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Highlights

  • NANO's unaudited revenues reached £7.6 million for FY2025, exceeding market expectations.

  • Year-end cash position was £14.0 million, above forecasts due to lower litigation costs and favourable working capital.

  • Founder and CTO Dr Nigel Pickett to retire, with Dr Ombretta Masala appointed as Director of Technology.

Nanoco Group plc (LSE:NANO), a developer and manufacturer of cadmium-free quantum dots and other nanomaterials, has provided a trading update for the year ended 31 July 2025. The Company confirmed revenue and cash balances ahead of market expectations, progress on Joint Development Agreements (JDAs), and leadership changes within its technology division.

Market and Strategic Developments

Nanoco highlighted that its core and wider quantum dot markets are expected to achieve significant growth. The Group continues to advance ongoing JDAs, including discussions with an Asian chemical partner for a possible extension of an existing agreement, which is due to expire in October 2025.

Discussions are also ongoing regarding potential new JDAs with several companies, including some outside Nanoco’s traditional markets. The Company stated that the litigation against LG Display, concerning alleged patent infringement, has been served and is progressing in line with expectations.

Nanoco also confirmed that it is assessing strategic options for its operating business, with several parties expressing interest.

Financial Performance

Unaudited revenues for FY2025 were £7.6 million, exceeding market forecasts. This included:

  • Additional services and product revenue of £0.1 million.

  • Accelerated recognition of £0.3 million in licence revenue related to the Samsung agreement, due to the lapse of 13 patents during the year.

Underlying unaudited adjusted EBITDA was reported as moderately ahead of market expectations, supported by the higher revenue base.

The Company ended the year with a cash balance of £14.0 million, above forecasts. This outcome was attributed to lower than anticipated litigation costs and favourable working capital movements. The Group’s gross monthly cash cost base remains unchanged at £0.5 million.

Leadership Transition

Nanoco announced that founder and Chief Technology Officer, Dr Nigel Pickett, has confirmed his intention to retire after 24 years with the Group. Dr Pickett stepped down from the Board with immediate effect but will remain with the business as an employee until February 2026.

Dr Ombretta Masala, who has worked at Nanoco for 18 years and reported directly to Dr Pickett throughout this time, has been appointed as Director of Technology. This role will not be a Board position and she will report directly to the CEO.

Share Issuance

Nanoco also confirmed the issuance of 935,778 ordinary shares. This issuance relates to the deferral of non-executive directors’ fees, which were deferred until the end of the financial year or completion of a transaction. As the financial year has now concluded, the Company will issue these shares to satisfy the obligation. Shares held in the Employee Benefit Trust (EBT) cannot be utilised as the liability rests with the Company.

The Company expects to release its final audited results for the year to 31 July 2025 in November 2025.