NANX Nanophase Technologies Corp.

Solésence Reports Second Quarter 2025 Financial Results

Solésence Reports Second Quarter 2025 Financial Results

Strong commercial execution drove revenue growth of 56% to $20.4 million

ROMEOVILLE, Ill., July 31, 2025 (GLOBE NEWSWIRE) -- Solésence, Inc. (Nasdaq: SLSN), a leader in scientifically-driven health care solutions across beauty and life science categories, today announced financial results for the second quarter ended June 30, 2025.   

Recent Highlights and Accomplishments

  • Joined broad-market Russell 3000® and small-cap Russell 2000® Indexes
  • Amended loan agreements to fuel growth initiatives

“During our seasonally highest-performing quarter, we’re pleased with the effectiveness of our commercial execution and the consistent, on-time delivery of products to our partners,” said Jess Jankowski, President and Chief Executive Officer of Solésence. “Innovation remains at the heart of our unique value proposition and is why leading brands continue to choose us. As the market continues to evolve, we are focused on equipping our partners with differentiated consumer products that enrich lives and promote well-being.”

Second Quarter 2025 Financial Results

  • Revenue for the second quarter increased 56% to a record $20.4 million, compared to $13.0 million for the same period in 2024.
  • Gross profit in the second quarter was $5.9 million, compared to $3.7 million for the same period in 2024.
  • Gross margin in the second quarter was 29%, similar to the second quarter in 2024. 
  • Net income for the second quarter was $2.7 million, which includes an Employee Retention Credit net receipt of approximately $1.2 million plus related interest, compared to a net income of $0.9 million for the same period in 2024.  

Second Quarter 2025 Operational Highlights

  • Expanded debt facilities to support executing the Company’s long-term growth initiatives. The new facility expands the Company’s three loan agreements to a maximum borrowing capacity from $14.2 million to $23.0 million and extends the maturity date under each respective loan agreement from October 1, 2025 to April 30, 2027.
  • Shipment volume increased 102% year-over-year.
  • Production volume increased 127% year-over-year.

“Operationally, we improved gross margin sequentially from the first quarter, while ramping up production during our peak demand season,” said Kevin Cureton, Chief Operating Officer. “We appreciate the committed efforts of our team that enabled us to deliver another record unit volume quarter. Now with additional borrowing capacity from our debt facilities that we amended in June, we have enhanced our financial flexibility to further invest in our future and scale for growth.”

Conference Call

Solésence will host its first quarter conference call on Thursday, July 31, 2025, at 4:00 p.m. CDT, 5:00 p.m. EDT, to discuss its financial results and provide a business and financial update. On the call will be Jess Jankowski, President and Chief Executive Officer, and Kevin Cureton, Chief Operating Officer. 

Webcast Link:

Dial-In Link:

To receive the dial-in number, as well as your personalized PIN, you must register at the above link. Once registered, you will also have the option to have the system dial-out to you once the conference call begins. If you forget your PIN prior to the conference call, you can simply re-register.

The call may also be accessed through the Company’s investor relations website, at . Please join the conference call at least five minutes before prior to the start time.

FINANCIAL RESULTS AND NON-GAAP INFORMATION

Use of Non-GAAP Financial Information

Solésence believes that the presentation of results excluding certain items, such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, Generally Accepted Accounting Principles (“GAAP”) and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with GAAP.

About Solésence, Inc.

Solésence, Inc. (Nasdaq: SLSN), is a leader in scientifically-driven health care solutions across beauty and life science categories. With a mission to deliver joy through innovation, inclusivity and the science of beautiful skin, we have redefined mineral-based sun protection by maximizing transparency, effectiveness, aesthetics, and wearability — empowering individuals to embrace beauty on their own terms. Combining best-in-class skin health solutions with the celebration of self-care, we allow brands to deliver unique product claims and attributes by seamlessly integrating protection, prevention, and treatment technologies into daily use products. Learn more at solesence.com.

Forward-Looking Statements

This press release contains words such as “expects,” “shall,” “will,” “believes,” and similar expressions that are intended to identify forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements in this announcement are made based on the Company’s current beliefs, known events and circumstances at the time of publication, and as such, are subject in the future to unforeseen risks and uncertainties that could cause the Company’s results of operations, performance, and achievements to differ materially from current expectations expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, without limitation, the following: a decision by a customer to cancel a purchase order or supply agreement in light of the Company’s dependence on a limited number of key customers; uncertain demand for, and acceptance of, the Company’s engineered materials, ingredients, and fully formulated products; the Company’s manufacturing capacity and product mix flexibility in light of customer demand; the Company’s limited marketing experience; changes in development and distribution relationships; the impact of competitive products and technologies; the Company’s dependence on patents and protection of proprietary information; the resolution of litigation in which the Company may become involved; the impact of any potential new government regulations that could be difficult to respond to or too costly to comply with while remaining financially viable; the ability of the Company to maintain an appropriate electronic trading venue; and other factors described in the Company’s Form 10-K filed March 31, 2025. In addition, the Company’s forward-looking statements could be affected by general industry and market conditions and growth rates. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties, or other contingencies.  

Media Contact:

Investor Relations Contact:

 
SOLÉSENCE, INC
      
CONSOLIDATED BALANCE SHEETS
(Unaudited Consolidated Condensed)
(in thousands except share and per share data)
   June 30, December 31,
    2025   2024 
    
ASSETS   
      
Current assets:   
 Cash$4,108  $1,409 
 Trade accounts receivable 12,470   5,655 
 Allowance for credit losses (1,421)  (786)
  Trade accounts receivable, net 11,049   4,869 
 Inventories, net 19,832   20,267 
 Prepaid expenses and other current assets 3,781   2,803 
  Total current assets 38,770   29,348 
      
 Equipment and leasehold improvements, net 13,559   12,734 
 Operating leases, right of use 7,627   7,917 
 Other assets, net -   3 
 Total assets$59,956  $50,002 
      
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities:   
 Line of credit, accounts receivable, related party$6,099  $- 
 Current portion of line of credit, inventory, related party 9,500   4,000 
 Current portion of debt, related parties 1,000   1,000 
 Current portion of operating lease obligations 1,231   1,260 
 Accounts payable 6,891   9,093 
 Current portion of deferred revenue 2,169   5,571 
 Accrued expenses 6,146   4,849 
 Total current liabilities 33,036   25,773 
      
 Long-term portion of operating lease obligations 8,482   9,037 
 Asset retirement obligations 250   246 
 Total long-term liabilities 8,732   9,283 
      
Contingent liabilities   
Stockholders' equity:   
 Preferred stock, $.01 par value, 24,088 shares authorized and   
  no shares issued and outstanding -   - 
 Common stock, $.01 par value, 95,000,000 shares authorized;   
  70,481,945 and 70,103,279 shares issued and outstanding on June 30, 2025  
  and December 31, 2024, respectively 704   700 
 Additional paid-in capital 115,165   114,674 
 Accumulated deficit (97,681)  (100,428)
 Total stockholders' equity 18,188   14,946 
 Total liabilities and shareholders' equity$59,956  $50,002 



SOLÉSENCE, INC
             
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited Consolidated Condensed)
(in thousands except share and per share data)
             
     Three months ended Six months ended 
      June 30, June 30, 
      2025  2024  2025  2024 
   (in thousands except share and per share data) 
Revenue:          
Product revenue $20,261 $12,923 $34,836 $22,694 
Other revenue   98  123  148  220 
 Net revenue  20,359  13,046  34,984  22,914 
             
Cost of revenue  14,482  9,306  25,725  15,594 
 Gross profit  5,877  3,740  9,259  7,320 
             
Operating expense:         
Research and development expense  955  864  1,973  1,776 
Selling, general and administrative expense  3,012  1,829  5,120  3,388 
Income from operations  1,910  1,047  2,166  2,156 
Interest income        - 
 Interest expense, net  87  191  263  409 
 Other income, net  1,234  -  1,234  - 
Income before provision for income taxes  3,057  856  3,137  1,747 
Provision for income taxes  390  -  390  - 
Net income  $2,667 $856 $2,747 $1,747 
             
Net income per share-basic $0.04 $0.02 $0.04 $0.03 
             
Weighted average number of basic shares outstanding  70,200,039  56,674,170  70,151,928  54,675,011 
             
Net income per share-diluted $0.04 $0.01 $0.04 $0.03 
             
Weighted average number of diluted shares outstanding  72,548,819  58,709,170  72,497,829  56,662,011 
             
             
SOLÉSENCE, INC
             
CONSOLIDATED STATEMENTS OF OPERATIONS - EXPANDED SCHEDULE (non-GAAP)
(Unaudited Consolidated Condensed)
(in thousands except share and per share data)
             
     Three months ended Six months ended 
     June 30, June 30, 
      2025  2024  2025  2024 
     (in thousands except share and per share data) 
Revenue:          
Product revenue, net $20,261 $12,923 $34,836 $22,694 
Other revenue   98  123  148  220 
 Net revenue  20,359  13,046  34,984  22,914 
             
Operating expense:         
Cost of revenue detail:         
Depreciation   216  222  428  444 
Non-Cash equity compensation  28  28  54  54 
Other costs of revenue  14,238  9,056  25,243  15,096 
 Cost of revenue  14,482  9,306  25,725  15,594 
  Gross profit  5,877  3,740  9,259  7,320 
             
Research and development expense detail:         
Depreciation   4  5  7  11 
Non-Cash equity compensation  28  32  55  65 
Other research and development expense  923  827  1,911  1,700 
 Research and development expense  955  864  1,973  1,776 
             
Selling, general and administrative expense detail:         
Depreciation and amortization  5  7  11  14 
Non-Cash equity compensation  64  97  138  198 
Other selling, general and administrative expense  2,943  1,725  4,971  3,176 
 Selling, general and administrative expense  3,012  1,829  5,120  3,388 
Income from operations  1,910  1,047  2,166  2,156 
Interest expense, net  87  191  263  409 
Other income, net  1,234  -  1,234  - 
Income before provision for income taxes  3,057  856  3,137  1,747 
Provision for income taxes  390  -  390  - 
Net income  $2,667 $856 $2,747 $1,747 
             
Non-GAAP Disclosure (see note regarding Non-GAAP disclosures):       
 Addback Interest, net  87  191  263  409 
 Addback Depreciation/Amortization  225  234  446  469 
 Addback Non-Cash Equity Compensation  120  157  247  317 
 Addback Provision for Income Taxes  390    390  - 
 Adjusted EBITDA** $3,489 $1,438 $4,093 $2,942 
             
 **Includes $1,234 in other (cash) income from ERC in 2025       
             







EN
31/07/2025

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