Revenue growth and cost management reduced 2016 operating losses by nearly 50% over 2015
OriginClear’s consolidated revenue was $5,071,095 for 2016, a 431% increase from 2015. Gross Profits rose to $1,481,930 in 2016, an increase of 1,216% year over year.
“OriginClear is well on its way to accomplishing its long-term goals,” said Riggs Eckelberry, OriginClear CEO. “Our first acquisition has performed with stability and high customer satisfaction, while the technology division is making steady progress. We expect both areas to continue to expand in 2017.”
In 2016, the Company continued to strategically reduce corporate overhead and operating costs. Operating losses were cut nearly in half, from $6,966,557 in 2015 to $3,589,714 in 2016.
OriginClear Technologies made substantial progress in 2016, creating new licensees and joint venture partners for its breakthrough Electro Water Separation™ (EWS) technology. Revenue attributed to the technology activity grew from $180,771 to $276,458, a 53% increase over 2015.