Edison Investment Research Limited
London, UK, 30 August 2022
Applied Graphene Materials (AGM): Leading innovation with graphene dispersions
Applied Graphene Materials (AGM) specialises in providing graphene in the form of dispersions of nanoplatelets that can be readily incorporated by customers into their products. It is concentrating on the global protective coatings market, where the financial benefits of the performance enhancements achievable from incorporating graphene may be calculated, encouraging adoption. Revenues are still modest because although the number of customers that AGM is currently selling dispersions to is growing, they are all relatively small. This position could change if larger coatings companies decide to deploy AGM’s dispersions or if the longer-term projects involving incorporation of graphene into composite materials or into thermal adhesives progress to commercialisation.
AGM’s pipeline at the end of H122, including revenues attributable to supplying dispersions for 24 products already launched by customers, represented £3.2m in annualised revenues on a probability-weighted basis. Our scenario analysis shows that this revenue level is not sufficient to take AGM to cash break-even, which is reached at annual revenues of around £11m. This is a very small proportion of the total global protective coatings market (US$184bn in 2021).
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