Shares of C-Bond Systems (OTCMKTS:CBNT) ended sharply lower on Tuesday after announcing quarterly earnings.
Market Reaction
On Tuesday, CBNT stock slumped 18% to $0.0312 with 1.29 million shares, compared to its average volume of 528K shares. The stock has moved within a range of $0.0305 – 0.0420 after opening trade at $0.0325.
Earnings Recap
Nanotechnology solutions firm, C-Bond Systems (OTCMKTS:CBNT) on November 16, 2021 announced filing the Form 10-Q for the quarter ending September 30, 2021. The company also announced financial results including quarterly revenue of $674,000.
In its quarter three financial and operational highlights, the company confirmed on sales being $674,518, an increase of 167% over the same quarter previous year. C-Bond had gross profit of $425,911 whereas its operating expenses were $886,788. This resulted in loss from operations to $460,877.
The company had earlier confirmed on 80% acquisition of A1 Glass Coating, the premier distributor as well as installer of C-Bond products. Additionally, it had said that A1 Glass owner-operator Michael Wanke joined as President of its Patriot Glass Solutions division. Patriot Glass Solutions received a purchase order for $220,000 to install specialty defense window film for a government customer, in addition to receiving a purchase order for $384,000 to reglaze multiple buildings at a San Antonio technology campus.
The company will also be hosting a conference call at4:15 pm ET on November 17 to discuss the financial results.
Key Quote
Scott R. Silverman, Chairman and CEO of the Company, said that the company is proud of achieving revenue growth in the quarter and this can continue after acquisition of A1 Glass Coating as well as establishment of Patriot Glass Solutions. Silverman added that the company is pursuing opportunities for nanoShieldas well as MB-10 Tablets in the automotive and transportation sectors.
Traders Review
CBNT stock is trading below the 20-Day and 50-Day Moving averages of $0.0334 and $0.0345 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0421. The stock is down 30% over the past 3-month.
