High pace of fulfilling record 2021 sales continues
Clearwater, FL – November 16, 2022 – OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, reported today that for the three months ended September 30, 2022, revenue increased by 200%, tripling to $3,366,061 from $1,120,687 for the three months ended September 30, 2021. Gross profit increased by 149%, or more than double, to $823,174, as compared to $330,351 for the same period last year.
Revenue for the first nine months of 2022 increased by 173% over the same period in 2021, nearly tripling to $7,768,133, from $2,848,287 for the nine months ended September 30, 2021. Gross profit increased by 110%, or more than double, to $1,283,898 compared to $611,005 for the same period last year.
The complete quarterly report is posted on the SEC site.
Nearly Double All of 2021
“What’s especially striking about this report is that our revenue for just these nine months of 2022 is already nearly double the entirety of 2021, which came in at just over $4 million,” said Riggs Eckelberry, OriginClear CEO. “The teams at Progressive Water and Modular Water have more than delivered on the doubled sales in 2021, and we are seeing a completely different company this year, compared to the last two years.”
Loss from operations for the three months ended September 30, 2022, decreased by $338,580 to $(984,494) compared to $(1,323,074) for the same period last year. For the nine months ended September 30, 2022, loss from operations decreased by $936,866 to $(3,472,921) compared to $(4,409,787) for the same period last year.
Among other expenses, the Company is continuing to invest 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.
“The team did a great job of dealing with expansion and supply chain shortages, increasing their gross margins by 3% to 24.5% for the three months ending September 30, compared to 21.6% for the same period last year,” said Tom Marchesello, OriginClear Chief Operating Officer. “We are truly proud of their performance.”
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.
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