Core Insights - California Nanotechnologies Corp. reported revenues of US$392,481 for the quarter ended November 30, 2025, a decrease of 78% compared to the previous year [1] - The company experienced a net loss of US$1,094,650, compared to a net income of US$113,140 in the prior fiscal year, primarily due to delayed manufacturing services revenue and lack of orders from a key client [2][3] - The CEO expressed optimism for the next quarter, anticipating significantly higher revenues and increased visibility on commercial contracts for 2026 [4] Financial Performance - Revenues for the three months ended November 30, 2025, were US$392,481, down from US$1,806,205 in the same period last year, marking a 78% decline [5] - Adjusted EBITDA for the quarter was a loss of US$747,021, compared to a positive Adjusted EBITDA of US$826,454 in the prior year, reflecting a 190% decrease [5] - The gross margin fell to 16% from 77% year-over-year, a decline of 6100 basis points [5] Operational Highlights - The company signed a Letter of Intent to provide commercial Spark Plasma Sintering (SPS) production services for military brake discs, expecting an initial purchase order of US$1 million [8] - Cal Nano announced its first purchase order for nuclear control rods from a U.S.-based small modular nuclear reactor developer, indicating growth potential in the nuclear energy sector [9] - The company is focused on diversifying its client base through R&D and commercial production revenues, aiming to become a trusted supplier for high-value parts [6] Future Outlook - The company expects revenues to exceed US$800,000 in Q4/FY2026 as it executes on delayed revenues and other customer programs [5] - Cal Nano is optimistic about its position in the U.S. SPS market and is deepening relationships with international partners to enhance its supply chain capabilities [10] - The company believes it can recover from the revenue decline associated with its green steel customer and build a more resilient revenue base [11]