Nanoco Group PLC has released a trading update for the first half of the fiscal year, showcasing the company's performance and strategic advancements. The company achieved a significant milestone with its first-ever commercial production order, shipping two first-generation materials for use in infra-red sensing applications in electronic devices. Nanoco also made substantial progress with its global electronics supply chain customers, including joint development agreements with STMicroelectronics and an important Asian chemical customer.
The company is currently in the process of building and fitting out a new 300mm wafer device development and testing capability to expedite product research cycles and support new customer engagement. Financially, Nanoco received the second and final tranche of litigation proceeds from Samsung, amounting to a net $71.75m, and is set to return capital to shareholders in the range of £33.0-40.0m. The retained proceeds will be invested in commercial opportunities and further expanding R&D activities.
Brian Tenner, Chief Executive Officer of Nanoco, expressed optimism about the company's future, stating, "The Group is well placed at the forefront of quantum dot technology to generate increases in shareholder value in the medium term." He also highlighted the upcoming return of capital to shareholders and the strategic investment in R&D and expanded device capabilities. The company's revenue and Adjusted EBITDA remain in line with the Board's expectations.
Nanoco Group plc is a nano-material production and licensing company, specializing in the production of its patented cadmium-free quantum dots (CFQD®) and other patented nano-materials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to make strides in the development and manufacture of cutting-edge nanomaterials.