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OriginClear Inc. (OCLN) announced its 2021 financial results, reporting unchanged revenue of $4,143,744 from 2020. Sales grew over 40%, with booked orders surpassing $12 million. Quarterly sales jumped more than 200%, reaching $2,340,143 in Q4 2021. However, gross profit decreased by 7% to $569,684, and the net loss for 2021 was $(2,117,781), significantly down from a net income of $13,261,365 in 2020. The loss from operations increased by 25.85% to $(5,929,452).
Positive
Sales increased over 40% compared to 2020.
Booked orders exceeded $12 million.
Quarterly sales rose over 200%, reaching $2,340,143 in Q4 2021.
Negative
Gross profit decreased by 7% to $569,684.
Net loss was $(2,117,781), down from a net income of $13,261,365 in 2020.
Loss from operations rose by 25.85% to $(5,929,452).
CLEARWATER, Fla.--(BUSINESS WIRE)--
OriginClear Inc. (OTC Pink: OCLN), which helps the world invest in clean water, reported today that in its 10-K Annual Report filing, 2021 revenue remained approximately unchanged from 2020 at $4,143,744.
With a sales increase of more than 40% compared to 2020 and booked orders exceeding $12 million, the entire team at OriginClear'sTexas-based Progressive Water Treatment and Modular Water Systems™ well exceeded expectations. (Photo - OriginClear)
“Revenue recognition, which is based on percentage of work completed, held its own last year,” said Riggs Eckelberry, OriginClear CEO. “Meanwhile, sales increased more than 40% compared to 2020, with booked orders exceeding $12 million. We are very excited about the potential this represents, both this year and next.”
Quarterly Sales growth was particularly marked, increasing more than 200% from $776,100 in Q4 of 2020 to $2,340,143 in Q4 of 2021.
Annually, gross profit decreased by 7% to $569,684 compared to $611,775 for the prior year, which the Company attributed to advance purchases related to increased orders.
“The sales growth we saw in the second half of the year well exceeded expectations for an industrial water company,” said Tom Marchesello, OriginClear Chief Operating Officer. “My congratulations go to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems. They are doing wonders daily with a very lean organization.”
Loss from operations increased by $1,218,213 or 25.85% to $(5,929,452) compared to $(4,711,238) for prior year. The increase in losses from operations was primarily due to the increase in selling/marketing expense from $1,557,842 in the prior year to $2,841,331 in 2021. General and administrative expenses remained relatively unchanged at $3,612,988 compared to $3,602,586 for the prior year.
Net loss for 2021 was $(2,117,781), compared to a net income of $13,261,365 for 2020. The net income of $13,261,365 in year 2020 was primarily attributed to the gain recorded on net change in derivative liability of $19,359,866 as compared to the gain recorded of $5,838,830 in year 2021.
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.
