Annual increase percentage in a single year is highly unusual for an equipment business
CLEARWATER, Fla.–(BUSINESS WIRE)–$OCLN #cleanwater—OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, announces that in its 10-K Annual Report filing, 2022 revenue increased by 250% from $4,143,744 to $10,376,573, setting a new range for the company’s operations.
“Raising revenue requires completing jobs,” said Riggs Eckelberry, OriginClear CEO. “2022 saw the realization of increased sales growth in 2021. Now, we are seeing delivery. We are very proud of our operations teams as they delivered on the dramatic increase in business.”
Annually, gross profit increased by 262% from $569,684 to $1,495,297 showing increased efficiency in purchasing.
Cost of sales as a percentage of revenue remained roughly the same at 86%, as did gross margins at 14%.
“It is highly unusual for an equipment business to nearly triple in one year,” said Tom Marchesello, OriginClear Chief Operating Officer. “My hat’s off to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems.”
Loss from operations increased by $537,270 from $(6,045,452) to $(6,582,722), reflecting reclassification of certain expenses.
General and administrative expenses increased to $4,459,763 compared to $3,612,988 for the prior year.
Net loss for 2022 was $(10,790,721), compared to a net loss of $(2,117,781) for 2021. The majority of the increase in net loss was due primarily to an increase in other income and expenses associated with the net change in derivative instruments estimated each period.
About OriginClear Inc.
Once a government monopoly, clean water is going private. Local industries and communities are now treating and recycling their own water, helping to reduce the burden on municipal systems and save on fast-rising water rates while also responding to the challenge of climate change. That’s good for business and good for sustainability, and now the innovative fintech, Water On Demand™, is fueling this movement. For the first time, Clean Water is becoming an investable asset, open to Main Street investors, with the potential for generational royalties. OriginClear® is the Clean Water Innovation Hub™ for both Water On Demand™ and Modular Water Systems™ – a leader in onsite, prefabricated systems made with sophisticated materials that can last decades. Get live weekly updates every Thursday by signing up at www.originclear.com/ceo.
For more information, visit the company’s website: https://www.originclear.com/
OriginClear Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements. When used in this release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect,” “plans” 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.
These 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 law