During H121 Nanoco successfully delivered on the technical and commercial milestones for its programme with a major customer to develop new nanomaterials for sensing applications. Management implemented further restructuring actions, cutting cash-burn to £0.4m/month and extending the cash runway to calendar H222.
Nanoco’s development activities have continued throughout the coronavirus-related restrictions. Revenues decreased by £1.9m year-on-year during H121 to £1.0m as revenues from the development work for the major customer, who we infer is ST Microelectronics (ST) based on previous announcements, were lower than those from the contract with the major US customer, which ended in December 2019.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging.
