Earnings Routine −

California Nanotechnologies Announces FY2026 Results

FY2026 revenue halved as green steel client exits; Q4 EBITDA turns positive, but dilution and transition risks persist.

By The Northwire Desk — AI Analysis Jun 29, 2026 · 17:01 CNO · 0.285 California Nanotechnologies Corp.

Executive Summary

FY2026 revenues of US$2,788,642, a 55% decrease from FY2025, driven by the complete elimination of activity from the former green steel client.
Net loss of US$1,857,327 compared to net income of US$158,333 in FY2025.
Adjusted EBITDA negative US$651,614 for the full year, but turned positive US$50,329 in Q4/FY2026.
Gross profit declined 67% to US$1,501,299; gross margin compressed to 54% from 74%.
Core manufacturing revenues (excluding green steel) increased 85% year-over-year to US$2,626,894.
Customer concentration significantly reduced; no single customer represents more than 10% of FY2026 revenues.
Received first purchase orders for SMR reactor components (control rods and heat shielding) in November 2025.
Closed a subsequent non-brokered private placement raising CA$935,900 to strengthen the balance sheet.
Promoted Christopher Melnyk to Chief Technology Officer.

Material Impact

The news is Routine - Negative. The 55% revenue decline and net loss were fully telegraphed by the prior quarter's miss and the known exit of the green steel client. The Q4 EBITDA turnaround and SMR contract wins are positive operational developments, but they are incremental and do not offset the full-year miss. The stock's -28.6% decline into the print indicates the market had already priced in the disappointment. The primary materiality driver remains the recurring dilution from equity financings and the unproven scalability of the new SMR/military contracts.

CNO · Price

Company Overview

California Nanotechnologies Corp. is an advanced materials manufacturing company specializing in Spark Plasma Sintering (SPS) technology.
The company provides R&D services, pilot-scale validation, and commercial production for high-performance components in defense, energy (SMR), and industrial sectors.
Currently transitioning from a single large client (green steel) to a diversified customer base, leveraging its Santa Ana facility and strategic partnerships (e.g., Dr. Fritsch).

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