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Record revenue was generated by the Company’s Patriot Glass Solutions subsidiary
SAN ANTONIO, Texas, Nov. 15, 2023 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a developer and marketer of glass strengthening solutions for enhanced safety, announced today that it reported financial results for the quarter ended September 30, 2023, including record revenue of $814,000.
The Company’s Q3 2023 10-Q can be found in the Investors section of its website or on the SEC’s website at www.sec.gov.
Third Quarter 2023 Financial Highlights:
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For the three months ended September 30, 2023 and 2022, revenue amounted to $813,951 and 573,649, respectively, an increase of $240,302, or 41.9%. This increase in revenue is attributable to an increase in sales of window film installation and sales of C-Bond Secure multi-purpose and C-Bond BRS ballistic-resistant glass protection systems of $353,582, partially offset by a decrease in sales of our recently sold C-Bond nanoShield™ solutions product line of approximately $119,900. We sold C-Bond nanoShield in May 2023 for approximately $4 million.
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For the three months ended September 30, 2023, gross profit amounted to $467,340, or 57.4% of sales, as compared to $327,303, or 57.1% of sales, for the three months ended September 30, 2022, an increase of $140,037, or 42.8%.
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For the three months ended September 30, 2023, operating expenses amounted to $581,971 as compared to $828,127 for the three months ended September 30, 2022, a decrease of $246,156, or 29.7%.
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For the three months ended September 30, 2023, loss from operations amounted to $(114,631) and $(500,824), respectively, a decrease of $386,193, or 77.1%.
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Due to factors discussed above, for the three months ended September 30, 2023 and 2022, net (loss) amounted to $(164,068) and $(946,390), respectively, a decrease of 82.7%.
“We are proud to report that we generated record revenue for the third quarter of 2023, even without the contribution of any revenue from our previously owned C-Bond nanoShield product, which we sold in the second quarter of this year,” said Scott R. Silverman, Chairman and CEO of the Company.
“Our Patriot Glass Solutions subsidiary is experiencing continued growth from sales to both the educational and commercial sectors. With the tragic, ongoing incidents of gun violence, smash and grabs, and other crimes in our country, there is a universal need for our security products.”
Patriot Glass Solutions offers forced-entry resistant security film and ballistic-resistant film systems. C-Bond Secure, the Company’s proprietary glass strengthener, is applied directly to the window prior to the application of window film to increase the strength and flexibility of the underlying glass. When used in conjunction with security film, C-Bond Secure delays forced entry, which gives law enforcement or other security personnel significantly more time to lead those inside a facility to safety and apprehend the perpetrator.