Nanophase Technologies Corp reported significant financial improvements for the three months ended September 30, 2024, compared to the same period in 2023. The company achieved revenue of $16,866,000, a substantial increase from $7,958,000 in the prior year, driven primarily by product revenue, which rose to $16,785,000 from $7,746,000.

The net income for the quarter was $3,045,000, a notable turnaround from a net loss of $(1,436,000) in the previous year. This resulted in a net income per basic share of $0.04, compared to a loss of $(0.03) per share in the same quarter of 2023.

As of September 30, 2024, the company reported current assets of $29,761,000, significantly up from $16,302,000 at the end of 2023. Total assets also increased to $48,047,000 from $32,881,000. Current liabilities rose slightly to $23,288,000 from $21,589,000, while shareholders’ equity saw a dramatic increase to $15,169,000, up from $1,902,000 at the end of the previous fiscal year.

Operating expenses for the quarter were $10,764,000, an increase from $6,428,000 in the same period last year. Research and development expenses decreased slightly to $970,000 from $1,057,000, indicating a focus on managing costs while pursuing growth.

The company also reported a positive cash position, with cash at the end of the period amounting to $2,925,000, compared to $1,188,000 a year earlier. Additionally, net cash provided by financing activities for the nine months ended September 30, 2024, was $3,386,000, a significant improvement from a net cash outflow of $(790,000) in the same period of 2023.

These financial results reflect a strong recovery and growth trajectory for Nanophase Technologies, highlighting the effectiveness of its strategic initiatives and operational adjustments over the past year.