HOUSTON, Nov. 16, 2023 (GLOBE NEWSWIRE) — C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, announced today that it has filed its Form 10-Q for the quarter ended September 30, 2023 and announced financial results including record quarterly revenue of $674,000. The Company’s Form 10-Q can be found here on its website.
Third Quarter 2023 Financial and Operational Highlights
- Sales for Q3 2023 totaled $674,518, compared to $252,940 for Q3 2020, an increase of $421,578, or 167%.
- Gross profit for Q3 2023 totaled $425,911, or 63.3% of sales, compared to $187,302 for Q3 2020, or 74.0% of sales.
- Operating expenses for Q3 2023 amounted to $886,788 compared to $852,760 for Q3 2020, an increase of $34,028.
- Loss from operations for Q3 2023 amounted to $460,877 compared to $665,458 for Q3 2020, a decrease of 204,581.
- In July 2023, C-Bond acquired 80% of A1 Glass Coating, its premier distributor and installer of C-Bond products, and A1 Glass owner-operator Michael Wanke joined C-Bond as President of its Patriot Glass Solutions division, established to protect personal and business property across the U.S. from looting, rioting, break-ins, and gunfire.
- Patriot Glass Solutions received a purchase order for $220,000 to install specialty defense window film for a government customer.
- Patriot Glass Solutions received a purchase order for $384,000 to reglaze multiple buildings at a San Antonio technology campus with solar control film.
- Patriot Glass Solutions received two purchase orders totaling approximately $100,000 for specialized safety and security films.
- Patriot Glass Solutions received a purchase order from a Texas hospital for $136,000.
- Patriot Glass Solutions added three new distributors, located in certain markets in Colorado, California, Michigan, Texas, Utah, Kansas, and Missouri, to its network of security and ballistic-resistant window film providers.
- Patriot Glass Solutions received a $95,000 purchase order to install bird strike film at a Texas community college.
- C-Bond continued joint development initiatives with the Energy Safety Research Institute at Swansea University to enhance certain properties of C-Bond’s glass strengthening products, specifically C-Bond nanoShield™, and to develop “self-healing glass” for the automotive sector through the creation of a new nano-liquid chemical solution that repairs visible chips and cracks in windshield glass to reduce replacements and simplify repairs.
Conference Call Details
On November 17, 2023, C-Bond Systems will host a conference call at 4:15 pm ET to discuss its financial results for Q3 2023. To listen to the live call, please dial 530-881-1212 and use conference ID 615-253-385#.
“We are extremely proud of our revenue growth in the third quarter, which is up significantly from the third quarter of last year and represents a record for C-Bond,” stated Scott R. Silverman, Chairman and CEO of the Company. “Fueled by the acquisition of A1 Glass Coating and the establishment of Patriot Glass Solutions, we believe that this growth can continue in future quarters and throughout 2023 and beyond. We continue to pursue opportunities for nanoShield and MB-10 Tablets in the automotive and transportation sectors, including but not limited to warranty companies, commercial fleets, service companies, rental car companies, and more.”
Patriot Glass Solutions protects personal, commercial and government property from looting, rioting, break-ins, and gunfire. Its leading products are C-Bond BRS, a ballistic-resistant film system, and C-Bond Secure, a multi-purpose glass strengthening primer and window film mounting solution that deters forced entry. Patriot Glass also offers other types of specialized window film including solar or “green” film, anti-eavesdropping film, graffiti control film, bird strike film, decorative film, and more.
About C-Bond
C-Bond Systems, Inc. (OTC: CBNT) is a Houston-based nanotechnology company and marketer of the patented and patent-pending C-Bond technology, which is independently proven to strengthen glass in automotive and structural applications. The Company’s Transportation Solutions Group sells C-Bond nanoShield, a liquid solution applied directly to automotive windshields, primarily through distributors. The Company’s Patriot Glass Solutions sells ballistic-resistant glass solutions and forced entry deterrent solutions directly to private enterprises, schools, and government agencies, primarily through its majority-owned subsidiary, A1 Glass Coating. The Company also sells MB-10 Tablets, a disinfection product on EPA’s List N. For more information, please visit our website: www.cbondsystems.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys.
Forward-Looking Statements
Statements in this press release about our future expectations, including the likelihood that fueled by the acquisition of A1 Glass Coating and the establishment of Patriot Glass Solutions, we believe that this growth can continue in future quarters and throughout 2023 and beyond; the likelihood that we continue to pursue opportunities for nanoShield and MB-10 Tablets in the automotive and transportation sectors, including but not limited to warranty companies, commercial fleets, service companies, rental car companies, and more; constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to successfully commercialize its products; the effect of the COVID-19 global pandemic on the Company’s and its customers’ ability to operate; the Company’s and its customers’ ability to source materials; the Company’s ability to raise capital; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on April 14, 2023, its Forms 10-Q filed on November 15, 2023, August 16, 2023, and May 14, 2023, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Allison Tomek
C-Bond Systems
6035 South Loop East
Houston, TX 77033
[email protected]
Brokers and Analysts:
Chesapeake Group
410-825-3930
[email protected]
