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California Nanotechnologies ( (TSE:CNO) ) has issued an announcement.
California Nanotechnologies reported a 49% decrease in quarterly revenue to $780K, attributed to a decline in business from its green steel customer. Despite this, the company achieved a 100% year-over-year increase in manufacturing revenues from other customers, highlighting its efforts to diversify its client base. The company is transitioning towards long-term commercial contracts and announced a Letter of Intent for a $1 million SPS production contract for military brakes. Cal Nano is also exploring advanced armor applications and continues to engage in discussions with potential partners to expand its market presence.
The most recent analyst rating on (TSE:CNO) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on California Nanotechnologies stock, see the TSE:CNO Stock Forecast page.
Spark’s Take on TSE:CNO Stock
According to Spark, TipRanks’ AI Analyst, TSE:CNO is a Neutral.
The overall stock score is primarily influenced by strong financial performance in terms of revenue growth and cash flow generation, despite profitability challenges and high leverage. Technical analysis indicates a bearish trend with potential short-term overbought conditions. Valuation concerns due to a negative P/E ratio and lack of dividend yield further impact the score.
To see Spark’s full report on TSE:CNO stock, click here.
More about California Nanotechnologies
California Nanotechnologies operates in the nanotechnology industry, focusing on advanced materials and manufacturing solutions. The company offers products and services related to cryomilling and Spark Plasma Sintering (SPS) technologies, targeting sectors such as automotive, defense, energy, and industrial products.
Average Trading Volume: 86,213
Technical Sentiment Signal: Buy
Current Market Cap: C$24.03M
For an in-depth examination of CNO stock, go to TipRanks’ Overview page.