementioned reasons.
- Total expenses for the six-month period ended November 30, 2020 were $832,079, as compared to $620,419 for the same period of the prior year, primarily due to $268,579 of share-based compensation related to the issuance of the options on October 14, 2020.
- Comprehensive loss for the six-month period ended November 30, 2020 was $209,994, as compared to a comprehensive loss of $524,731 reported for the same period of 2019, which was primarily due to reduced expenses in the areas of salaries and benefits as well as research and development.
- Total assets for the period ended November 30, 2020 increased by 15% to $1,342,561 from $1,165,686 for the year ended May 31, 2020 and a 50% increase from $896,299 reported for the same period of last year.
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