BROOMFIELD, Colo., June 27, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Industrial Nanotech, Inc (Pink Sheets: INTK), a global nanoscience solutions and research leader, today releases revised revenue guidance.
Stuart Burchill, CEO of Industrial Nanotech, states, “Our quarterly revenue numbers continue to grow exponentially and remain greater than any other period in the Company’s history.”
Burchill continues: “However, our previously stated objective of doubling our revenue numbers every quarter in 2022, starting with our Q1 2022 quarterly revenue record of over $3 million … up 678% over the previous quarter with a net profit of $1,637,412 … and with a goal of achieving $24 million in quarterly revenue by Q4 2022, is proving to be a little more difficult than anticipated because of the global economic headwinds and supply chain complexities.
"We will not exceed $6 million in Q2 2022 as we hoped. It is expected that revenue for this current quarter will be closer to $5 million. Additionally, we expect to grow to quarterly revenue of $16 million or $64 million annualized, by the final quarter of 2022, which is one-third less than originally projected,” concludes Burchill.
The company has executed several shifts in revenue strategy to ensure successful navigation of what the company’s executive team and advisors believe will be an economically challenging 24 to 36 months.
Further updates regarding an exclusive deal with Lowes home improvement retailer and new partnerships in the Middle East will be released in the next two weeks.
About Industrial Nanotech, Inc.
Industrial Nanotech, Inc. is a global nanoscience solution and product development leader. See www.industrial-nanotech.com for more information.
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Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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