C-Bond Systems Reports 2023 Highlights Including Record Revenue and Positive Net Income; Company to Host Conference Call on April 3rd

Net income improved by $7 million year over year due, in part, to the May 2023 sale of the C-Bond nanoShield patent and related business for approximately $4.1 million and decreased operating expenses of approximately $1.2 million

The Company repaid more than $2 million of debt in 2023

Company expects to report first quarter 2024 revenue of more than $1 million

SAN ANTONIO, April 02, 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 year ended December 31, 2023, reporting record annual revenue of $2.49 million and net income of $1.89 million. Following the sale of its C-Bond nanoShield business and related patent in May 2023 for approximately $4.1 million, the Company also repaid over $2 million of debt.

The Company will hold a conference call tomorrow, April 3, 2024, at 9:30 am ET to discuss its 2023 financial results and review its preliminary outlook for the first quarter ended March 31, 2024. The Company stated last month it expects to report revenues of more than $1 million for the first quarter of 2024. Conference call details are below.

2023 Financial Highlights:

• For the year ended December 31, 2023 and 2022, net income (loss) amounted to $1,886,807 and $(5,156,478), respectively. Part of the net income increase was due to the sale of the nanoShield patent and related product line for $4,051,709
• For the year ended December 31, 2023, operating expenses amounted to $3,303,818 as compared to $4,470,738 for the year ended December 31, 2022, a decrease of $1,166,920, or 26.1%. This decrease was primarily due to a decrease in compensation and related benefits for the year ended December 31, 2023 of 808,269, or 28.4%, as compared to the year ended December 31, 2022.
• For the year ended December 31, 2023, sales amounted to $2,488,493 as compared to $2,232,646 for the year ended December 31, 2022, an increase of $255,847, or 11.5%.
• For the year ended December 31, 2023, cost of sales amounted to $1,180,979 as compared to $954,402 for the year ended December 31, 2022, an increase of $226,577, or 23.7%.
• For the year ended December 31, 2023, gross profit amounted to $1,307,514, or 52.5% of sales, as compared to $1,278,244, or 57.2% of sales, for the year ended December 31, 2022, an increase of $29,270, or 2.3%. Generally, we recognized a higher gross profit percentage on the sale of C-Bond nanoShield and C-Bond ballistic-resistant glass protections systems than we do on the sale of general window film installations and services.