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IKONICS Corporation (NASDAQ:IKNX) reported its financial results for 2020, revealing a revenue decline of 23.8% to $13,432,000. The company experienced a net loss of $439,000, improved from a loss of $814,000 in 2019. However, the fourth quarter saw a turnaround with sales of $4,228,000, down 14.8% year-over-year, but a profit of $1,463,000 compared to a loss last year. Key factors included successful cost-cutting measures and a one-time forgiveness of a $1,215,000 PPP loan. Looking ahead, IKONICS anticipates growth in 2021 despite challenges in the Aerospace market.
IKONICS Corporation (Nasdaq:IKNX) reported a 31% year-over-year revenue decline for Q3 2020, totaling $3,135,000, alongside a net loss of $274,000, compared to a loss of $163,000 in 2019. Despite these challenges, the company noted month-over-month sales improvements and positive feedback on new product initiatives like the DTX Dual-Print™ technology. Cash and cash equivalents stood at $3,500,000 as of September 30, 2020. CEO Glenn Sandgren expressed optimism for continued sales momentum in core businesses and anticipated improved financial performance in 2021, barring further COVID-19 impacts.
IKONICS Corporation (Nasdaq:IKNX) reported a 44% decline in second quarter 2020 revenue, totaling $2,572,000, down from $4,596,000 in 2019. The company recorded a loss of $1,042,000 or $0.53 per diluted share, compared to a loss of $116,000 or $0.06 during the same period last year. Factors contributing to this loss include the COVID-19 pandemic, which also impacted customer operations. IKONICS has implemented cost-cutting measures to enhance liquidity and expects to see improvements in third quarter results.
IKONICS Corporation (Nasdaq: IKNX) announced a significant furlough of approximately 40% of its 81 employees until July 31, 2020, in response to COVID-19 impacts. This decision, communicated on June 25, 2020, ensures furloughed employees retain their benefits. The company also suspended contributions to its 401(k) plan. In addition, IKONICS has implemented measures such as reducing officer and board compensation to mitigate lost revenue, as emphasized by CEO Glenn Sandgren, who stated the actions are painful yet necessary.
