Update #2.2 - Making it to orbit
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I own shares of California Nanotechnologies at the time of writing.
This post is an update for Writeup #2 - California Nanotechnologies
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My fellow investors,
I suspect the big thing on most Cal Nano shareholders’ minds these days is the decline in revenue from the green steel company, which went from 63% of FY2025 revenue1 down to a trickle in Q1 20262, significantly impacting YoY figures. I recently wrote a deep dive on Cal Nano’s green steel customer, in which I speculated on who the company might be, why they may have pulled back, and what I hope to see in the near and medium-term future.
Today, rather than continue to ruminate on the green steel company, I’d like to assume they are gone for good and explore what that future might look like.
In a recent conversation I had with Eric, he described the green steel company as having launched Cal Nano into orbit. Even if the company has to take a permanent step back and loses the green steel company as a major customer, the revenue from their R&D work over the last two years has transformed Cal Nano in several important ways: