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California Nanotechnologies

CANOF
25
Chemicals - Specialty · Basic Materials
Price
$0.23
+0.00 (+1.08%)
Market Cap
$10.6M
Exchange
Other OTC
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 4, 2026 · filings through May 31, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available
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Share count rising — dilution

+42.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 32.1M (2022) → 45.5M (2026)

§Winston Score History

The full picture

California Nanotechnologies (Cal Nano) is a small Canadian company that uses advanced processing techniques to make metal powders and parts stronger and more durable. Its core technology, called spark plasma sintering, compresses and heats materials to create high-performance components. Its main customers are in the aerospace, defense, and industrial sectors.

The company earns revenue by providing contract manufacturing and materials processing services. It operates out of a facility in Ontario, Canada, and is a micro-cap business with very limited scale. Cal Nano occupies a niche position in advanced materials processing, but its deeply negative operating margins highlight that it has not yet achieved profitability. The key challenge ahead is whether the company can grow its customer base and production volume enough to reach sustainable profitability before it exhausts its financial resources.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+4.2% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

38.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

$274,521 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Strong grower

California Nanotechnologies is growing revenue at 28% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
44.1%
Healthy — 44.1% gross margin
Profit after running costs
Operating Margin
-53.2%
Losing money on operations — -53.2%
Return on the money invested
ROCE
-73.8%
Weak — -73.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-42.4%
Shrinking sales (-42.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-34.0%
Burning cash (-34.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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