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Clean Energy Technologies (CETY) Reports Q1 2022 Financial Results
COSTA MESA, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), ("CETY" or the "Company"), a clean energy company offering
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"COSTA MESA, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Clean Energy Technologies (OTCQB: CETY), (\"CETY\" or the \"Company\"), a clean energy company offering products and solutions in the renewable and energy efficiency markets announces Q1 2022 financial results and operational highlights. Highlights During Q1 2022, the company reported sales revenue of $775,266 compared with sales revenue of $135,275 during Q1 2021, revenue growth of 473% year-over-year.For the three months ended March 31, 2022; our gross profits were $514,193 compared to $112,128 for the same period in 2021 achieving growth of 358%. The increase in gross profit was due to higher revenues. For the three months ended March 31, 2022 we had positive earnings before interest and taxes of $15,169 compared to a loss of 366,938 during Q1 2021.For the three months ended March 31, 2022; we have become cashflow positive.Cash on hand of 1,221,219 as of March 31, 2022.We raised approximately $1.2 million in Regulation A equity offering in Q1 2022 at $0.08.Our balance sheet has continued to improve. Kam Mahdi, CEO of Clean Energy Technologies stated, “Our revenue from waste heat recovery solutions for the three months ended March 31, 2022 was $ 441,193 compared to $66,000 for the same period in 2021. We are receiving more opportunities and interest in our Clean Cycle heat recovery generators since more customers are trying to take advantage of the federal investment tax credits and state incentives that now include waste heat recovery as a recognized clean energy source making our Clean Cycle Generator and ORC systems more profitable to install. During the three months ended March 31, 2022, our revenue from our wholly owned subsidiary JHJ a Liquid Natural Gas trading company was $267,966 compared to $0 for the same period in 2021. Our gross profit during Q1 2022 grew by 358% in Q1 2022 compared to the same quarter in 2021. The increase was as a result of higher revenue growth of 473% in Q1 2022. The acquisition of the LNG trading company and future acquisitions of municipal natural gas operators is going to create opportunities for us to sell our Waste Heat Recovery and Waste to Energy products in China and to provide engineering, consulting and project management services”. About Clean Energy Technologies Headquartered in Costa Mesa, California, Clean Energy Technologies (...