March 24, 2021 @ 9:48 by Richard Dawson
A North East company at the forefront of the production of graphene nanoplatelet dispersions has announced its interim results.
Applied Graphene Materials (AGM) has secured its cash runway well into 2023 after fundraising £5.5 million in February this year.
The company’s performance in the six months to January 31 saw it record a pre-tax loss of £1.6 million.
AGM remains well financed though, with £2.3 million in cash at the bank and a further £5.5 million on the way from the February raise.
Growth in total pipeline engagements to 135 has also resulted in revenue potential of £3.7 million.
The company has experienced significant growth in the car care sector through its new wax-based care car products and has secured repeat business from JBL for aerosol based primers.
Its commercial relationship with Blocksil is also baring fruit, with orders from RTE, Network Rail and others supporting activity.
Adrian Potts, chief executive of AGM, said: “We have made good progress in the period both in our technology development and with specific customers, primarily in the coatings sector.
“Similarly, our expanded distributor base is generating a growing number of new customer engagements.
“Our route to significant revenue is through providing our high-quality graphene nanoplatelets dispersed in a format ready to be incorporated into customer product formulations.
“We continue to work successfully with our customers on graphene integration through to product testing and product launches and we are now starting to see our customer base launch graphene-enhanced products on a larger scale.
“All of this progress is key to driving AGM’s sales growth, and it is particularly pleasing to see our customers in the coatings sector starting to use graphene-enhanced products in a range of large-scale, real-life applications, resulting in a developing pattern of repeat orders for our graphene products.
“Having completed our recent fundraise, the goard considers AGM to be in good shape to develop our revenue prospects in the coming months.”