NAC Global Technologies reported record quarterly revenues of $254,598, a 30 per cent increase over the prior quarter and 115 per cent over the same period last year.
Year-to-date revenues were $574,564. Net quarterly operating loss decreased from $140,827 to $46,615 a 66 per cent improvement and an 88 per cent improvement over the same period last year.
New customers include an international helicopter manufacturer integrating NAC drives into landing gear actuators.
A three-year production contract is anticipated in the coming months valued at approximately $1 million over the three year term and is expected to extend at least 10 years.
Vincent Genovese, NAC CEO, said: “We believe a shift is happening, and it’s happening now. We believe harmonic gearing usage is going to explode throughout industry soon. For centuries, conventional gears were everywhere, but we see a global shift occurring with harmonic gearing replacing conventional gears.
“Newly designed machines, robots, and production lines need the precision and small size of harmonic gearing. We foresaw this shift back in 2007 and positioned ourselves in front of the curve.
“Now, our incoming inquiries include robotic drives in Europe valued about $18 million annually, $4 million robotic application in Korea, and we have an identified sales pipeline exceeding $100 million.
“With an addressable market exceeding $1 billion today, our near term revenue target is $25 million and medium term exceeds $75 million. Our opportunity lies in ramping up and addressing the existing and rapidly expanding need for our technology.”
