CW Petroleum Corp (CWPE) Reports Fiscal Year Ended 2023, Profitability
CW Petroleum Corp (CWPE) reported its fiscal year ended 2023 profitability, showcasing significant revenue growth, gross margin improvement, and net income upsurge compared to the prior year. The company also disclosed its EBITDA figures and plans to seek growth capital for expansion and potential IPO listing.
Revenue increased by 16.86% in 2023 compared to 2022, reaching $9,313,358.
Gross margin surged by 84%, totaling $2,048,729 in 2023.
Net income soared to $449,293 in 2023, marking a substantial increase from the prior year's loss of $301,680.
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Katy, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- CW Petroleum Corp (CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announced audited financial results for the year ended 2023. The Company has a 13-year history of generating revenues and has reported eight years of Audited Financial Statements since its public listing in 2019.
Key Financial Highlights for the year ending 2023, Compared to the Prior Year Period:
- 2023 Revenues of
$9,313,358 (16.86% Increase) vs. 2022 Revenues of$7,969,475 - 2023 Gross Margin of
$2,048,729 (84% Increase) vs. 2022 Gross Margin of$1,112,973 - 2023 NET Income
$449,293 ($750,973 Increase) vs. 2022 NET Income ($301,680) Loss - 2023 EBITDA of
$753,452 vs. 2022 EBITDA of$(83,924) Loss
Click Below to view the Full Report:
SEC Form 1-K (Period Ending 12/31/2023)
Detailed information about the Company OTC Markets at:
CWPE Security Detail
CWPE Financials
CWPE News
CWPE Disclosures
The Company continues to seek growth capital from investment banks/private equity needed for acquisition targets to grow and expand its renewable and hydrocarbon motor fuels inside the State of Texas and other markets within the U.S.A. The Company continues to search for a Sole Book Runner to assist the Company with an IPO and up list to NYSE.
For additional information, visit our website at cwpetroleumcorp.com , email: investor@cwpetroleumcorp.com , or call 281-817-8099
About CW Petroleum Corp
CW Petroleum Corp, a Texas corporation, was founded by Christopher Williams and began operations in 2011. CW Petroleum Corp, a Wyoming corporation, was incorporated in April 2018 and has acquired the Texas corporation as a wholly-owned subsidiary. CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Renewable Gasoline, and a 92 Octane Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users.
The EPA licenses the Company to create its proprietary gasoline blends.
CW Petroleum Corp is licensed to distribute Diesel Fuel & Gasoline by the States of Texas, Louisiana, Oklahoma, California, Colorado, New Jersey, Maryland, Pennsylvania, and Arizona
Forward-Looking Statements
Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to several risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
