Please wait while we load the requested 10-K report or click the link below:
CDTi Advanced Materials, Inc. Reports
Fourth Quarter and Year-end 2017 Financial Results
Oxnard, California April 2, 2018 CDTi Advanced Materials, Inc., (Nasdaq: CDTI) (CDTi or the Company), a leader in advanced emission control technology, reported its financial results for the fourth quarter and year ended December 31, 2017.
Matthew Beale, CDTi Advanced Materials CEO, stated, Our ability to deliver technology in powder form has redefined CDTi as a technology partner to catalyst manufacturers and automotive OEMs globally, creating new, highly scalable market opportunities in high growth markets such as India and China. Having completed our business realignment in 2017, we have significantly reduced our cash burn while creating a path to profitability as our powder business gains traction. In the first quarter of 2018 we announced our name change to CDTi Advanced Materials, which reflects our larger role as provider of enabling technology to the emissions catalyst market and our excellence in the material science of catalyst formulation.
Our primary focus in 2018 will be to pursue commercialization opportunities for our Powder-to-Coat (P2C) technology in current vehicle programs, be they 2-wheel, passenger cars or commercial, that are the most immediate revenue opportunities for our advanced emission control technology. As we lay the foundation for cost-effective, global product delivery, a key part of our strategy is securing local production capability in India or China. In parallel, and in partnership with leading automotive industry and institutional partners, we are engaged in fundamental catalyst design projects with world-wide applications that have the potential to alter catalyst architecture to significantly reduce cost, concluded Beale.
Financial Highlights: Fourth Quarter 2017 compared to Fourth Quarter 2016
· Total revenue was $4.9 million, compared to $8.6 million.
· Coated catalyst revenue was $2.9 million, compared to $4.9 million.
· Emissions control systems revenue was $1.6 million, compared to $3.4 million.
· Technology and advanced materials revenue was $0.4 million, compared to $0.3 million.
· Gross margin was 21%, compared to 11%. 2016 included $1.1 million of inventory write-offs related to the implementation of CDTIs strategy to outsource the companys manufacturing.
· Total operating expenses in the fourth quarter of 2017 were $2.4 million, compared to $9.3 million in the fourth quarter of 2016, which included a $4.7 million write-off of goodwill and $0.7 million of costs related to the closure of the companys manufacturing facility in Canada.
· Net loss was $1.4 million, or $0.09 per share, compared to a net loss of $7.6 million, or $0.69 per share in the fourth quarter of 2016.
· Cash at December 31, 2017, was $2.8 million, compared to $3.3 million at September 30, 2017, and $7.8 million at December 31, 2016.
The following information was filed by Cdti Advanced Materials, Inc. (CDTI) on Monday, April 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Cdti Advanced Materials, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Cdti Advanced Materials, Inc..