Energy and Water Development Corp. Reports Full Year 2021 Financial Results with $550,000 in Revenue

Rhea-AI Summary

Energy and Water Development Corp (OTCQB:EAWD) reported its financial results for the year ending December 31, 2021, showing revenue of $550,000, a significant increase from $0 the prior year. The gross profit also rose to $200,000 with a gross margin of 36%. The operating loss decreased by 87% to $937,795, while net loss reduced to $3,037,466, down 60% year-over-year. Cash reserves improved to $589,668. The company made strides in expanding operations in Europe and secured patent protection for its technologies. Management expressed optimism about future growth.

Positive

• Revenue increased to $550,000 from $0 year-over-year.
• Gross profit rose to $200,000 with a 36% gross margin.
• Operating loss decreased by 87% to $937,795.
• Established a German subsidiary for European expansion.
• Secured global patent for energy-free water generation technology.

Negative

• Net loss remains high at $3,037,466 despite a 60% reduction.

ST PETERSBURG, FL / ACCESSWIRE / April 19, 2022 / Energy and Water Development Corp. (OTCQB:EAWD) (the "Company"), an engineering company focused on delivering innovative and sustainable solutions of water and energy, today announced financial and operational results for the year ended December 31, 2021.

Key Financial Highlights for Year Ended December 31, 2021 Compared to Prior Year Period

• Revenue increased to $550,000, from $0
• Gross profit increase to $200,000, from $0
• Gross margin of 36%
• Operating loss decreased 87% to $937,795
• Cash balance of $589,668

Business Highlights for the Year Ended December 31, 2021

• Recognized first revenues in company history with deployment of energy and water system in Mexico
• Moved forward with its expansion in Europe by joining a pioneering project in Grunheide that stands for sustainable development
• Established German subsidiary signaling commitment to local markets
• Received global trademark protection for name and logo
• Received global patent protection for energy-free water generation technology

Subsequent Events

• Uplisted to the OTCQB
• Established common stock equity agreement of up to $5 million to support growth, along with $300,000 fixed price equity investment
• Eliminated all variable convertible debt
• Engaged ClearThink to lead expanded investor relations program

Management Commentary

Ralph Hofmeier, Chief Executive Officer of Energy and Water Development Corp., commented, "2021 was a very successful year for our Company and sets us up to accelerate the number of active projects and revenue in 2022. We are ready to enter the next growth phase of our business, as we focus on revenue-producing innovative water and energy generation system projects starts with our first project in Germany in the city of Grünheide (Mark), just 20 miles east of Berlin's city center."

Hoffmeier, continued, "As the global water crisis intensifies, communities around the world are desperately searching for alternatives to groundwater for their residential and industrial water needs. This is especially relevant with Tesla's nearby European Gigafactory in Germany. We are ready to meet and satisfy these water shortage challenges with our patent filled eAWGs (energy-supplied Atmosphere Water Generators) that utilize solar glass panels to power ultra-efficient refrigeration technology that turns moisture in the air into water. We have a robust pipeline of project opportunities, mainly in Europe and Mexico. Our technology will become more prevalent as climate change continues to put pressure on water resources around the world."

Financial Results for Year Ended December 31, 2021

• Revenue for the year ended December 31, 2021 increased to $550,00, compared to $0 for the year ended December 31, 2020.
• Gross profit for the year ended December 31, 2021 increased to $200,00, compared to $0 for the year ended December 31, 2020. The resulting gross margin for the year ended December 31, 2021 was 36%.
• General and administrative expenses for the year ended December 31, 2021 decreased by $6,075,793, or 85%, to $1,083,951, compared to $7,159,744 for the year ended December 31, 2020.
• Operating loss for the year ended December 31, 2021 decreased by $6,221,949, or 87%, to $937,795, compared to $7,159,744 for the same period in 2020.
• Net loss for the year ended December 31, 2021 decreased by $4,555,318, or 60%, to $3,037,466, compared to $7,592,784 for the year ended December 31, 2020. The corresponding EPS loss for the three months ended December 31, 2021 was ($0.02) per share, compared with an EPS loss of ($0.07) per share, for the three months ended December 31, 2020.
• Cash and cash equivalents totaled $589,668 at December 31, 2021, an increase of $577,621 compared to $12,047 at December 31, 2020.

Energy and Water Development Corp.

Energy and Water Development Corp. (OTCQB:EAWD) is an engineering solutions company focused on delivering innovative and sustainable solutions of water and energy. EAWD builds its systems out of proven technologies, using their technical know-how to customize solutions to their clients' needs. The Company offers design, construction, maintenance and specialty consulting services to private companies, government entities and non-government organizations (NGOs).

For additional information, please visit: https://energy-water.com

Forward-Looking Statements:

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target," "intend" and "expect" and similar expressions, as they relate to Energy and Water Development Corp., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Corporate:

investor.relations@energy-water.com
eawdteam@eawctechnologies.com

Investor Relations Contact:

Brian Loper
ClearThink
bloper@clearthink.capital
p347-413-4234

SOURCE: Energy and Water Development Corp.

View source version on accesswire.com:
https://www.accesswire.com/697863/Energy-and-Water-Development-Corp-Reports-Full-Year-2021-Financial-Results-with-550000-in-Revenue

FAQ

What are the financial results of Energy and Water Development Corp for 2021?

Energy and Water Development Corp reported $550,000 in revenue and a net loss of $3,037,466 for 2021.

How much did Energy and Water Development Corp's gross profit increase in 2021?

The gross profit increased to $200,000 in 2021 from $0 in 2020.

What is the significance of Energy and Water Development Corp's uplisting to OTCQB?

The uplisting to OTCQB enhances visibility and access to a broader investor base.

What technology did Energy and Water Development Corp receive a patent for?

The company received a global patent for its energy-free water generation technology.

What plans does Energy and Water Development Corp have for 2022?

The company aims to accelerate project activity and revenue generation, particularly in Europe.