Clean Energy Technologies Reports Second Quarter 2023 Financial Results and Provides Business Update
15 Août 2023 - 3:20PM
Clean Energy Technologies, Inc. (Nasdaq CETY)
(“CETY” or the “Company”), a clean energy manufacturing and
services company, offering eco-friendly green energy solutions,
clean energy fuels, and alternative electric power for small and
mid-sized projects in North America, Europe, and Asia today
announced its 2023 second quarter financial results.
Continued
Robust Revenue Growth
Meeting Both Short-Term and Long-Term
Goals
Financial and corporate highlights for the six
months ended June 30th, 2023, include the following:
- For the six months ended June 30,
2023 our total revenue was $7.6 million compared to $2.5 million
for the same period in 2022 which represents revenue growth of
205%. Total revenue in Q2 2023 was $4.7 million compared to $2.8
million in Q1 2023 which represents quarter over quarter revenue
growth of 66%.
- For the six months ended June 30,
2023 our gross profit was $0.6 million compared to $1.1 million for
the same period in 2022. Due to CETY’s waste to energy and
engineering solutions contribution to the revenue in Q2 2023, gross
profit margins have improved significantly from 5% in 2023 Q1 to
11% in Q2 2023.
- For the six months ended June 30,
2023 our operating expense was $1.6 million compared to $1.1
million for the same period in 2022. This increase is a result of
CETY’s expansion in 2023 and additional costs associated with
marketing and business development, professional fees for legal and
accounting services, increase in salary expenses for the new
officers and directors, and additional costs for engineering
consultants.
- For the six months ended June 30,
2023 we had a net loss of $1.7 million due to an increase in
interest and financing fees of $1.3 million, of which $0.7 million
are non-cash debt discount calculations associated with the warrant
issuances and additional operating expenses mentioned above. These
non-cash debt calculations are unlikely to affect CETY’s cashflow
and are a result of the Company’s commitment for accelerated
growth. CETY also plans to lower its cost of capital by
restructuring current debt.
- For the six months ended June 30,
2023 stockholder’s equity was $5.7 million compared to $1.8 million
on December 31, 2022. This is a result of the offering related to
the Nasdaq up-list as well as debt conversions and write-offs.
Management Discussion and Corporate
Strategy
CETY pursued an aggressive growth strategy in Q2
2023 to scale up the business. The Company will continue to deploy
financial resources to drive revenue growth in all business
segments.
CETY has made significant progress in its waste
to energy segment this quarter recording $412,682 of revenue,
realizing a portion of the $10 million engineering, procurement,
and construction (EPC) contract with Vermont Renewable Gas LLC
(VRG) announced on July 12, 2023. The VRG project has reached many
milestones related to interconnection, permits, etc. and is on
track to be commissioned in the next 12 months. As additional
milestones are met, CETY will be able to recognize additional
revenue from the VRG $10 million EPC contract. Diverting waste from
landfills to sustainable alternatives is a critical step in
reducing environmental impact. There is strong federal support in
the US for conversion of food/agricultural waste to gaseous fuels
and electricity with a focus on reducing methane emissions; this is
a timely opportunity. CETY has received many inquiries from waste
management and waste energy companies regarding our high
temperature fast pyrolysis system.
CETY delivered exceptional growth through its
natural gas (NG) trading business and has realigned the trading
operations from trading liquified natural gas (LNG) to compressed
natural gas (CNG) and pipeline natural gas (PNG) as prices of LNG
remain volatile. Going forward, CETY anticipates having more
visible and stable NG trading margins as the Company signs
long-term back-to-back contracts with suppliers and downstream
users. More importantly, through NG trading, CETY has identified
potential customers for cross-selling CETY’s waste heat recovery
products and solutions.
CETY’s Heat Recovery Systems (HRS) is a
project-based business unit. Revenue from this segment is
recognized when the products and services are completed and
delivered to the end customer. CETY is currently working on various
opportunities in this business sector. In addition, CETY is
evaluating multiple acquisition targets in the waste heat recovery
segment to potentially enhance engineering capabilities, broaden
product offering, and improve financial performance.
Finally, as CETY anticipates its continuous
rapid growth path, the Company is undertaking a review of
additional strategic options to further improve liquidity and
minimize cash burn while exploring additional channels of funding
in both private and public capital markets.
About Clean Energy Technologies, Inc.
(CETY)
Headquartered in Costa Mesa, California,
Clean Energy Technologies (CETY) is a rising leader in the
zero-emission revolution by offering recyclable energy solutions,
clean energy fuels and alternative electric power for small and
mid-sized projects in North America, Europe, and Asia. We deliver
power from heat and biomass with zero emission and low cost. The
Company's principal products are Waste Heat Recovery Solutions
using our patented Clean Cycle TM generator to create electricity.
Waste to Energy Solutions converting waste products created in
manufacturing, agriculture, wastewater treatment plants and other
industries to electricity and BioChar. Engineering, Consulting and
Project Management Solutions providing expertise and experience in
developing clean energy projects for municipal and industrial
customers and Engineering, Procurement and Construction (EPC)
companies. Our NG trading operations in China is to source and
supply Natural Gas to industries and municipalities located in
China.
For more information, visit www.cetyinc.com .
Follow CETY on our social media channels: Twitter | LinkedIn |
Facebook
This summary should be read in conjunction with the Company’s
10-Q for the fiscal quarter ended June 30, 2023 which contains,
among other matters, risk factors and financial footnotes as well
as a discussions of our business, operations and financial matters
located on the website of the Securities and Exchange Commission at
www.sec.gov.
Safe Harbor Statement
This news release may include forward-looking
statements within the meaning of section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities and Exchange Act of 1934, as amended, with
respect to achieving corporate objectives, developing additional
project interests, the Company's analysis of opportunities in the
acquisition and development of various project interests and
certain other matters. These statements are made under the "Safe
Harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements contained herein. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on the Company's current
beliefs, expectations and assumptions regarding the future of
CETY’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Therefore, you should
not rely on any of these forward-looking statements.
Forward-looking statements can be identified by words such as:
"anticipate," "plan," "expect," "estimate," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
periods. Any forward-looking statement made by the Company in this
press release is based only on information currently available to
us and speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Clean Energy Technologies, Inc. Investor and Investment Media
inquiries:949-273-4990ir@cetyinc.com
Source: Clean Energy Technologies, Inc.
Clean Energy Technologies (NASDAQ:CETY)
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