Ronkonkoma, New York, USA - TheNewswire – January 30, 2024 - G6 Materials Corp. (“G6” or the “Company”) (TSXV:GGG) (OTC:GPHBF), a high-tech company with expertise in advanced materials and developing innovative composites for a wide range of industrial uses, announces that it has filed its unaudited financial results for the second quarter of the fiscal year ending November 30, 2023, 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 three-month period ended November 30, 2023 was $298,022, a decrease from the $490,527 reported for the same three-month period last year, due to a change in product sales mix. 

• Gross profit for the three-month period ended November 30, 2023 was a loss of $9,242, an improvement from the loss of $39,467 reported for the same three-month period last year, due to a relative decrease the cost of goods sold on a year-over year basis. 

• Total expenses for the three-month period ended November 30, 2023 was $427,712, a significant improvement from the $872,419 reported for the same three-month period last year, primarily due to a large decrease in general and administrative expenses.  

• Net loss for the three-month period ended November 30, 2023 was $436,954, a significant improvement to the net loss of $911,886 reported for the same three-month period last year, as the Company continued with reduced expenditures to preserve cash. 

• Total assets for the period ended November 30, 2023 were $832,321, from $1,441,003 reported for the annual period ended May 31, 2023. 

 

Management Commentary

 

"In line with the previous quarter, G6's second fiscal quarter of 2024 saw a noteworthy decrease in the company's year-over-year cash-based expenses. This prudent financial strategy was imperative during a transitional phase for the organization, marked by the formulation and ongoing implementation of a new competitive strategy under the leadership of our new management team." stated Guy Bourgeois, CEO & Director of G6 Materials Corp. "Assuming the role of the new strategic leader at G6, after an appropriate tenure as an independent board member, is an honor. Together with the board, we will optimize G6's revenue stream, operations and position the Company strategically to leverage lucrative opportunities in the advanced materials space," Mr. Bourgeois added.

 

Summary of Key Financial Measures (all amounts expressed in US dollars unless otherwise noted)

 

The following table contains summary financial information taken from the Company’s quarterly financial reports covering the last five reporting quarters. The information set forth should be read in conjunction with the Company’s audited annual financial statements, prepared in accordance with International Financial Reporting Standards and the related notes thereon.

 

	Quarter ended Nov 30, 2023 $	Quarter ended Aug 31, 2023 $	Quarter ended May 31, 2023 $	Quarter ended Feb 28, 2023 $	Quarter ended Nov 30, 2022 $
Revenue	298,022	320,907	330,301	370,646	490,527
Cost of goods sold	(307,264)	(233,347)	(281,894)	(316,426)	(529,994)
Gross profit	(9,242)	87,560	48,407	54,220	(39,467)
Operating expenses	(427,712)	(514,506)	(765,216)	(500,746)	(872,419)
Other income / (expenses)	-	-	-	-	-
Net loss	(436,954)	(426,946)	(716,809)	(446,526)	(911,886)
Comprehensive loss	(437,702)	(433,924)	(782,840)	(447,044)	(936,580)
Net loss per share (basic and diluted)	($0.03)	($0.03)	($0.03)	($0.03)	($0.06)
Total assets	832,321	1,129,035	1,441,003	1,856,490	2,217,306
Shareholders’ equity	178,811	611,106	971,458	1,602,078	1,992,407

 

About G6 Materials Corp.

 

G6 Materials Corp. is a high-tech company with expertise in advanced materials that creates value developing innovative composites for a wide range of industrial uses. Graphene Laboratories Inc., a wholly owned subsidiary of G6, sells a range of graphene-based products and other materials, including but not limited to conductive epoxies, high-performance composites, and R&D materials, with numerous customers from among the Fortune 500 list of companies, as well as NASA and leading universities. Graphene Laboratories Inc. has entered the global air filtration market with Breathe+, a line of medical-grade HEPA air filtration products enhanced with advanced performance graphene material.

 

G6 has identified new graphene-based applications to accelerate growth into the future. Accordingly, the Company has a valuable IP portfolio currently comprising seven granted patents. The Company’s management team and employees have a deep understanding of graphene technology based on decades of aggregate academic and commercial experience. Graphene Laboratories Inc. has established its premium research laboratory and scalable production facility equipped with advanced analytical and material processing equipment.

 

The Company’s e-commerce websites are listed below:

 

• Breathe: Medical-grade HEPA air filtration enhanced with advanced performance graphene material, for more information, visitwww.breatheplus.tech 

• Conductive Epoxies: Adhesive materials distributed under the G6-EpoxyTM trade name and can be purchased at www.g6-epoxy.com 

• D Materials: Graphene Laboratories Inc. currently offers over 100 graphene and related products available atwww.graphene-supermarket.com 

Forward-Looking Information

 

This news release contains forward-looking statements within 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, potential commercialization and patent pending 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 actual results in commercial applications of the Company’s graphene-enhanced air purifier may differ significantly from its test results; health and environmental factors affecting the adoption of the Company’s graphene-based technologies or other products; the Company may fail to obtain appropriate government approvals or accreditation related to the business’ operations and technological processes; 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Corporate Inquiries

Kevin Cornish, Chief Financial Officer

Telephone: (516) 382-8649

Email: kevin.cornish@g6-materials.com

 

Commercial Inquiries

Email: info@g6-materials.com

 

Investor Inquiries

Telephone: 1-(866)-324-4244

Email: investors@g6-materials.com

 

ON BEHALF OF THE BOARD:  Gary Dyal, Chairman

 

For more information on G6 Materials Corp., please visit www.G6-Materials.com or its profile page on SEDAR+ at www.sedarplus.ca.

 

SOURCE: G6 Materials Corp.