Growth in Graphene Enhanced Solutions
Despite challenging economic conditions, NanoXplore saw increasing margins due to greater acceptance of its Graphene Enhanced solutions across industries.
Operational Efficiencies
Adjusted gross margins increased by 150 basis points year-over-year, reaching 22.4% due to manufacturing efficiency improvements and higher sales of graphene powder.
Positive EBITDA in Battery Sales and Materials
The Battery Sales and Materials segment showed a significant improvement with an adjusted EBITDA of $102,000 compared to a loss of $688,000 last year, mainly due to R&D grants and lower spending.
Strong Cash Flow Management
Operating cash flows amounted to an inflow of $4.9 million, with a total liquidity of $30.7 million at the end of the quarter.