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OriginClear First Quarter Revenue Up 55% Over Last Year
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
OriginClear Inc (OCLN) reported a significant 55% revenue increase to $1,234,105 for the three months ending March 31, 2022, compared to $796,178 in the same period last year. Despite this growth, the company faced challenges with the cost of sales rising to $1,458,855, leading to a gross profit loss of $(224,750). Operating losses increased to $(1,761,927), attributed to investments in the new Water On Demand™ initiative aimed at enhancing sales flexibility.
Positive
Revenue increased by 55% to $1,234,105 for Q1 2022.
Booked orders exceeded $12 million in 2021.
Negative
Cost of sales increased significantly to $1,458,855.
Gross profit decreased to $(224,750).
Loss from operations increased to $(1,761,927).
Increase reflects progress in fulfilling increased sales in 2021
CLEARWATER, Fla.--(BUSINESS WIRE)--
OriginClear Inc. (OTC Pink: OCLN), which helps the world invest in clean water, reported today that for the three months ended March 31, 2022, revenue increased by 55% to $1,234,105 compared to $796,178 for the three months ended March 31, 2021. The complete quarterly report is posted on the SEC site.
Pictured above: OriginClear's Progressive Water Treatment manufacturing facility where a steadily increasing flood of projects is fueling all-time-high productivity. Despite the monumental increase in demand, PWT upholds its industry-acclaimed standards. (Photo: OriginClear)
“After strong sales in 2021 with booked orders exceeding $12 million, we are pleased to see revenue milestones following suit as we deliver to these orders,” said Riggs Eckelberry, OriginClear CEO. “If this pace continues, we will achieve close to $5 million this year, with the potential to do even better than that. My congratulations to the entire Operations team!”
For the same quarterly periods, cost of sales increased to $1,458,855 compared to $691,521, while gross profit decreased to $(224,750) compared to $104,657, and loss from operations increased to $(1,761,927) compared to $(1,157,035), reflecting the cost of developing the company’s new Water On Demand™ initiative, which seeks to further accelerate sales by letting customers pay for their systems as they go, without the need for capital expenditure or water expertise.
“I continue to see great performance by the team,” said Tom Marchesello, OriginClear Chief Operating Officer. “I wish to commend Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems. They are delivering outstanding quality despite significantly increased operations activity.”
About OriginClear Inc.
OriginClear leads the self-reliant water revolution, democratizing water investment by developing a marketplace to connect investors with water projects; and commercializing modular, prefabricated, filter-free advanced systems for faster sanitation worldwide. With America’s broken infrastructure and 100 billion dollars of government spending to fix the nation’s 150,000-plus water systems, OriginClear is helping them “cut the cord” by developing outsourced pay-per-gallon programs and a future digital currency to streamline payments. Our line of Modular Water products and systems is key to the self-reliant water treatment revolution as they create “instant infrastructure” – fully engineered, prefabricated and prepackaged systems that use durable, sophisticated materials.
Matters discussed in this release contain forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization, and if or when the Company will receive and/or fulfill its obligations under any purchaser orders. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason except as may be required under applicable laws.
