Nanophase Technologies Files Q2 2024 10-Q

TL;DR

Nanophase Tech Q2 10-Q filed. Financials for June 30, 2024, are in.

AI Summary

Nanophase Technologies Corp. reported its Q2 2024 results, ending June 30, 2024. The company's financial performance for the quarter and the first six months of the year is detailed in this 10-Q filing. Specific revenue figures, cost of goods sold, and operating expenses for the periods ending June 30, 2024, and June 30, 2023, are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Nanophase Technologies, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal performance trends or issues impacting the company's stock.

Key Numbers

• 2024 Q2 — Quarterly Period (Reporting period for the 10-Q)
• 2024-06-30 — End of Reporting Period (Specific date for financial data)
• 2023-06-30 — Prior Year Comparison Date (For year-over-year financial comparison)

Key Players & Entities

• NANOPHASE TECHNOLOGIES Corp (company) — Filer
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date
• 0000883107 (company) — Central Index Key

FAQ

Filing Documents

• nanx-10q_063024.htm (10-Q) — 627KB
• ex31-1.htm (EX-31.1) — 8KB
• ex31-2.htm (EX-31.2) — 8KB
• ex32.htm (EX-32) — 4KB
• 0001999371-24-009833.txt ( ) — 3344KB
• nanx-20240630.xsd (EX-101.SCH) — 25KB
• nanx-20240630_cal.xml (EX-101.CAL) — 43KB
• nanx-20240630_def.xml (EX-101.DEF) — 86KB
• nanx-20240630_lab.xml (EX-101.LAB) — 199KB
• nanx-20240630_pre.xml (EX-101.PRE) — 161KB
• nanx-10q_063024_htm.xml (XML) — 482KB

– FINANCIAL

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets (Unaudited Consolidated Condensed) as of June 30, 2024, and December 31, 2023 3 Consolidated Statements of Operations (Unaudited Consolidated Condensed) for the three and six months ended June 30, 2024, and 2023 4 Consolidated Statements of Shareholders' Equity (Unaudited Consolidated Condensed) for the three and six months ended June 30, 2024, and 2023 5 Consolidated Statements of Cash Flows (Unaudited Consolidated Condensed) for the six months ended June 30, 2024, and 2023 6 Notes to Unaudited Consolidated Condensed

Financial Statements

Financial Statements 7 Item 2.

Management's Discussion and Analysis

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

– OTHER INFORMATION

PART II – OTHER INFORMATION 17 Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 2 PART I – FINANCIAL INFORMATION

Financial

Item 1. Financial NANOPHASE TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited Consolidated Condensed) (in thousands except share and per share data) ASSETS June 30, 2024 December 31, 2023 Current assets: Cash $ 2,358 $ 1,722 Trade accounts receivable, less allowance for credit losses of $ 307 for June 30, 2024, and $ 225 for December 31, 2023 5,932 3,467 Inventories, net 13,874 10,031 Prepaid expenses and other current assets 2,096 1,082 Total current assets 24,260 16,302 Equipment and leasehold improvements, net 9,261 8,668 Operating leases, right of use 7,326 7,907 Other assets, net 2 4 Total assets $ 40,849 $ 32,881 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Lines of credit – accounts receivable, related party $ 2,272 $ 2,810 Current portion of long-term debt, related party — 2,000 Current portion of operating lease obligation 1,043 1,297 Accounts payable 5,577 6,260 Deferred revenue 3,077 2,353 Accrued expenses 1,800 869 Total current liabilities 13,769 15,589 Long-term portion of operating lease obligations 8,714 9,152 Long-term line of credit – inventory, related party 5,200 5,000 Long-term debt, related party 1,000 1,000 Asset retirement obligations 242 238 Total long-term liabilities 15,156 15,390 Shareholders' equity: Preferred stock, $ .01 par value, 24,088 shares authorized on June 30, 2024, and December 31, 2023, respectively. No shares issued and outstanding on June 30, 2024, and December 31, 2023, respectively. — — Common stock, $ .01 par value, 95,000,000 and 60,000,000 shares authorized; 69,860,984 and 49,627,254 shares issued and outstanding on June 30, 2024 and December 31, 2023, respectively 698 496 Additional paid-in capital 114,140 106,069 Accumulated deficit ( 102,914 ) ( 104,663 ) Total Shareholders' equity 11,924

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited Consolidated Condensed) (in thousands, except share and per share data or as otherwise noted herein) (1) Basis of Presentation The accompanying unaudited consolidated condensed interim financial statements of Nanophase Technologies Corporation ("Nanophase", "Company", "we", "our", or "us") reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair statement of our financial position and operating results for the interim periods presented. All statements include the results from both Nanophase and our wholly-owned subsidiary, Solsence, LLC ("Solsence," or our "Solsence subsidiary"). Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission. (2) Description of Business Nanophase Technologies Corporation ("Nanophase," "Company," "we," "our," or "us") is a science-driven company which, along with its wholly owned subsidiary, Solsence, LLC (our "Solsence beauty science subsidiary"), is focused in various beauty- and life-science markets. Using consumer health as our end-goal and science and innovation to guide the path, skin health and medical diagnostics combined currently make up the majority of our business and drive our forward growth strategy. We offer engineered materials, formulation development and commercial manufacturing through an integrated family of technologies. Our expertise in materials engineering allows us to effectively coat and disperse particles on a nano and "non-nano" scale for use in a variety of skin health ma

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View this 10-Q filing on SEC EDGAR