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IKONICS Corporation (IKNX)

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Previous Close5.31
Open5.47
Bid5.13 x 800
Ask5.48 x 1000
Day's Range5.48 - 5.48
52 Week Range2.83 - 7.38
Volume41
Avg. Volume18,757
Market Cap10.83M
Beta (5Y Monthly)0.66
PE Ratio (TTM)N/A
EPS (TTM)-1.00
Earnings DateOct 29, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateDec 18, 2012
1y Target EstN/A
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  • Have Insiders Been Buying IKONICS Corporation (NASDAQ:IKNX) Shares?
    Simply Wall St.

    Have Insiders Been Buying IKONICS Corporation (NASDAQ:IKNX) Shares?

    It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...

  • IKONICS Announces Third Quarter 2020 Results
    GlobeNewswire

    IKONICS Announces Third Quarter 2020 Results

    DULUTH, Minn., Oct. 29, 2020 (GLOBE NEWSWIRE) -- IKONICS Corporation (the “Company” or “IKONICS”) (Nasdaq:IKNX), a Duluth-based imaging technology company, announced third quarter 2020 earnings. IKONICS recorded third quarter 2020 revenue of $3,135,000 compared to $4,530,000 in 2019, a decline of 31%. IKONICS posted a third quarter 2020 loss of $274,000, or $0.14 per diluted share, compared to a loss of $163,000, or $0.08 per diluted share, for the same period in 2019. For the nine months ending September 30, 2020, the Company realized a net loss of $0.96 per diluted share compared to a net loss of $0.37 per diluted share for the same period in 2019.Glenn Sandgren, IKONICS President and CEO, commenting on the third quarter noted, “We believe the Company has turned a corner and is exiting this very challenging environment. Sales continue to improve month over month, and we are seeing strong order patterns in our core legacy businesses so far in the fourth quarter. The sustainability actions taken earlier this year have had a favorable impact on our ability to achieve cash-flow break-even on lower than normal revenue levels as demonstrated in year over year third quarter performance.”Key points: * Efforts to maintain a safe, COVID-19 free workplace have been successful to date. Our team is doing a remarkable job. * IKONICS core legacy businesses are experiencing sales momentum increases in the fourth quarter. * As of September 30, 2020, cash and cash equivalents were $3,500,000, well above second quarter levels. * The AMS business unit whose largest customers are aircraft subcontractors has experienced an amplified negative impact from the aerospace slowdown, after a solid start to the year. Improvement in aerospace market conditions is not expected until at least mid-2021. * The IKONART® crafting product line continues to exceed sales expectations, and our custom stencil kit is now available on Amazon. * IKONICS Inkjet Solutions received favorable feedback during beta testing of our new DTX Dual-Print™ technology at multiple texturing facilities.  Based on the beta testing, the DTX Dual-Print system cuts the time in half for application of multiple-layer patterns resulting in significant labor savings for customers, as well as ensuring precise layer-to-layer registration.  DTX Dual-Print is expected to be widely available in early 2021. Sandgren continued, “Barring unforeseen COVID-19 related restrictions and market impact, we expect the business climate for all our non-aerospace served markets to continue to improve in 4th quarter 2020 and through 2021. The improvement in business conditions, in conjunction with new product initiatives, is expected to yield a marked improvement in 2021 financial performance.”This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, new products, new business initiatives, customer behavior, market trends, and the impacts of the COVID-19 pandemic and efforts to mitigate the same that involve risks and uncertainties. The Company's actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace or automotive industries, unexpected production delays by customers using the Company’s products, competitive market conditions, changes in consumer preferences, inability to commercialize technologies the Company is developing on the anticipated timeline or at all, acceptance of new products the Company offers, introduction of new products or technologies by competitors, unexpected capital expenditure requirements, delays in completing planned expansions, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.News Contact:Glenn Sandgren  Chief Executive Officer  (218) 628-2217    IKONICS Corporation CONDENSED STATEMENTS OF OPERATIONS (Unaudited) For the Three and NIne Months Ended September 30, 2020 and 2019                Three Months Ended  Nine Months Ended   9/30/20  9/30/19  9/30/20  9/30/19 Net sales$3,134,984  $4,530,361  $9,204,615  $12,655,463                   Cost of goods sold 2,261,205   3,118,299   6,792,709   8,805,853               Gross profit 873,779   1,412,062   2,411,906   3,849,610               Operating expenses 1,116,293   1,565,871   4,484,434   4,736,004               Loss from operations (242,514)  (153,809)  (2,072,528)  (886,394)                  Interest expense (24,592)  (22,799)  (70,699)  (67,589)              Other Income 39   16,225   8,722   49,722               Loss before income taxes (267,067)  (160,383)  (2,134,505)  (904,261)                  Income tax expense (benefit) 6,929   2,361   (232,000)  (170,775)              Net loss$(273,996) $(162,744) $(1,902,505) $(733,486)                  Loss per common share-basic and diluted$(0.14) $(0.08) $(0.96) $(0.37)              Average diluted shares outstanding 1,976,354   1,978,926   1,976,354   1,981,568               CONDENSED BALANCE SHEETS  As of September 30, 2020 and December 31, 2019            9/30/2020  12/31/2019 Assets(unaudited)   Current assets$7,476,064  $8,692,188  Property, plant, and equipment, net 7,550,029   7,915,984  Intangible assets, net 247,983   271,369   $15,274,076  $16,879,541  Liabilities and Stockholders' Equity        Current liabilities$4,431,685  $1,934,486  Long-term debt 478,060   2,688,357  Stockholders' equity 10,364,331   12,256,698   $15,274,076  $16,879,541           CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended September 30, 2020 and 2019         9/30/2020  9/30/2019 Net cash used in operating activities$(630,117) $(619,563) Net cash provided by (used in) investing activities 2,060,405   (90,467) Net cash provided by (used in) financing activities 1,106,946   (154,368)        Net increase (decrease) in cash and cash equivalents 2,537,234   (864,398) Cash and cash equivalents at beginning of period 963,649   1,623,137         Cash and cash equivalents at end of period$3,500,883  $758,739

  • GlobeNewswire

    IKONICS Announces Second Quarter 2020 Results

    DULUTH, Minn., Aug. 07, 2020 (GLOBE NEWSWIRE) -- IKONICS Corporation (the “Company” or “IKONICS”) (Nasdaq:IKNX), a Duluth-based imaging technology company, announced second quarter 2020 earnings.  IKONICS recorded second quarter 2020 revenue of $2,572,000 compared to $4,596,000 in 2019, a decline of 44%. IKONICS posted a second quarter 2020 loss of $1,042,000, or $0.53 per diluted share, compared to a loss of $116,000, or $0.06 per diluted share, for the same period in 2019.  For the six months ended June 30, 2020, the Company realized a net loss of $0.82 per diluted share compared to a net loss of $0.29 per diluted share for the same period in 2019. Glenn Sandgren, IKONICS CEO stated, “The second quarter was unprecedented in many ways, and it created a multitude of challenges for IKONICS.  Most importantly, we implemented work rules that allow us to function at a high level while maintaining a safe environment for our employees. IKONICS did show a significant second quarter loss directly attributable to the COVID-19 pandemic. The majority of our customers’ operations were also negatively impacted by the COVID-19 pandemic during the quarter, so the results were not a surprise.  Fortunately, we took strong and decisive actions early on to improve the Company’s longer-term liquidity including the furloughing of approximately 40% of our workforce, reductions in Board and Officer compensation, suspension of the Company’s contribution to its 401(k) retirement plan and the elimination of all non-essential expenditures. We expect to see the full impact of these costs reduction efforts in the third quarter of this year.The business climate continues to improve, but it is far from 2019 levels.  Because of this, we have extended our partial workforce furlough enacted in June until August 31. At that point, we should have a much clearer understanding of the 2020 second half sales trends.”Key business points: * The majority of IKONICS customers were closed most of the second quarter and have reopened. We have experienced month over month sales increases since April. * Efforts to improve cash flow have been successful, and the Company is on a sustainable path, barring additional COVID-19 related shutdowns or reductions. * IKONART™ has received wide customer acclaim and continues its positive sales growth trajectory fueled by our new textile and adjunct craft products.Sandgren continued, “It is impossible to predict the full impact of the COVID-19 pandemic on the Company, but we are encouraged by the current sales trends.  We expect that the negative impacts of the continued cancellation of major events and the likely long-term downturn of the Aerospace Industry will affect our future revenue. However, the cost cutting actions implemented combined with strategic opportunities anticipated to emerge from disrupted supply chains provide a foundation to protect shareholder value.”This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, new products, new business initiatives, customer behavior, market trends, and the impacts of the COVID-19 pandemic and efforts to mitigate the same that involve risks and uncertainties. The Company's actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace or automotive industries, unexpected production delays by customers using the Company’s products, competitive market conditions, changes in consumer preferences, inability to commercialize technologies the Company is developing on the anticipated timeline or at all, acceptance of new products the Company offers, introduction of new products or technologies by competitors, unexpected capital expenditure requirements, delays in completing planned expansions, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.News Contact:  Glenn Sandgren Chief Executive Officer (218) 628-2217    IKONICS Corporation   CONDENSED STATEMENTS OF OPERATIONS (Unaudited)   For the Three and Six Months Ended June 30, 2020 and 2019                Three Months Ended  Six Months Ended   6/30/20  6/30/19  6/30/20  6/30/19 Net sales$2,572,439  $4,596,411  $6,069,631  $8,125,102               Cost of goods sold 2,187,544   3,167,982   4,531,504   5,687,554               Gross profit 384,895   1,428,429   1,538,127   2,437,548               Operating expenses 1,403,484   1,609,326   3,368,084   3,170,133               Loss from operations (1,018,589)  (180,897)  (1,829,957) (732,585)              Interest expense (24,623)  (22,515)  (46,107)  (44,790)              Other Income 1,766   17,303   8,683   33,497               Loss before income taxes (1,041,446)  (186,109)  (1,867,381) (743,878)              Income tax benefit 0   (70,398)  (238,929)  (173,136)              Net loss$(1,041,446) $(115,711) $(1,628,452)$(570,742)              Loss per common share-basic and diluted$(0.53) $(0.06) $(0.82) $(0.29)              Average diluted shares outstanding 1,976,354   1,982,275   1,976,354   1,982,910               CONDENSED BALANCE SHEETS As of June 30, 2020 and December 31, 2019            6/30/2020  12/31/2019 Assets (unaudited)    Current assets$7,480,288 $8,692,188 Property, plant, and equipment, net 7,714,492  7,915,984 Intangible assets, net 253,824  271,369   $15,448,604 $16,879,541 Liabilities and Stockholders' Equity      Current liabilities$4,131,472 $1,934,486 Long-term debt 681,510  2,688,357 Stockholders' equity 10,635,622  12,256,698   $15,448,604 $16,879,541         CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) For the Six Months Ended June 30, 2020 and 2019                  6/30/2020  6/30/2019 Net cash used in operating activities$(1,189,335) $(768,925) Net cash provided by (used in) investing activities 2,060,898   (466,296) Net cash provided by (used in) financing activities 1,142,897   (90,730)            Net increase (decrease) in cash and cash equivalents 2,014,460   (1,325,951) Cash and cash equivalents at beginning of period 963,649   1,623,137             Cash and cash equivalents at end of period$2,978,109  $297,186