Skip to main content

C-Bond Systems Reports Highlights for Second Quarter 2024 with Revenue More Than Double that of Second Quarter 2023 and First Half 2024 Revenue Up 94% from First Half 2023

CEO Scott R. Silverman will discuss these results on a podcast, which will be posted on Wednesday, August 21st, on the Company’s YouTube channel

SAN ANTONIO, Aug. 20, 2024 (GLOBE NEWSWIRE) — C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a developer and marketer of glass strengthening solutions for enhanced safety, today announced financial results for the three months ended June 30, 2024, with quarterly revenue more than double that of second quarter of 2023, and first half 2024 revenue up almost 94% from the first half of 2023.

The Company’s CEO, Scott R. Silverman, will discuss these financial results on a podcast, which will be posted tomorrow on the Company’s YouTube channel at: https://www.youtube.com/@CBondSystemsInc.

Second Quarter and First Half 2024 Financial Highlights:

  • For the three months ended June 30, 2024, sales amounted to $863,533 as compared to $414,055 for the three months ended June 30, 2023, an increase of $449,478, or 108.6%.
  • For the six months ended June 30, 2024, sales amounted to $1,800,337 as compared to $929,275 for the six months ended June 30, 2023, an increase of $871,062, or 93.7%.
  • For the three months ended June 30, 2024, cost of sales amounted to $424,959 as compared to $209,071 for the three months ended June 30, 2023, an increase of $215,888, or 103.3%.
  • For the six months ended June 30, 2024, cost of sales amounted to $886,888 as compared to $454,431 for the six months ended June 30, 2023, an increase of $432,457, or 95.2%.
  • For the three months ended June 30, 2024, gross profit amounted to $438,574, or 50.8% of sales, as compared to $204,984, or 49.5% of sales, for the three months ended June 30, 2023, an increase of $233,590, or 114.0%. For the six months ended June 30, 2024, gross profit amounted to $913,449, or 50.7% of sales, as compared to $474,844, or 51.1% of sales, for the six months ended June 30, 2023, an increase of $438,605, or 92.4%.
  • For the three months ended June 30, 2024, operating expenses amounted to $630,935 as compared to $776,848 for the three months ended June 30, 2023, a decrease of $145,913, or 18.8%. For the six months ended June 30, 2024, operating expenses amounted to $1,747,329 as compared to $1,570,310 for the six months ended June 30, 2023, an increase of $177,019, or 11.3%.
  • During the three and six months ended June 30, 2023, the Company reported a gain on sale of its C-Bond nanoShield™ product line of $4,051,709.
  • Loss from operations was $192,361 for the three months ended June 30, 2024, compared to loss from operations of $571,864 for the three months ended June 30, 2023, a positive change of $379,503, not including the gain on sale of C-Bond nanoShield in 2023. Loss from operations was $833,880 for the six months ended June 30, 2024, compared to loss from operations of $1,095,466 for the six months ended June 30, 2023, a positive change of $261,586, not including the gain on sale of C-Bond nanoShield in 2023.

“Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue,” stated Scott R. Silverman, Chairman and CEO of C-Bond. “We more than doubled revenue quarter over quarter and achieved almost the same performance when comparing the first half of this year with last year. With our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year.”

C-Bond’s glass strengthening protective solutions, sold through its Patriot Glass Solutions subsidiary, including C-Bond Secure, an application to deter forced entry, and C-Bond BRS, a ballistic-resistant system, have been installed in more than 200 schools, government buildings, media sites, and other high-security facilities around the country. To see a demonstration of Patriot Glass Solutions’ security products, watch our video at: https://bit.ly/3l93oZV

The Company’s Form 10-Q for the second quarter of 2024 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 Universal City, TX-based nanotechnology company and marketer of the patented C-Bond technology, which is independently proven to strengthen glass in architectural applications. The Company’s Patriot Glass Solutions subsidiary sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies. For more information, please visit our websites:  www.cbondsystems.com, www.patriotglasssolutions.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys and https://twitter.com/Patriot_Glass.

Forward-Looking Statements
Statements in this press release about our future expectations including the likelihood that Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue; the likelihood that with our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year; 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 Company’s and its customers’ ability to source materials; construction delays; film delays; 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 1, 2024, its Forms 10-Q filed on August 19, 2024, May 14, 2024, and November 14, 2023, 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.

CONTACT: Contact:

Allison Tomek
C-Bond Systems
atomek@cbondsystems.com

Contact:
Cervitude
Nicholas Coriano
203.685.0346

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.