Tekna Holding ASA, Sherbrooke, Quebec, Canada, has reported its financial results for the first quarter of 2022. Total revenues for the quarter amounted to CAD 6.5 million, a 17% decrease from Q1 2021 attributed to a reduction of system sales due to pandemic restrictions. Materials revenue of CAD 4.6 million, however, was reported to be a 5% increase from Q1 2021. The total order backlog amounted to CAD 14.2 million, of which CAD 10.8 million came from materials, representing a 54% increase from the same period in 2021.
“I am pleased to report the results for the first quarter of 2022, representing the third quarter of consecutive revenue growth. In the quarter, we continued to experience a rise in the demand for our advanced materials, further confirming Tekna’s position in the market,” stated Luc Dionne, CEO.
Tekna is expanding its machine capacity by increasing existing machine performance and adding additional machines. In the period from 2015-2021, Tekna’s machine capacity increased by 140%; the implementation phase of a further round of upgrades will start in the second quarter of 2022 and progress through the rest of this year. The upgrades will involve software and hardware enhancement on the machines and auxiliary systems.
“To ensure that we successfully meet global demand, we are continuing the program to expand overall machine capacity,” Dionne continued. “Having already tested the upgrades on a machine, we are confident we will see a capacity increase, which we can convert to higher revenues.”
By year-end 2022, Tekna expects a 70% increase in machine capacity.
Tekna has also continued its investment in developing in the Printed Electronics market with sustained development conducted with customers and potential partners. With several ongoing trials evaluating Tekna nickel nano (80nm) powder, customer feedback is expected by the end of the second quarter of 2022 as projects are scheduled to pass important milestones, according to current plans.
The company’s joint development agreement with LG Chem for battery materials is developing positively with ongoing trials at the LG site. Tekna is also expecting new samples of its enhanced silicon materials, which are showing increased energy density from 350-600 mAh/g, to be provided to 150 prospects at the beginning of the third quarter of 2022.
“We are experiencing strong demand for our materials, which is reflected by our advanced materials gaining market share with additional orders over CAD 6 million for two consecutive quarters. This is an exciting time for the business and I look forward to providing additional updates to the market in the future,” added Dionne.
Tekna presented its financial results for 2022 Q1 May 5 in person and via a simultaneous live webcast. A recorded version of the webcast will be available on the Tekna site.