Kraig Biocraft Boosts Spider Silk Output 30% in Rainy Season, Eyes More Land
KBLB sits 21% above its 52-week low of $0.072.
Summary
Kraig Biocraft set another spider silk production record, increasing output by more than 30% over its previous record-setting levels. The achievement came during the rainy season, the most technically demanding period for silk production, and was enabled by a shift to a continuous rolling operation instead of isolated batches. Management says the result could have been even larger if more mulberry feedstock had been available, and the company is now securing additional land to expand in-house mulberry production, expected online within two to three months. This follows the June 9 announcement of a prior all-time production record of nearly 2.5 metric tons. The company still reported zero revenue and a going concern warning in its latest 10-Q, so production scaling remains critical to reaching commercial viability.
At the time of this announcement, KBLB was trading at $0.09 on OTC in the Life Sciences sector, with a market capitalization of approximately $103.7M. The 52-week trading range was $0.07 to $0.16. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.