Adamas One Corp. (NASDAQ:JEWL) told investors that it expects to begin generating additional revenue by mid-summer 2023 based on current levels of production following a ramp-up of its expanded factory facilities in Greenville, South Carolina.
In a business update, the company said it now has 12 full-capacity reactors that are growing diamonds at a rate of approximately 3,000 rough carats a month.
With reactors at their full production capacity and full marketing underway, management anticipates more than $12 million in annual sales revenue from the current factory, Adamas One added.
WATCH: Adamas One seeing big demand for its lab-grown diamonds
“The ramp-up of our current factory is now complete and we have already achieved production at full capacity for this phase of growth,” Adamas One CEO Jay Grdina said in a statement.
“We are looking forward to expanded sales and distribution of our high-quality, high-purity lab-grown diamonds into a waiting market, and believe that upon completion and regular repetition of our production cycle that we will achieve $12 million in annual revenue just from this additional phase of growth,” he added.
Adamas One is a law-grown diamond manufacturer that produces near-flawless single-crystal diamonds for gemstone and industrial applications at its facilities in Greenville, South Carolina. The company holds 36 patents and uses its proprietary chemical vapor deposition to grow gem-sized and smaller diamond crystals.
Contact the author at stephen.gunnion@proactiveinvestors.com