Solesence, Inc., formerly known as Nanophase Technologies Corporation, reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company achieved total revenue of $52.3 million, a 40.4% increase from $37.3 million in 2023. This growth was primarily driven by a substantial rise in product revenue, which reached $51.9 million, up from $36.6 million the previous year. The company also reported a net income of $4.2 million, a notable turnaround from a net loss of $4.4 million in 2023.
The filing highlighted a strategic shift towards consumer products, which now account for 85% of total revenue, compared to 68% in the previous year. This transition reflects the company's focus on its proprietary Solésence consumer products, which leverage advanced technologies for skin health. The company has seen increased demand for its products, particularly in the prestige beauty segment, and has expanded its customer base, with three significant customers contributing to 52% of total revenue in 2024.
Operationally, Solesence has made strides in enhancing its manufacturing capabilities, with a total employee count of 98 full-time staff and a flexible workforce of temporary employees ranging from 125 to 225. The company has also invested in expanding its facilities and equipment, with capital expenditures amounting to approximately $4.6 million in 2024, up from $1.1 million in 2023. This investment is aimed at supporting the growing demand for its consumer products and improving operational efficiencies.
Solesence's strategic developments include the successful acquisition of site clearance from Australia’s Therapeutic Goods Administration for the manufacture of various sunscreen products, as well as the granting of a patent for its Kleair™ technology in Korea. The company has received multiple industry accolades, including recognition as one of Fast Company’s Most Innovative Companies in the Beauty category. Looking ahead, management anticipates continued growth driven by the expanding consumer products line and plans to further invest in research and development to enhance product offerings.
In terms of financial outlook, Solesence is optimistic about its future performance, citing a commitment from related party lenders to refinance existing debt, which is set to mature in October 2025. The company believes that its current liquidity and expected borrowing capacity will be sufficient to support ongoing operations and growth initiatives. As it continues to navigate market conditions and consumer demands, Solesence is positioned to capitalize on its technological advantages and market opportunities in the skin health sector.
About NANOPHASE TECHNOLOGIES Corp
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