Clean Energy Technologies, Inc. (Nasdaq CETY)
(“CETY” or the “Company”), a clean energy manufacturing and
services company, offering eco-friendly green energy solutions,
clean energy fuels, and alternative electric power for small and
mid-sized projects in North America, Europe, and Asia today
announced the 2023 first quarter financial results.
Strong
Revenue Growth and Continuous Execution of
Operational Strategy
Financial and corporate highlights for the first
quarter ended March 31, 2023 include the following:
- For the quarter ended March 31,
2023, our total revenue was $2,897,007 an increase of 373% compared
to the same period in 2022. The first quarter of 2023 has already
exceeded the total revenue generated throughout the entirety of
2022.
- For the quarter ended March 31,
2023, stockholder’s equity was $6,001,109 compared to $1,878,196
reported on December 31, 2022. This is a result of the offering
related to the Nasdaq up-list as well as debt conversions and
write-offs.
- During the quarter ending March 31,
2023, our gross profit was $160,569 compared to $514,192 for the
same period in 2022. During the March 31, 2023 quarter, our revenue
driver was from our NG trading operations as compared to March 31,
2022 where our revenues came from the completion of several Waste
Heat Recovery systems, as well as engineering and manufacturing
services. Despite highly volatile NG prices, CETY was able to grow
our NG trading operations by robustly managing risks and
simultaneously scaling sales. The company’s strategy to scale the
NG trading operations has given CETY access to downstream NG users
and sales opportunities in the Waste Heat Recovery segment. The
Company expects higher revenue contribution from Waste Heat
Recovery, Waste to Energy, and Engineering, Consulting, and Project
Management Services in the coming quarters to drive gross margin
growth.
- For the quarter ended March 31,
2023, net loss was $1,073,858. The net loss was influenced by,
one-off higher expenses incurred from interest and financing fees,
coupled with the marketing costs totaling approximately $900,000
which are associated with the Nasdaq up-listing. This had a
significant impact on the net loss for the quarter ending March 31,
2023. In management’s opinion, these costs will not occur again in
the foreseeable future and management believes that the Company
will deliver positive results in the future.
Management Discussion and Corporate
Strategy
CETY’s strategy centers on advancing it’s
established Waste Heat Recovery business, while simultaneously
penetrating the growing markets for Waste to Energy solutions and
offering comprehensive clean energy engineering, consulting, and
project management services.
The Company is also leveraging its NG trading
and investment relationships to create opportunities to market and
sell Waste Heat Recovery and Waste to Energy products in China and
to provide engineering, consulting, and project management
services.
As the clean energy sector continues to thrive,
it gives CETY the opportunity to invest and expand its
technological portfolio with sustainable energy acquisitions and
combine complementary strengths, technologies, and resources.
CETY’s goal is to take greater control over our renewable energy
supply chain, create cost savings, and increase efficiency by
making synergistic and vertically integrated acquisitions.
CETY has effectively implemented strategic
repositioning by establishing four distinct business segments,
enabling the company to achieve a broader, more resilient, and
diversified revenue stream, thereby facilitating scalability the
pursuit of emerging growth prospects.
CETY possesses a portfolio of over 30 request
for proposals (RFPs) pertaining to Waste Heat Recovery products in
both the United States and Europe, whereas the selling price of
each Waste Heat Recovery system ranges from $250k to $450k. The
increase in demand stems from the Inflation Reduction Act enacted
by Congress in August 2022, which includes targeted provisions
advantageous for leveraging CETY's Waste Heat Recovery solutions.
CETY has also begun to cross-sell its Waste Heat Recovery solutions
to China as its NG trading operations have created sales
opportunities in that region. Based on this evidence, the Company
believes this segment will deliver consistent and steady growth to
its business model.
CETY’s pilot Waste to Energy plant in Vermont is
capable of processing industrial and municipal organic waste into
energy. It's HTAP system integrates all of CETY’s technologies and
expertise into a single solution and it is progressing steadily
with updates coming soon. Waste to Energy in the US has gained
significant momentum as a sustainable solution for waste management
and renewable energy production and some markets have incentivized
its implementation. The Company’s system has the potential to be a
disruptive technology by offering flexible solutions, modularity,
and scalability unlike large, centralized processing facilities and
aligns itself well with the principles of the circular economy.
CETY’s Project Development & Management
Solutions provides its customers with expertise and experience in
developing clean energy projects for municipality and industrial
customers. CETY’s team has continuously conducted global site
assessments for a Fortune 500 company over the last 12 months to
collect and analyze data to identify energy efficiencies and
improvements. The application will integrate CETY’s services and
solutions into the microgrid at these sites, allowing for functions
such as demand shave generation, onsite generation (genset), Energy
Storage, Waste-Heat-Recovery to Power (ORC), Solar PV, Hydrogen
Fuel Cell, and Waste to Hydrogen.
The strategy to create a market for Waste Heat
Recovery and Waste to Energy products and solutions in China
through NG trading is already materializing. As CETY HK scales its
NG trading operations, it will continue to have greater access to
downstream industrial users and more opportunities to cross-sell
its products and solutions. The current opportunities lie in
existing heavy industrial facilities such as steel and glass
factories, as well as new installations in the distributed power
assets.
On March 23, 2023, CETY achieved a significant
milestone by meeting all the Nasdaq listing standards and
commencing trading on the Nasdaq, despite economic instability and
a persistently rising interest rate environment. This Nasdaq
trading status greatly enhances CETY's reputation and positively
impacts its global sales strategies, while also potentially
improving the company's access to capital on favorable terms. The
capital raised through the Nasdaq up-list offering strengthens
CETY's balance sheet, empowering the company to pursue domestic
expansion and global aspirations.
CETY will continue to execute its corporate
strategy and build sustained and profitable growth in the Company
and throughout the World, by providing end to end vertically
integrated eco-friendly solutions and technologies, expand our
global sales and marketing, production, research & development,
as well as search for synergistic acquisition opportunities.
About Clean Energy Technologies
Headquartered in Costa Mesa, California,
Clean Energy Technologies (CETY) is a rising leader in the
zero-emission revolution by offering recyclable energy solutions,
clean energy fuels and alternative electric power for small and
mid-sized projects in North America, Europe, and Asia. We deliver
power from heat and biomass with zero emission and low cost. The
Company's principal products are Waste Heat Recovery Solutions
using our patented Clean Cycle TM generator to create electricity.
Waste to Energy Solutions converting waste products created in
manufacturing, agriculture, wastewater treatment plants and other
industries to electricity and BioChar. Engineering, Consulting and
Project Management Solutions providing expertise and experience in
developing clean energy projects for municipal and industrial
customers and Engineering, Procurement and Construction (EPC)
companies. Our NG trading operations in China is to source and
supply Natural Gas to industries and municipalities located in
China.
CETY's common stock is currently traded on the
Nasdaq Capital Market under the symbol CETY. For more information,
visit www.cetyinc.com or www.heatrecoverysolutions.com .
This summary should be read in conjunction with
the Company’s 10-Q for the fiscal quarter ended March 31, 2023
which contains, among other matters, risk factors and financial
footnotes as well as a discussions of our business, operations and
financial matters located on the website of the Securities and
Exchange Commission at www.sec.gov.
DISCLAIMER
This news release may include forward-looking
statements within the meaning of section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities and Exchange Act of 1934, as amended, with
respect to achieving corporate objectives, developing additional
project interests, the company's analysis of opportunities in the
acquisition and development of various project interests and
certain other matters. These statements are made under the "Safe
Harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements contained herein.
Investor Relations Contact:ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
www.cetyinc.com
Clean Energy Technologies (NASDAQ:CETY)
過去 株価チャート
から 4 2024 まで 5 2024
Clean Energy Technologies (NASDAQ:CETY)
過去 株価チャート
から 5 2023 まで 5 2024