Shareholders of Nanophase Technologies Corp. (OTCQB:NANX) were greeted to strong financial results this morning when it was announced that the Company’s Solésence beauty science and life science materials segments contributed to record 2020 financial results.
Revenue for the fourth quarter was $4.9 million, vs. $2.4 million for the same period in 2019. Revenue for the full year was $17.1 million vs. $12.5 million for the same period in 2019.
For the full year of 2020, Solésence revenue was $6.7 million, up 263% from $1.9 million in 2019 while Advanced Materials revenue was $4.9 million, up 77% from $2.7 million in 2019.
"As volume has increased, our gross profit has more than doubled, helping us to achieve full-year GAAP profitability for the first time in our history. We are generating cash from operations that — while more than absorbed by working capital requirements demanded by our growth — is indicative of a much healthier company," commented Jess Jankowski, President and CEO on Nanophase.
Investors took the positive news and ran with it, pushing shares of the stock higher to the tune of $1.10 per share for a gain of 12.24% as of mid-day trading on Thursday.
