Company Summary: Basanite, Inc.

Business Overview

Basanite, Inc. is a Nevada-incorporated company that primarily operates through its wholly owned subsidiary, Basanite Industries, LLC, a Delaware limited liability company. The company manufactures environmentally friendly, sustainable, non-corrosive, lightweight, composite reinforcement products used in the construction industry, especially in concrete reinforcement.

Core Products

• BasaFlex™: Basalt fiber reinforced polymer (BFRP) rebar designed as a stronger, lighter, sustainable, non-conductive, and corrosion-proof alternative to steel rebar. It addresses industry issues with rust and concrete spalling, offering a product with a longer lifecycle.
• BasaMix™: Fine denier basalt fibers available in various chopped sizes, used to absorb stresses such as early-age plastic shrinkage and settlement cracking in concrete.
• BasaMesh™: Basalt Geogrid Mesh Rolls, intended to replace welded wire mesh (steel), for secondary reinforcement, temperature shrinkage, and combined with BasaFlex™ or BasaMix™ for comprehensive reinforcement.

Industry Context

• The U.S. concrete reinforcement market is approximately $9.4 billion annually.
• The company's products are positioned as environmentally sustainable and corrosion-resistant alternatives to steel, with a focus on extending concrete structure lifespans and reducing maintenance costs (e.g., replacing steel which rusts and causes cracking).
• The company is aligned with macroeconomic trends favoring infrastructure repair, durability, sustainability, and long-term cost savings.

Business Development & Strategy

• Began initial manufacturing in 2020 with proprietary testing and certification, including ICC-ES and Florida Department of Transportation approvals.
• Developed special software (BasaPro™) for engineering design, allowing adoption of the company's products in structural engineering.
• Entered into strategic agreements with CPPB (Concrete Products of the Palm Beaches) and USS (U.S. Supplies, Inc.) in December 2021 for supply and distribution, including warrants to purchase up to 40 million shares.
• Working to expand manufacturing capacity significantly with a new facility planned in Ohio, aiming for a capacity of over 73,000 linear feet per day on a two-shift basis, to meet anticipated demand.

Current Operations & Challenges

• As of December 31, 2024, the company had 2 employees.
• Reported $434,275 in revenue for the year ended December 31, 2024, an increase from $317,665 in 2023.
• Incurred a net loss of $1,729,396 in 2024, compared to a loss of $2,169,379 in 2023.
• The company has minimal cash reserves (approximately $82,222 as of December 31, 2024) and ongoing liquidity issues.
• The company is actively seeking approximately $6 million in additional funding to expand manufacturing and support operations.

Workforce & Management

• As of December 2024, the company has 2 active employees.
• Key management roles include an Acting Interim CEO, Ali Manav, engaged on a contract basis, and other directors with backgrounds in construction, law, finance, and business development.
• Management is focused on securing regulatory approvals, expanding manufacturing capacity, increasing customer base, and solidifying its position in the market.

Summary

Basanite, Inc. develops and manufactures innovative basalt fiber-based construction reinforcement materials, with a strategic focus on infrastructure improvement, durability, and sustainability. The company operates with limited revenue, ongoing losses, and capital constraints but aims to significantly expand its manufacturing capacity and market penetration through new facilities and strategic partnerships.