Renewable Innovations’ Reports FY 2022 Year-End Financials Including Revenue and Growth of 837%

Rhea-AI Summary

Renewable Innovations (OTC: REII) reported significant growth in its FY 2022 financial results, ending November 30, 2022. Revenue surged to $3.47 million, marking an 837% increase from $370,341 in 2021, primarily due to contracts with two Fortune 50 companies. Gross profits rose to $890,219, with a gross margin improvement from 8.3% to 25.7%. Operating expenses decreased by 32% to $956,907. Total assets grew by 54% to $9.49 million, and cash position improved to $1.26 million. Net loss narrowed from $1.18 million to $994,938.

Positive

• Revenue up 837% to $3.47 million due to major contracts.
• Gross profits increased to $890,219 with improved margins.
• Operating expenses decreased by 32% to $956,907.
• Total assets rose 54% to $9.49 million.
• Cash position improved by over $900,000.

Negative

• Net loss remains significant at $994,938.

Lindon, Utah, March 10, 2023 (GLOBE NEWSWIRE) -- Renewable Innovations (RI) (OTC: REII), a leader in the zero-carbon, green solutions alternative fuel industry, announced today FY 2022, ending November 30, 2022, year-end Financial results.

Full Year 2022 Financial Highlights:

• Revenue increased from $370,341 in 2021 to $3,468,587 in 2022, an increase of 837%. This increase was primarily attributable to payments received from two Fortune 50 companies.
• Gross Profits increased from $30,712 in 2021 to $890,219 in 2022, an increase of $859,507. This was primarily due to the increase in purchase orders received during 2022 and a gross margin increase from 8.3% to 25.7%.
• Operating Expenses decreased from $1,416,024 in 2021 to $956,907 in 2022, a decrease of 32%. This was primarily the result of decreased sales, general and administrative costs.
• Total Assets increased from $6,161,713 at November 30, 2021 to $9,489,653 at November 30, 2022, an increase of 54%. This was primarily the result of increased cash, prepaid expenses and property and equipment.
• Cash position increased from $357,189 at November 30, 2021 to $1,260,199 at November 30, 2022.
• Cash provided from operating activities increased from $47,197 in 2021 to $504,755 in 2022.
• Net loss decreased from $1,179,028 in 2021 to $994,938 in 2022.
  

For additional information, please visit www.sec.gov for full filing.

2022 Operational Highlights and Recent Developments:

• Significantly increased positive cash flow from operations
• Began collaborations, development and working relationships with several additional large companies.
• Selected to support a major electric vehicle taxi company with hydrogen clean power.
• Provided power and charging capabilities for several events, including the Rebelle Rally.
• Partnered with Quantum Fuel Systems, a fully integrated alternative energy company, to bring to market new solutions for hydrogen distribution.
• Featured in numerous hydrogen industry magazine articles and events.

About Renewable Innovations, Inc.

Renewable Innovations Inc. (OTC: REII) is a global hydrogen and fuel cell integration solutions provider. With headquarters and divisions across the US and regional offices in Europe and Auckland, New Zealand, Renewable Innovations is accelerating the growth and opportunities within the renewable economy. Their team of industry leaders brings extensive experience and invaluable connections across the Renewable, Hydrogen, and Alternative Energy sectors. Along with their partners, investors, and clients, they are making major technological advancements with products and solutions to lead the world into a new and exciting carbon-free future.

Lynn Barney
Chief Financial Officer
investor@renewable-innovations.com

Forward Looking Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Renewable Innovations control, including but not limited to regulatory approvals and market conditions. A discussion of factors that may affect future results is included in Renewable Innovation’s filings with the Securities and Exchange Commission. Renewable Innovations disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.

Brokers and Analysts
Chesapeake Group
410-825-3930
info@chesapeakegp.com

FAQ

What were Renewable Innovations' revenue figures for FY 2022?

Renewable Innovations reported revenue of $3.47 million for FY 2022, up from $370,341 in 2021.

How did the gross profit change for REII in FY 2022?

Gross profits for REII increased to $890,219 in FY 2022, compared to $30,712 in the previous year.

What is the net loss reported by Renewable Innovations for FY 2022?

The net loss for Renewable Innovations decreased to $994,938 in FY 2022 from $1.18 million in FY 2021.

How much did Renewable Innovations reduce its operating expenses in FY 2022?

Operating expenses decreased by 32% in FY 2022, amounting to $956,907.

What financial improvement did Renewable Innovations experience in its cash position?

Renewable Innovations increased its cash position to $1.26 million in FY 2022, up from $357,189 in FY 2021.