Scio Diamond’s revenues up 127.3% in Q2 of fiscal 2016

Scio Diamond Technology, announced financial results for its second quarter in fiscal 2016. Its total revenues in the said three months, closing September 30th valued $236,292 up 127.3 percent, or $132,316, which the company attributed to products sold. “We are pleased to report revenue growth, an outcome of the company’s increased production capacity that is allowing us to manufacture our single-crystal Type IIa colorless diamonds in higher volume and quality,” explained Gerald McGuire, president and CEO. “As our business and the market evolve together, we are intensifying efforts to increase our growth velocity.”

Cost of goods sold for Q2 FY 2016 was $461,279, an increase of 13.2 percent. Loss from operations in Q2 FY 2016 was $801,469.

“During this quarter, the company made progress with customers, products and manufacturing. We are growing and selling colorless and fancy color pink diamonds, and have attracted new investments to fund manufacturing and operations improvements,” he continued.

In September, Scio Diamond closed on $1.565 million in equity financing in a non-brokered, private placement to a group of accredited investors based in Greenville, SC. The investment was to fund continuing product development and working capital.

Scio Diamond began delivering fancy color pink and coloress gems to the market during the summer.