All amounts in this press release are in Canadian dollars, unless stated otherwise.
Key Financial Highlights Q3-2026
Total revenues of $32,347,377 compared to $30,446,165 last year, representing a 6% increase;
Adjusted gross margin(1) on revenues from customers of 22.9% compared to 22.4% last year;
Loss of $2,646,921 compared to a loss of $1,747,714 last year;
Adjusted EBITDA(2) of $1,179,521 compared to $1,420,555 last year;
Adjusted EBITDA(2) of $1,237,132 compared to $1,318,149 last year for the Advanced Materials, Plastics and Composite Products segment;
Adjusted EBITDA(2) loss of $57,611 compared to an adjusted EBITDA(2) of $102,406 last year for the Battery Cells and Materials segment;
Total liquidity of $34,401,126 as at March 31, 2026, including cash and cash equivalents of $24,401,126;
Total long-term debt of $16,118,123 as at March 31, 2026, higher by $11,805,199 compared to June 30, 2025.
Overview
Rocco Marinaccio, President & Chief Executive Officer, stated: "We have committed to provide our shareholders with improved performance and execution, and our Q3 financial results delivered on that commitment as demonstrated by a revenue increase of 17% over Q2, and 38% over Q1. The revenue trajectory we have built since Q1 reflects disciplined execution against the priorities we set, and while there is more work to do, Q3 demonstrates that the fundamentals of our growth model are intact. On the operational front, our dry-process manufacturing module is installed and is currently being commissioned. We have also introduced our first product, xGnPTM D-500HP, with outstanding performance characteristics to compete directly with conductive carbon black. Our focus in the coming quarters remains on expanding our business by executing on our strategy for dry-process graphene and graphene-enhanced solutions to deliver continued growth."
Pedro Azevedo, Chief Financial Officer, stated: "We are encouraged by our Q3 performance, which saw sequential revenue growth and improvement in adjusted EBITDA. Since Q1, sales have increased by 38%, clearly showing that Q1 represented the low point. Volumes from our two largest customers grew compared to Q2, and the full quarter contributions from both CP Chem and Club Car also supported the results. We will continue to build on the momentum generated in the last two quarters to end the year on a strong note."
* Non-IFRS Measures
The Corporation prepares its financial statements under IFRS. However, the Corporation considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Corporation. These measures, which the Corporation believes are widely used by investors, securities analysts and other interested parties in evaluating the Corporation's performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include "Adjusted EBITDA" and "Adjusted gross margin".
The following tables provide a reconciliation of IFRS "Loss" to Non-IFRS "Adjusted EBITDA" and of IFRS "Gross margin" to Non-IFRS "Adjusted Gross margin" for the three-month and nine-month periods ended March 31, 2026 and 2025.
IFRS "Loss" to Non-IFRS "Adjusted EBITDA"
Q3-2026
Q3-2025
YTD 2026
YTD 2025
$
$
$
$
Loss
(2,646,921
)
(1,747,714
)
(10,259,657
)
(7,361,648
)
Current and deferred income tax expenses (recovery)
28,936
(638,838
)
(1,238,343
)
235,931
Net interest expenses
607,894
138,462
1,386,297
295,485
Foreign exchange
(521,172
)
433,114
(73,553
)
665,116
Share-based compensation expenses
492,320
299,769
968,287
1,183,487
Non-operational items (1)
45,000
115,000
(31,000
)
270,000
Depreciation and amortization
3,173,464
2,820,762
9,261,744
8,358,533
Adjusted EBITDA
1,179,521
1,420,555
13,775
3,646,904
- From Advanced Materials, Plastics and Composite Products
1,237,132
1,318,149
99,341
4,150,179
- From Battery Cells and Materials
(57,611
)
102,406
