Clean Energy Technologies (CETY) Reports Q2 2022 Financial Results
Clean Energy Technologies (CETY) reported significant financial growth for Q2 2022, with sales revenue soaring to $1.75 million, a remarkable 1021% increase year-over-year. For the first half of 2022, revenues reached $2.52 million, up 767% from 2021. The company's gross profits also surged, growing 474% in Q2, totaling $611,797. Notably, CETY decreased its losses significantly, with a 912% improvement in earnings before interest and taxes compared to the previous year. As of June 30, 2022, CETY reported cash on hand of $968,919.
- Sales revenue for Q2 2022 was $1,747,701, a 1021% increase year-over-year.
- Sales revenue for the first half of 2022 reached $2,522,968, a 767% growth from 2021.
- Gross profit in Q2 2022 was $611,797, reflecting a 474% increase.
- For the six months ended June 30, 2022, gross profit was $1,125,990, a 415% growth.
- Earnings before interest and taxes improved by 912% in Q2 2022.
- Despite improvements, the company still posted negative earnings before interest and taxes.
COSTA MESA, Calif., Aug. 23, 2022 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), ("CETY" or the "Company"), a clean energy company offering products and solutions in the renewable and energy efficiency markets announces Q2 2022 financial results and operational highlights.
Highlights
- For the three months ended June 30, 2022, the company reported sales revenue of
$1,747,701 compared to$155,884 for the same period in 2021, achieving revenue growth of1021% year-over-year. - For the six months ended June 30, 2022, the company reported sales revenue of
$2,522,968 compared to$291,158 for the same period in 2021, achieving revenue growth of767% year-over-year. - For the three months ended June 30, 2022; our gross profits were
$611,797 compared to$106,528 for the same period in 2021 achieving growth of474% . The increase in gross profit was due to higher revenues. - For the six months ended June 30, 2022; our gross profits were
$1,125,990 compared to$218,539 for the same period in 2021 achieving growth of415% . The increase in gross profit was due to higher revenues. - For the three months ended June 30, 2022, we had negative earnings before interest and taxes of
$43,537 compared to a loss of$495,733 for the same period in 2021, an improvement of912% . - For the six months ended June 30, 2022, we had negative earnings before interest and taxes of
$28,368 compared to a loss of$862,670 for the same period in 2021, an improvement of967% . - Cash on hand of
$968,919 as of June 30, 2022. - Continually improving balance sheet & capital position.
About Clean Energy Technologies
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a 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 CycleTM 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 LNG trading operations in China is to source and supply LNG to industries and municipalities located in the southern part of Sichuan Province and portions of Yunnan Province.
CETY's common stock is currently traded on the OTC Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com.
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This summary should be read in conjunction with the Company’s 10-Q for the quarter ended June 30, 2022 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.
DISCLAIMER
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.
Investor Relations Contact:
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
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