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12 ReTech Corporation (OTC: RETC) announced its financial results for the year ending December 31, 2021. Revenue decreased by 8.5% to $660,206 compared to $721,312 in 2020. However, the GAAP net loss improved by 75.9%, from $21.7 million to $5.3 million. The company attributes the revenue decline to ongoing impacts from the COVID-19 pandemic. Despite challenges, the management is focusing on a new social shopping mobile app aimed at supporting smaller retailers, set for beta testing in the second half of 2022.
12 ReTech Corporation (OTC: RETC) reported Q3 2021 results showing a 180.3% revenue increase to $190,876 from $68,052 in Q3 2020, largely impacted by pre-pandemic revenues. However, the company faced a GAAP net loss of $5.8 million, worsening from a net gain of $6.7 million year-over-year. For the nine-month period, revenue decreased 13.4% to $511,603, while the net loss expanded 69.4% to $7.5 million. Management is focusing on financing strategies to reduce shareholder dilution and improve operational growth.
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