Nocopi Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the same periods in 2023. For the third quarter of 2024, total revenues increased to $668,400, a rise of approximately 16% from $575,100 in Q3 2023. This growth was primarily driven by higher product sales, which reached $516,900, up 18% from $438,200 in the prior year, attributed to increased ink shipments to major licensees. However, for the first nine months of 2024, total revenues decreased to $1,525,700, down 14% from $1,766,400 in the same period in 2023, largely due to lower sales and royalty revenues in the entertainment and toy products market.

Gross profit for Q3 2024 was $380,300, representing approximately 57% of revenues, an improvement from $265,100 (46% of revenues) in Q3 2023. Conversely, gross profit for the nine-month period fell to $776,200 (51% of revenues) from $946,900 (54% of revenues) in 2023. The company reported a net loss of $(251,100) for Q3 2024, an improvement from $(453,300) in Q3 2023, while the net loss for the nine months increased to $(2,284,700) from $(343,900) in the previous year.

Nocopi's cash and cash equivalents significantly improved, totaling $10,940,900 as of September 30, 2024, compared to $2,269,200 at the end of 2023. The company generated $696,000 from operating activities and $7,975,700 from investing activities during the first nine months of 2024. Total current liabilities rose to $3,891,100 from $1,486,800 at the end of 2023, with stock compensation payable increasing to $3,584,700.

Strategically, Nocopi aims to leverage its relationships in the entertainment and toy products market, focusing on expanding its licensee base and enhancing product offerings. The company is also exploring potential acquisitions to complement its services and technologies, although no current agreements are in place. The management remains cautious about economic uncertainties that may impact revenue from its key markets in the upcoming year.