HOUSTON, May 17, 2022 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, today announced financial results for the quarter ended March 31, 2022, reporting record first quarter revenue in excess of $510,000, an increase of 228% from the first quarter of 2021. This is the highest revenue that the Company has reported in any first quarter in its history.
First Quarter 2022 Financial Highlights:
- For the three months ended March 31, 2022, sales amounted to $510,709 as compared to $155,650 for the three months ended March 31, 2021, an increase of $355,059, or 228.1%.
- For the three months ended March 31, 2022, operating expenses amounted to $1,934,843 as compared to $4,969,864 for the three months ended March 31, 2021, a decrease of $3,035,021, or 61.1%.
- For the three months ended March 31, 2022, loss from operations decreased by $3,035,021, or 61.1%, as compared to the three months ended March 31, 2021.
- For the three months ended March 31, 2022 and 2021, net loss amounted to $1,919,419 and $4,863,973, respectively.
2022 YTD Operational Highlights:
- Patriot Glass Solutions (“Patriot Glass”), established to protect personal and business property from looting, smash-and-grabs, break-ins, and gunfire, added six more dealers to its network bringing the total number to 10.
- Launched new C-Bond nanoShield warranty program and new website at www.cbondnanoshield.com.
- Patriot Glass received a purchase order to install C-Bond Secure protective film at two Austin area schools.
- New Taiwanese partner, Certified Global Solutions, placed its first C-Bond nanoShield order.
- Patriot Glass received a $63,000 purchase order for C-Bond Secure to protect a fulfillment center for a major online retailer.
- Patriot Glass received a $77,000 purchase order from a Texas high school for C-Bond Secure protective film and related products.
- Launched direct-to-consumer sales of C-Bond nanoShield through two new private label supply agreements.
“We are proud that the first quarter of 2022 was not only our highest first quarter ever from a revenue perspective, but also one of our best revenue quarters ever,” said Scott R. Silverman, Chairman and CEO of C-Bond. “After launching Patriot Glass in the second half of 2021, we are seeing that division steadily expand its number of dealers, which we believe will further stimulate the growth of Patriot Glass installations throughout the country. We are also very excited about the roll out of the new C-Bond nanoShield warranty program, which we believe will encourage more automotive dealers and other service providers to carry our product.”
C-Bond’s glass strengthening protection solutions, including C-Bond Secure, an application to deter forced entry, and C-Bond BRS, a ballistic-resistant system, have been installed in more than 90 schools, government buildings, media sites, and other high-security facilities around the country. C-Bond’s technology is protected by 23 patents and patent-pending applications.
C-Bond’s windshield strengthener, C-Bond nanoShield™, is a first of its kind solution that protects and strengthens windshields by permeating the glass surface and repairing the microscopic flaws and defects on the glass that ultimately initiate chipping and cracking. The strengthening process begins immediately upon application and continues while the material cures in the following days. The product is easy to apply and is sprayed on and squeegeed off.
The Company’s Q1 2022 10-Q can be found in the Investors section its website or on the SEC’s website at www.sec.gov.
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 to automotive windshields, primarily through distributors. The Company’s Patriot Glass Solutions sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies, primarily through its majority-owned subsidiary, A1 Glass Coating. The Company also sells MB-10 Tablets and Vimoba Tablets, disinfection products 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 expanding the number of dealers for Patriot Glass will further stimulate the growth of Patriot Glass installations throughout the country; the likelihood that the roll out of the new C-Bond nanoShield warranty program will encourage more automotive dealers and other service providers to carry our product; 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; regulatory risks; 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 15, 2022, its Forms 10-Q filed on May 16, 2022, November 15, 2021, and August 16, 2021, 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.
