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Nanophase Technologies Corp. (NANX-10.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company, now rebranded as Solesence, Inc., reported total revenue of $52,347,000 for 2024, up from $37,297,000 in 2023. This increase was largely driven by sales in the consumer products segment, which accounted for $44.4 million of the total revenue.
Net income for the year was $4,235,000, compared to a net loss of $4,390,000 in the previous year. The improvement in net income was attributed to increased sales and improved operational efficiencies.
The company reported a gross profit of $16,188,000 for 2024, compared to $7,825,000 in the previous year. The increase in gross profit was primarily due to higher sales volumes and cost management efforts.
Research and development expenses remained consistent at $3,837,000 for both 2024 and 2023. The company continues to focus on developing new products and enhancing existing technologies.
Selling, general, and administrative expenses decreased slightly to $7,219,000 from $7,534,000 in the previous year, primarily due to reduced legal costs.
Interest expense for the year was $670,000, down from $838,000 in 2023, reflecting lower interest rates and decreased debt usage.
The company ended the year with $1,409,000 in cash, down from $1,722,000 at the end of 2023, due to capital expenditures and debt repayments.
Nanophase Technologies Corp. continues to focus on expanding its consumer products line, leveraging its proprietary technologies to meet growing market demand for skin health and beauty products.
The company has refinanced its debt with a new maturity date after April 1, 2026, ensuring continued financial stability and operational flexibility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nanophase Technologies Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.