Reflects continued success in fulfilling increased sales in 2021
Clearwater, FL – August 16, 2022 – OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, reported today that for the three months ended June 30, 2022, revenue increased by 240% to $3,167,967 compared to $931,422 for the three months ended June 30, 2021. Gross profit increased by 288% to $685,474, compared to $176,500 for the same period last year.
Gross Profit Increase
Revenue for the half-year increased by 155% to $4,402,072 compared to $1,727,600 for the first six months of 2021. Gross profit increased by 64% to $460,724 compared to $280,654 for the same period last year.
The complete quarterly report is posted on the SEC site.
Stellar Team Performance
“The teams at Progressive Water and Modular Water are continuing to deliver on the doubled sales in 2021,” said Riggs Eckelberry, OriginClear CEO. “We have now achieved in a half-year what has been expected for entire years in the past. The Board is incredibly proud of the hard work and dedication of our operations teams, headed by COO Tom Marchesello!”
Loss from operations for the three months ended June 30, 2022, narrowed by $1,203,179 to $(726,500) compared to $(1,929,679) for the same period last year. For the half-year, loss from operations narrowed by $598,287 to $(2,488,427) compared to $(3,086,714) for the same period last year. Among other expenses, the Company is investing in the new Water On Demand™ initiative, which seeks to further accelerate sales by letting customers pay for their systems as they go, without the need for capital expenditure or water expertise.
“Once again, a stellar performance by the team,” said Tom Marchesello, OriginClear Chief Operating Officer. “Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems are delivering on greatly-increased sales while maintaining outstanding quality.”
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.
Now, the innovative fintech, Water On Demand™, is enabling clean water to become 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. Paster performance is not indicative or representative of future results.
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