Nanoco Group financial performance comfortably in line with the Board’s expectations

Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from our technology platform, will hold its Annual General Meeting later this morning. Details of the arrangements were included in the Notice of Meeting issued on 4 November 2022.

The Company will make the following statement in respect of the first four months of the financial year ending 31 July 2023.

Operational and trading update

Financial performance in the Period has been comfortably in line with the Board’s expectations. We continue to deliver R&D services under a number of contracted development programmes with different customers in the sensing market and are seeing an increase in demand for volumes of development materials.

We have a high level of confidence that we will receive sensing-application production orders in calendar year 2023, based on our visibility of customer final validation plans. As noted in our Preliminary Results, engagement from customers interested in our CFQD® materials for display applications also continues to grow.

Nanoco’s organic business remains underpinned by the enhanced and extended funding put in place following the significantly over-subscribed fundraise in June 2022.

Samsung Litigation Update

As announced on 9 December 2022, the Group now has a firm date of 6 January 2023 for the start of its trial against Samsung in the Eastern District of Texas. The trial is expected to last one working week at the end of which the jury will deliver a verdict on whether Samsung has infringed Nanoco’s IP, on whether any infringement was deliberate (‘wilful’), the value of any damages award for sales of infringing units up to the date of the trial, and if a future ‘running’ royalty should also be awarded.

In November, Samsung submitted its appeals against the findings of the Patent Trial and Appeal Board which rejected all of Samsung’s challenges against Nanoco’s five patents and all 47 associated claims in the case. A final outcome to the PTAB appeals is expected in Q3 of CY23.

The Board looks forward to the opportunity to put our case to the court in Texas in January 2023, as well as progressing the law suits that Nanoco recently filed in Germany and China.

In summary, the Board remains confident that both the organic business and the litigation are sources of potentially significant shareholder value that will be transformative for the Group’s prospects.

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