Montreal, Quebec — November 7, 2023 – NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, reported today financial results for the three-month period ended September 30, 2023. 

All amounts in this press release are in Canadian dollars, unless otherwise stated.


  • Total revenues of $28,936,031 in Q1-2024 compared to $27,232,525 in Q1-2023, representing a 6% increase;
  • Gross margin on revenues from customers of 19.7% in Q1‑2024 compared to 11.6% in Q1-2023;
  • Adjusted EBITDA* of $170,654 for the advanced materials, plastics and composite products segment offset by ‑$618,986 for the battery cells segment (VoltaXplore initiative) for a net adjusted EBITDA in Q1-2024 of -$448,332 compared to -$1,977,032 in Q1-2023;
  • Total liquidity of $39,581,390 as at September 30, 2023, including cash and cash equivalents of $28,933,670;
  • Total long-term debt of $7,498,468 as at September 30, 2023, down by $377,420 compared to June 30, 2023;
  • NanoXplore expects total revenues of $130 million for the year ending June 30, 2024.


Pedro Azevedo, Chief Financial Officer, stated: “The quarter produced some strong results even though our Q1 is traditionally our slowest quarter. We have won some important new business that will start to benefit us in the 2nd half of calendar 2024 and maintained the margin improvements we have fought to achieve over the last year.  While we acknowledge that growth is slowing down as a result of central banks interest rates hikes, our Graphene initiatives are steadily growing and we are well positioned to deliver the returns our shareholders are expecting from us.”

Soroush Nazarpour, President & Chief Financial Officer, said: “I am very pleased with the performance of NanoXplore’s team as we have been able to significantly improve our gross margin to almost 20% compared to the first quarter of last year. In addition, we announced new contract wins totaling $24M in annual revenues that will contribute positively to our future financial performance. Our graphene enhanced composite light weighting solutions are gaining momentum, and more OEMs are interested in our products. Graphene brings several technical improvements to these products which translates into higher gross margins, well over traditional composite part suppliers. Our focus on margin expansion, including reducing the manufacturing cost of graphene, focusing on high margin applications such as battery materials will further contribute to our financial performance in the years to come. Furthermore, our continued focus on accelerating the market adoption of graphene and graphene enabled products has led us to achieve a major innovation in manufacturing graphene – developing a dry processing method to produce graphene at significantly lower cost.  We believe the expected cost reductions achieved via this process will allow us to make NanoXplore competitive to carbon black selling price thus eliminating one of the major obstacles in adoption of graphene.


NanoXplore reports its financials in two distinct segments: Advanced materials, plastics and composite products and Battery cells.


All revenues are coming from the segment of advanced materials, plastics and composite products, except for $21,930 of other revenues [Q1-2023 – Nil] from the segment battery cells.

Revenues from customers increased from $27,147,167 in Q1-2023 to $28,706,752 in Q1-2024. This increase is mainly due to a positive product mix including graphene enhanced products, higher volume, a positive FX impact and price increases partially offset by lower tooling revenues.

Other income increased from $85,358 in Q1-2023 to $229,279 in Q1-2024. The variation is due to grants received for R&D programs.

Adjusted EBITDA

1) From Advanced materials, plastics and composite products

The adjusted EBITDA improved from -$1,977,032 in Q1-2023 to $170,654 in Q1-2024. The variation is explained as follows:

  • Gross margin on revenues from customers increased by $2,499,095 compared to Q1-2023 due to higher sales as described above, favourable product mix, improved productivity and cost control; and
  • Partially offset by higher administrative expenses (SG&A and R&D) of $513,400 mainly due to additional headcounts and higher wages, including higher accrued variable compensation.

2) From Battery cells

The adjusted EBITDA passed from nil in Q1-2023 to -$618,986 in Q1-2024. The variation is explained by the administrative expenses (G&A and R&D) of $640,916 from this new segment.


Additional information about the Corporation, including the Corporation’s Interim Management Discussion and Analysis for the three-month periods ended September 30, 2023 and 2022 (“MD&A”) and the Corporation’s unaudited condensed interim consolidated financial statements for the three-month periods ended September 30, 2023 and 2022 (the “financial statements”) can be found at

* Non-IFRS Measures

Results of operations may include certain unusual and other items which have been separately disclosed, where appropriate, in order to provide a clear assessment of the underlying Corporation results.

The financial statements and MD&A were prepared using results and financial information determined under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include “Adjusted EBITDA”.


NanoXplore will hold a webcast tomorrow, November 8, 2023, at 8:30 am EDT to review its Q1-2024. Soroush Nazarpour, CEO and President of NanoXplore, and Pedro Azevedo, Chief Financial Officer, will host the event. To access the webcast please click on the link or you can access through our website in the Investors section under Events and Presentations. A replay of this event can be accessed via the above link or on our website.


NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. Also, the Corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon‑graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.


This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, including the relevant assumptions and risks factors set out in NanoXplore’s most recent annual management discussion and analysis filed on SEDAR+ at, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy, notably as a consequence of the Covid-19 pandemic. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to update or revise any forward–looking statement as a result of new information, subsequent events or otherwise.

Forward-looking statements reflect management’s current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.

No securities regulatory authority has either approved or disapproved the contents of this press release.

For further information, please contact:

Pedro Azevedo

Chief Financial Officer

Tel: 1 438 476-1973

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