UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)            April 25, 2019          

IKONICS CORPORATION

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code   (218) 628-2217               

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b 2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition.

On April 25, 2019, IKONICS Corporation (the “Company”) reported its financial results for the quarter ended March 31, 2019. See the Company’s press release dated April 25, 2019, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 2.02.

Item 9.01.     Financial Statements and Exhibits.

(d)     Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99

4832 Grand Avenue Duluth, MN 55807 USA Phone: (218) 628-2217 Fax: (218) 628-3245 Email: info@ikonics.com Website: www.ikonics.com

IKONICS ANNOUNCES FIRST QUARTER 2019 RESULTS

DULUTH, MN - IKONICS Corporation (Nasdaq: IKNX), a Duluth-based imaging technology company, reported that 2019 first quarter sales declined by 13% to $3,529,000. The company posted a loss of $0.23 cents per diluted share for the quarter compared to a loss of $0.07 per diluted share for the first quarter of 2018.

Bill Ulland, IKONICS CEO, said: “Our first quarter normally is slow because of cold weather in Duluth, which limits our ability to ship certain liquid products, and the Chinese New Year, which affects sales to parts of Asia. This year was exacerbated by bitterly cold weather that pushed significant export sales into the second quarter. We also were affected by the timing of orders from some of our larger customers.”

Ulland added: “I believe this is a temporary blip. Our aerospace sales were down based on the timing of orders from our largest customer, which accounts for approximately 80% of the sales in this segment. However, this customer has told us to expect a 30% increase in orders over 2018, and we are starting to see that ramp up.

“IKONICS Imaging sales also were down for the quarter due to the timing of trade show sales; expected to improve in the second quarter, and we expect an additional increase in sales from our new IKONART product,” he said.

“We have held off marketing this product until we could build inventory because one of the raw materials has a long lead time. We are now flush with raw materials and are in the process of making 500 IKONART kits and are shipping kits and film. We are actively evaluating other opportunities for this unique product.

“We have mentioned the ability of our technology to reduce noise and aeronautical drag from commercial aircraft engines. A study done by NASA indicates 50% reduction in engine drag by machining slots into engine liners. NASA now is investigating increased use of this technology in jet engines. Major aerospace companies are also evaluating the technology. We believe this is a major opportunity for IKONICS,” he said.

“We expect to restart purchases under our previously-authorized share buyback program in May, subject to market conditions,” he concluded. This program has 66,500 shares remaining available for future repurchases.

This press release contains forward-looking statements regarding sales, gross profits, net earnings (losses), balance sheet position, industry trends, customer agreements, new products, technologies and business initiatives that involve risks and uncertainties. The Company's actual results could differ materially as a result of downturns in the aerospace industry, unexpected production delays by the Company’s customers, lack of acceptance of new products and technologies, failure of customers to enter into anticipated agreements, introduction of new products or technologies by competitors, domestic and global economic conditions, inherent risk and uncertainty in the protection of intellectual property rights, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.

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NASDAQ Listed: IKNX

IKONICS Corporation

CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

For the Three Months Ended March 31, 2019 and 2018

CONDENSED BALANCE SHEETS

As of March 31, 2019 and December 31, 2018

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

For the Three Months Ended March 31, 2019 and 2018