Revenue for nine months ended September 30, 2020 increased over nine months ended September 30, 2019
Clearwater, FL – December 2, 2020 – OriginClear Inc. (OTCQB: OCLN), The Water Company for the New Economy™, announces that revenues and gross profits for the first nine months of 2020 outpaced the same period in 2019.
The company reported the following highlights from its recent quarterly report:
- Revenue for the nine months ended September 30, 2020 increased by 14% to $3,064,758 compared to $2,696,433 for the same period last year.
- Gross profit for the same period increased by 20% to $348,176 compared to $290,294 last year.
- Loss from operations for the same nine months ended September 30, 2020 decreased by 5% to $2,682,435 compared to $2,836,416 for the same period last year.
BroncBoost™ booster pump skids being manufactured in OriginClear's Texas facility
Texas Team Efforts
“Thanks to the hard work of our Texas-based team, we are continuing to outpace 2019,” said Riggs Eckelberry, OriginClear CEO. “Even more importantly, we saw a boost in booked orders late in the third quarter, including approximately $450,000 in jobs in progress which have not yet been recognized.”
“I’m pleased with the pace of new business on Progressive Water Treatment and Modular Water Systems,” said Tom Marchesello, OriginClear Chief Operating Officer. “Our team efforts are paying off.”
Revenue for the three months ended 9/30/20 decreased by 2% to $917,320 compared to $939,468 for the same period last year. The three months ended September 30, 2020 showed a Gross Loss, $(17,388) vs $80,640 and Loss from operations widened to $1,183,722 from $964,655.