Nanophase revenues grew 70% last fiscal year

ROMEOVILLE - Nanophase Technologies Corp. reported financial results for its 2021 fiscal year, including revenue of $29.5 million, compared to $17.1 million in revenue over the prior fiscal year, a 70% increase.

Nanophase creates minerals-based and scientifically driven health care solutions across the beauty and life science industries.

Net income for the full year was $2.3 million, or 5 cents per share, compared to net income of $1 million, or 3 cents per share, for fiscal year 2020.

"We continue to embrace our growth strategy - which emphasizes beauty science markets that deliver skin health products to sun care, skin care and cosmetics markets - and we have seen broad and growing market acceptance and adoption of both our Solésence products and our Active Pharmaceutical Ingredients," said Jess Jankowski, Nanophase chief executive officer.

The company said it recently leased a third facility, also in the Chicago area, to be built out for additional manufacturing and warehouse space in 2022 in response to growing demand. The new production facility is 260,000 square feet, a significant increase in space from its current facilities, which, when combined, amount to 76,000 square feet. Over time, Nanophase expects this new facility to have similar capabilities and registrations to those of its current manufacturing facilities.