Nanoco Group

NANO · Main Market · Technology · mcap £4.5m · 2.7p

Nanoco makes quantum dot and infra-red sensing nanomaterials for electronics at its Runcorn site, earning revenue from development agreements, material sales and patent licences. It also enforces its patents through litigation.

Target	Promise	Said	Status
2023
31 Dec 2023	Announce first commercial production order before end of CY23	17 Oct 2023	✓ Kept
	“Firm commitment to return significant capital to shareholders in Q1 CY24” Result First commercial production order completed, announced 15 November 2023. 15 Nov 2023 · First ever commercial production order
2024
FY24	Add a further global electronics supply chain customer in FY24	17 Oct 2023	✗ Missed
	“with the goal of adding a further global electronics supply chain customer in FY24” Result No new customer announced in FY24; a European customer terminated orders in August 2024. A new Asian chemical JDA came only in April 2025. “Following further dialogue with the European customer, the Group now no longer expects to receive further orders for its first generation sensing materials. In addition, the European customer has served notice on the Group's two year Joint Development Agreement for second generation sensing materials that was previously announced in January 2024.”30 Aug 2024 · Commercial Update
H2 FY24	Fully commission new Fab and add sensing device development services in H2 FY24	27 Mar 2024	✓ Kept
	“Expansion of our range of services to include sensing device development work when Fab is fully commissioned during H2 FY24” Result New wafer device Fab launched at Runcorn on 17 July 2024. “The new Fab is a state-of-the-art wafer device facility and represents a significant step forward in the Company's ability to deliver high performing materials for use in infra-red sensing applications.”17 Jul 2024 · Nanoco launches New Wafer Device Facility (‘Fab’)
2025
FY25	Deliver additional test material sales under STMicroelectronics JDA during FY24 and FY25	12 Jan 2024	… In progress
	“The JDA is also expected to deliver additional sales of test materials during FY24 and FY25.” Status so far Not yet due.
FY25	Return surplus cash to shareholders during FY25, starting after FY24 results	3 Oct 2024	✗ Missed
	“the Board has committed to a return of surplus cash to shareholders during the course of FY25” Also stated 28 Oct 2024 · 20 Nov 2024 Result No further cash return reported in FY25; the CDX sale process ended January 2026 and cash fell to £9.3m by July 2026. “Shareholder consultation process the Company initiated on 26 June 2026 is ongoing following receipt of submissions”19 Aug 2026 · Full Year Trading Update
FY25	Reduce the size of the Board during FY25	3 Oct 2024	◐ Partly kept
	“plans to reduce the size of the Board during FY25” Status so far Board changes followed in January 2025, but later announcements show non-executive directors stepping down only from April 2026. “The Non-Executive Board will be reduced in size to reduce cost, while still maintaining the appropriate balance of independent directors. Therefore, in addition to Dr Alison Fielding's previously announced retirement from the Board, Dieter May will also step down from the Board. Both Alison and Dieter will leave in April 2026.”26 Jan 2026 · Conclusion of CDX process & Directorate changes
31 Oct 2025	Extend Asian chemical customer JDA before October 2025 expiry	19 Aug 2025	✓ Kept
	“discussions ongoing regarding an extension to the JDA with one of our Asian Chemical customers before the expiry of the existing contract, which is due to complete in October 2025” Result Three-year JDA extension announced 4 November 2025. “is pleased to announce it has signed a three-year extension to the existing Joint Development Agreement ("JDA") with its important Asian Chemical Customer”4 Nov 2025 · Extension of Joint Development Agreement
2026
19 Jun 2026	Delist from London Stock Exchange and re-register as private company, subject to shareholder vote on 19 June 2026	27 May 2026	✗ Missed · target changed
	“with a view to being break even in the medium term” Result General Meeting adjourned sine die on 19 June 2026 after shareholder liquidity concerns; Sodali consultation appointed. “the General Meeting originally scheduled for 10:30am this morning has been adjourned sine die”19 Jun 2026 · Adjournment of General Meeting
31 Jul 2026	LTIP options vest 50% on absolute TSR and 50% on revenue growth over three years to 31 July 2026	23 Jan 2024	… In progress
	“Fifty percent (50%) will vest depending on absolute total shareholder return ("Absolute TSR") over the three-year performance period ending 31 July 2026.” Result Not yet due.
Today · 13 Oct 2026
2026	Deliver early product revenues and grow product revenues by calendar 2026	15 Apr 2025	… In progress
	“Nanoco firmly on track of growing its product revenues by 2026” Status so far Not yet due.
2027
FY27	Move first Asian chemical customer JDA to scale-up; volumes to more than double in FY27	20 Apr 2026	… In progress
	“volumes expected to more than double in FY27 from a relatively small base” Also stated 19 Aug 2026 Status so far Not yet due.
2027	Achieve break-even and financial sustainability in calendar year 2027	18 Nov 2025	… In progress
	“the group is aiming to achieve break-even and financial sustainability in the calendar year 2027” Status so far Not yet due.
2028
2028	Scale Asian chemical customer's infra-red/quantum dot material to production; production orders anticipated in 2028 if successful	7 Nov 2023	✗ Missed · target changed
	“the subsequent stage will involve scale up to industrial production levels during 2026 and 2027” Also stated 4 Nov 2025 Result Timetable slipped from 2026-27 to production orders anticipated in 2028 after a three-year JDA extension in November 2025. “If successful, the customer anticipates production level orders will be rolled out in 2028.”4 Nov 2025 · Extension of Joint Development Agreement