Business
Cleantek Industries Inc. Announces Q2 2022 Results and Appointment of Chief Operating Officer
Calgary, Alberta--(Newsfile Corp. - August 18, 2022) - Cleantek Industries Inc. (TSXV: CTEK) (...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces Q2 2022 Results and Appointment of Chief Operating OfficerCalgary, Alberta--(Newsfile Corp. - August 18, 2022) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") (formerly Raise Production Inc. (\"Raise\")) is pleased to announce that it has released its financial results for the three and six months ended June 30, 2022 and 2021. Selected financial and operation information is outlined below and should be read in conjunction with Cleantek's unaudited condensed consolidated interim financial statements and management's discussion and analysis (\"MD&A\") for the three and six months ended June 30, 2022 and 2021, which are available on SEDAR at www.sedar.com. Cleantek is an innovative provider of patented, clean technology solutions focused on reducing both cost and carbon intensity in the wastewater management and industrial lighting sectors across North America. Cleantek is a publicly traded company listed on the TSX Venture Exchange (the \"TSXV\") under the trading symbol \"CTEK\". Highlights for the Second Quarter 2022Cleantek generated revenue of $3.1 million for Q2 2022, an increase of $1.2 million or 61%, from Q2 2021 and consistent with Q1 2022 despite a seasonal decline in drilling activity in Canada. On a year-to-date basis, Cleantek generated revenues of $6.3 million in the first half of 2022, an increase of $1.9 million or 42%, from the first half of 2021. The increased revenue in 2022 is due to a ramp up in rental activity and increased rental prices in both sustainable lighting solutions and ZeroE dehydration;Cleantek's gross profit of $1.7 million or 55% for Q2 2022 and $3.5 million or 56% of revenue for the first half of 2022 was inline with target and improved when compared with gross profits of $0.9 million and 47% for Q2 2021 and $2.4 million and 53% for first half of 2021;Cleantek's EBITDA was $(0.2) million for Q2 2022, a decrease of $0.7 million when compared to Q2 2021, as the increased revenue was more than offset by $0.9 million of expenses associated with the ongoing patent litigation in the current quarter. On a year-to-date basis, EBITDA was $0.2 million, a decrease of $0.9 million from the same period in 2021 as the increased revenue was more than offset by $1.5 million of expenses associated with the ongoing patent litigation in the current ...