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Nocopi Technologies Inc MD Com (NNUP0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $2,117,800 for 2024, an increase of approximately 2% from $2,083,900 in 2023. The revenue increase was primarily due to higher product sales, which rose by 6% to $1,606,300, offset by a 9% decrease in licenses, royalties, and fees.
The company reported a net loss of $2,678,900 for 2024, compared to a net loss of $1,435,900 in 2023. The increased loss was attributed to higher general and administrative expenses, which rose to $3,900,000 from $2,538,300 in the previous year.
Nocopi Technologies derives a significant portion of its revenue from the entertainment and toy products market, accounting for approximately 95% of total revenues in 2024. The company continues to pursue additional licensing opportunities in this sector.
The company had cash and cash equivalents of $10,839,700 as of December 31, 2024, up from $2,269,200 at the end of 2023. This increase was largely due to proceeds from the sale of short-term investments.
Nocopi Technologies operates a manufacturing facility in King of Prussia, Pennsylvania, and recently extended its lease agreement for this facility until December 31, 2027.
The company has identified two major customers that contributed 70% and 18% of total revenues, respectively, in 2024. The loss of any major customer could materially affect the company's business operations.
Nocopi Technologies continues to focus on developing and marketing its specialty reactive inks and expanding its customer base in the entertainment and toy products market. The company also seeks to grow through potential acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nocopi Technologies Inc MD Com annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.