Business
Clean Energy Technologies Reports Third Quarter 2023 Financial Results and Provides Business Update
- For the nine months ended September 30, 2023, revenues of $11.7 million represent an increase of 339% compared to $2.6 million for the same period in 2022
About this update from Clean Energy Technologies, Inc.
[{"type":"text","content":"- For the nine months ended September 30, 2023, revenues of $11.7 million represent an increase of 339% compared to $2.6 million for the same period in 2022 COSTA MESA, CA., Nov. 28, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq: CETY) (“CETY” or the “Company”), a clean energy manufacturing and services company, offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia today announced its third quarter 2023 unaudited financial results. The company experienced sustained strong revenue growth, consistently surpassing quarterly expectations for the last three quarters. Financial and corporate highlights for the nine months ended September 30th, 2023, include the following: For the nine months ended September 30, 2023, CETY’s total revenue amounted to $11,701,118, a substantial increase from the $2,567,596 recorded during the same period in 2022, reflecting a remarkable revenue growth of 356%. This also represents a remarkable 339% growth over its total revenue in 2022. This impressive increase can be attributed to the success of the Vermont Renewable Gas Biomass project in Lyndon and the substantial growth in Natural Gas (NG) trading from CETY HK.For the nine months ended on September 30, 2023, CETY’s gross profit amounted to $1,427,629, as compared to $1,151,903 for the corresponding period in 2022. Gross margins have improved from 11% in Q2 2023 to 12.2% in Q3 2023. The fluctuations in natural gas (NG) prices during both the winter and summer seasons had an impact on our profit margins. Nevertheless, the sale of CETY’s waste-to-energy and waste-heat to power systems significantly bolstered our profit margins.For the nine months ended on September 30, 2023, CETY’s operating expenses totaled $2,709,963, compared to $1,724,727 for the corresponding period in 2022. This increase can be attributed to CETY’s expansion in 2023, along with additional costs related to marketing and business development, professional fees for legal and accounting services, increased expenses for investor relations, higher salaries for the new executives and directors, and additional consulting engineering expenses.For the nine months ended September 30, 2023, CETY incurred a net loss of $2,460,489, as compared to $1,322,861 for the ...