1Q 2016 Revenues were up 2,985% as compared with Q1 2015, with a 50% increase over the full year
Los Angeles – May 17, 2016 – OriginClear Inc. (OTC/QB: OOIL), a leading provider of water treatment solutions, today announced that its revenues for the 1st Quarter of 2016 are up 54 percent over 2015 total revenues. The company continues to demonstrate growth in the wastewater treatment market through the commercialization of its EWS technology and the continued success of Progressive Water Treatment, an OriginClear subsidiary.
Revenues for the 1st Quarter of 2016 were $1,467,750, compared to full-year 2015 revenues of $954,470. Gross profit was 27% after Cost of Sales of $1,068,427.
The Company recognized net profit for the quarter due to a non-cash gain on change in derivatives. After adjusting for this non-cash gain, net losses for the quarter were $1,257,197. This loss was approximately 33% less than a $1,864,019 net loss in Q1 2015, after making the same non-cash adjustment.
When compared with Q1 2015, revenues in Q1 2016 were up 2,985 percent.
“Our Progressive Water Treatment acquisition continues to rapidly improve our balance sheet,” said Riggs Eckelberry, OriginClear CEO and Acting CFO. “Our Texas subsidiary is reliably delivering large systems, while growing its internet commerce component with our support. We congratulate President Marc Stevens and the entire Progressive team!”
The new subsidiary began to contribute its revenues in the 4th Quarter 2015, when the acquisition closed.
“We believe the spread of our technology, and the growth of our new subsidiaries, will create a new water industry player,” said Eckelberry.