OriginClear Continues Revenue and Gross Profit Growth in Q3 | Financial Buzz

OriginClear Continues Revenue and Gross Profit Growth in Q3

OriginClear Inc. (OTC Pink: OCLN), a leading corporation in the self-reliant water revolution that develops outsourced pay-per-gallon programs, announced today that revenues and gross profits for the Third Quarter of 2021 improved significantly over the Second Quarter, while operating losses narrowed.

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OriginClear revenues and gross profits for the Third Quarter of 2021 improved significantly over the Second Quarter, while operating losses narrowed. (Image by OriginClear)

OriginClear revenues and gross profits for the Third Quarter of 2021 improved significantly over the Second Quarter, while operating losses narrowed. (Image by OriginClear)

The company reported the following highlights from its recent quarterly report:

Third Quarter 2021 over Second Quarter 2021:

  • Revenue improved by 20% to $1,120,687 compared to $931,422.
  • Gross Profit improved by 87% to $330,351 compared to $176,500.
  • Cost of Sales grew by 5% to $790,336 compared to $754,922.
  • Operating Losses narrowed to $(1,323,074) compared to $(1,929,679).

Third Quarter 2021 over Third Quarter 2020:

  • Revenue improved by 22% to $1,120,687 compared to $917,320.
  • Gross Profit improved to $330,351 compared to $(17,388).
  • Cost of Sales improved by 15% to $790,336 compared to $934,708.
  • Operating Losses grew to $(1,323,074) compared to $(1,183,722).

“We are very pleased with the progress of our Progressive Water Treatment and Modular Water Treatment divisions,” said Riggs Eckelberry, OriginClear CEO.

“The growth of our conventional business is wonderful news,” said Tom Marchesello, OriginClear COO. “And now with the launch of our Water On Demand pre-funded water equipment program, we believe that the year ahead is promising.”

ORIGINCLEAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited)

 

 

Three Months Ended

Nine Months Ended

 

September 30,

2021

September 30,

2020

September 30,

2021

September 30,

2020

 

 

 

 

 

Sales

$

1,120,687

 

$

917,320

 

$

2,848,287

 

$

3,064,758

 

 

 

 

 

 

Cost of Goods Sold

 

790,336

 

 

934,708

 

 

2,237,282

 

 

2,716,582

 

 

 

 

 

 

Gross Profit

 

330,351

 

 

(17,388

)

 

611,005

 

 

348,176

 

 

 

 

 

 

Operating Expenses

 

 

 

 

Selling and marketing expenses

 

636,481

 

 

339,759

 

 

2,201,045

 

 

1,053,559

 

General and administrative expenses

 

1,006,041

 

 

782,810

 

 

2,785,713

 

 

1,853,760

 

Research and development

 

 

 

29,334

 

 

 

 

83,400

 

Depreciation and amortization expense

 

10,903

 

 

14,431

 

 

34,034

 

 

39,892

 

 

 

 

 

 

Total Operating Expenses

 

1,653,425

 

 

1,166,334

 

 

5,020,792

 

 

3,030,611

 

 

 

 

 

 

Loss from Operations

 

(1,323,074

)

 

(1,183,722

)

 

(4,409,787

)

 

(2,682,435

)

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

Other income

 

356,438

 

 

4,001

 

 

359,939

 

 

12,521

 

Impairment of asset for sale

 

(116,000

)

 

 

 

(116,000

)

 

 

Gain on write off loans payable

 

151,000

 

 

 

 

157,250

 

 

 

Gain/(Loss) on conversion of preferred stock

 

(146,382

)

 

18,066

 

 

(1,265,666

)

 

24,129

 

Loss on exchange of preferred stock

 

 

 

 

 

(40,000

)

 

 

Unrealized gain(loss) on investment securities

 

(8,400

)

 

3,600

 

 

32,000

 

 

400

 

Gain on net change in derivative liability and conversion of debt

 

19,798,080

 

 

6,409,231

 

 

(4,146,757

)

 

23,627,793

 

Interest expense

 

(314,547

)

 

(233,010

)

 

(934,942

)

 

(638,077

)

 

 

 

 

 

TOTAL OTHER (EXPENSE) INCOME

 

19,720,189

 

 

6,201,888

 

 

(5,954,176

)

 

23,026,766

 

 

 

 

 

 

NET INCOME (LOSS)

$

18,397,115

 

$

5,018,166

 

$

(10,363,963

)

$

20,344,331

 

 

 

 

 

 

PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

WARRANTS DEEMED DIVIDENDS

 

 

 

 

 

(2,037,849

)

 

 

 

 

 

 

 

NET (LOSS) ATTRIBUTABLE TO SHAREHOLDERS INCOME

$

18,397,115

 

$

5,018,166

 

$

(12,401,812

)

$

20,344,331

 

 

 

 

 

 

BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS’

$

0.09

 

$

0.27

 

$

(0.08

)

$

1.75

 

 

 

 

 

 

DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS’

$

0.02

 

$

0.03

 

$

(0.08

)

$

0.15

 

 

 

 

 

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING, BASIC

 

197,669,804

 

 

18,643,531

 

 

147,762,596

 

 

11,598,453

 

 

 

 

 

 

DILUTED

 

795,174,058

 

 

146,074,997

 

 

147,762,596

 

 

139,029,918

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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. To learn more about OriginClear®, please visit our website at www.originclear.com.

For more information, visit the company’s website: www.OriginClear.com

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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” 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 laws.

Contacts

Media Contact

The Pontes Group

Lais Pontes Greene (954) 960-6083

lais@thepontesgroup.com

www.thepontesgroup.com

Investor Relations and Press Contact:

Devin Angus

Toll-free: 877-999-OOIL (6645) Ext. 3

International: +1-323-939-6645 Ext. 3

Fax: 323-315-2301

ir@OriginClear.com

www.OriginClear.com

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