Year End Trading Update

FOR IMMEDIATE RELEASE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").

Nanoco Group PLC

("Nanoco", the "Group", or the "Company")

2 July 2024

Year End Trading Update

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from our technology platform, today provides the following trading update for the financial year ending 31 July 2024 ('FY24').

Operational overview

· The Group continues to deliver all milestones in its two-year Joint Development Agreements (JDAs) for second generation sensing materials with ST Microelectronics and the Asian chemical company.

· The new Device Fab is now fully operational and sample devices have been shipped.

· Following customer dialogue, the Group no longer expects to receive a further production order for its validated first generation sensing products during FY24.

· The Group is working with its customer to understand the range of possible outcomes and any potential impact on Nanoco beyond the end of the financial year. The Group expects to issue a further update with the full year results in October.

· The Group continues with some small-scale commercial engagements for customers interested in display materials, although no new anchor customer has been signed at this time.

· The Group continues to commit retained funds to expand our business development activities as set out in our planned use of retained funds.

Financial overview

· As a result of the delayed receipt of the second production orders noted above, full year revenue is expected to be marginally below consensus forecasts.1

· The impact of the reduction in revenue alongside some small one-off increases in overheads means Adjusted EBITDA is likely to be towards the lower end of the range of market forecasts2, subject to the results of the year-end audit.

· The impact of the delayed demand noted above on the Group's aim of becoming cash breakeven during CY25 will depend on the duration of that delay and subsequent speed of ramp up in demand for our technology.

· The Group still expects its cash reserves to be approximately £20.0m on 31 July 2024.

· The Group remains committed to completing the return of capital through its £3.0m broker managed share buy back programme with £1.3m having been returned to date.

1The consensus revenue forecast is £8.35m, being the average of forecasts from Cavendish and Edison.

2Adjusted EBITDA analyst forecasts range from £0.5m to £1.5m.The Group expects to announce its full year results on 22 October 2024.

Brian Tenner, Chief Executive Officer of Nanoco, said:

"We continue to work hard across a range of products, customers and market sectors to deliver the adoption of quantum dot technology. The number of potential applications continues to grow strongly. The majority of our income generating staff remain engaged in paid for development work on new products in sensing and display applications. By investing across a broad range of business development opportunities, we aim to further reduce any dependency on a single customer and to deliver increases in shareholder value in the medium term."

- Ends -

For further information, please contact:

Nanoco Group plc:

Brian Tenner, CEO 44 (0)1928 761 404

Liam Gray, CFO & Company Secretary

Cavendish Capital Markets Limited (Financial Adviser & Joint Corporate Broker):

Ed Frisby / George Lawson (Corporate Finance) 44 (0) 20 7220 0500

Tim Redfern / Charlie Combe (Corporate Broking)

Jasper Berry (Sales)

Turner Pope Investments (Joint Corporate Broker):

Andrew Thacker 44 (0) 20 3657 0050

James Pope

Powerscourt (Public Relations) 44 (0) 20 7250 1446

Elly Williamson

Pete Lambie

Nanoco@powerscourt-group.com

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Chief Financial Officer.

FORWARD LOOKING STATEMENTS

This announcement (including information incorporated by reference in this announcement) and other information published by Nanoco may contain statements about Nanoco that are or may be deemed to be forward looking statements. Such statements are prospective in nature. All statements other than historical statements of facts may be forward looking statements. Without limitation, statements containing the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or "considers" or other similar words may be forward looking statements.

Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future. Important factors such as business or economic cycles, the terms and conditions of Nanoco's financing arrangements, tax rates, or increased competition may cause Nanoco's actual financial results, performance or achievements to differ materially from any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. Nanoco disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.

About Nanoco Group plc

Nanoco (LSE: NANO) is a nano-material production and licensing company, specialising in the production of its patented cadmium free quantum dots (CFQD®) and other patented nano-materials for use in the electronics industries.

Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside the scaling of the production for commercial orders.

Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Sensor, Electronics and Display markets. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of display applications. Nanoco's HEATWAVE™ quantum dots can be tuned to absorb light at different wavelengths across the near-infrared spectrum, rendering them useful for applications including cameras and image sensors.

Nanoco is listed on the Main Market of the London Stock Exchange, holds the LSE's Green Economy Mark, and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com