MISSISSAUGA, ON, Dec. 31, 2021 /CNW/ – Cymat Technologies Ltd. (TSXV:CYM) (the “Company” or “Cymat”) is pleased to report its results of operations for the second quarter ended October 31, 2021.
Revenue for the second quarter of fiscal 2022 was $386,000 representing a decrease of $220,000, or 36%, compared to revenue from the second quarter of the preceding year of $606,000. Repairs to the lining and control systems for one of the casting furnaces, resulted in down time for the Stabilized Aluminum Foam (“SAF”) casting line that extended for half of the second quarter. Supply chain interruptions that have typified the Covid-19 pandemic delayed the receipt of replacement components, delaying repair time beyond the typical timeframe. Repairs were completed at the midway point of the quarter and production has been operating at full capacity since that point, progressing towards fulfillment of the $1.2 Million in sales order backlog.
AlusionTM, Cymat’s architectural aluminum foam, is expected to continue to provide the majority of revenue for the near term, with the bulk of the above-mentioned order backlog relating to AlusionTM panels. Some short-term delays in the timing of architecture orders are possible as the pandemic continues to exert its economic influence; however, the pipeline of major construction projects continues to be strong. In its efforts to further broaden the AlusionTM sale pipeline, Cymat continues to collaborate with its newly signed European architectural sales agency to further augment its traditionally strong continental presence. Also Cymat has added a full-time senior sales person based in the United States with a focus on developing new business and agent relationships in the USA and Cymat has launched a marketing campaign with an additional online architectural platform.
Cymat continues to focus a significant portion of its business development efforts on the promotion of SmartMetalTM’s utility to the automotive sector as a solution to achieve vehicle light-weighting and energy absorption objectives. Cymat has bolstered its executive team with the addition of a Chief Operating Officer and a Chief Commercial Officer that both have extensive experience in the automotive manufacturing industry. Additionally, our new US-based sales person has a lengthy history in the automotive sector and possesses significant contacts with new, upstart automotive OEMs. Ongoing production line upgrades are expected to benefit automotive business development efforts as they enhance Cymat’s ability to demonstrate high volume manufacturing readiness to automotive OEMs and Tier 1 suppliers.
Expenses for the six months ended October 31, 2021 include the recording of $1.1 Million in non-cash expenses resulting from the valuation of stock options …
Original Post: benzinga.com