This has been a year of substantial change for Nanoco. We finished the year with new leadership and a more focused team, poised to win new business in our core target sectors. This new focus was strongly endorsed by our shareholders, who supported the raising of £3.4 million in new equity.
As we closed the year, a number of small but significant commercial wins were added to our existing agreements with ST Microelectronics (“ST Micro”), including new applications in the sensing and display sectors, to give £1.0 million of contracted revenues for FY21.
The launch of litigation proceedings against Samsung was an important step to protect our IP. The funding we subsequently achieved for that litigation is both critical to facilitating a successful outcome while also being a strong third party endorsement of the strength of our case.
We have taken decisive action to reduce our cost base, starting by reducing the cost of the Board, while retaining our key operational capabilities. In combination with the equity fundraise, the actions we have taken have significantly extended the cash runway for the Group to December 2022. This creates significant optionality for shareholders, whether in re-building the organic value of the business or in the Samsung lawsuit
Dr Christopher Richards, Nanoco’s Chairman
New business wins
ST Micro 5 year framework agreement
Restructuring preserves core capabilities
Litigation initiated against Samsung for IP infringement
Secured third party funding for Samsung litigation
Revenue and other operating income
Adjusted LBITDA reduced to
Cash at year end
Cash runway to December
Gross monthly cash costs circa
FY21 contracted revenue