Business
Ecoark Announces Operating Results for Fiscal 2021 and Provides Financial Guidance for Fiscal 2022
Ecoark Announces Operating Results for Fiscal 2021 and Provides Financial Guidance for Fiscal 2022.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n Generated $15.6 million in revenues for fiscal 2021 as compared to $0.6 million in the prior fiscal year Expects to generate revenue of approximately $28 million and positive operating cash flow in fiscal 2022, based on current oil prices of approximately $70 per barrel Provide update on ongoing effort to uplist to a national securities exchange SAN ANTONIO, June 30, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (\"Ecoark\") (OTC: ZEST), today announced the following operating results for the fiscal year ended March 31, 2021, as compared to the prior fiscal year. Achieved revenue of $15.6 million of revenue versus $0.6 million in the prior year due primarily to the acquisition of Banner Midstream on March 27, 2020Reported net loss of $20.9 million or $1.02 loss per basic and diluted share versus a net loss of $12.1 million or $0.95 loss per basic and diluted share in the prior year periodCash on hand of $1.3 million as of March 31, 2021 versus $0.4 million as of March 31, 2020Stockholders’ equity of $17.0 million as of March 31, 2021 versus a stockholders’ equity of $5.7 million as of March 31, 2020 Subsequent to the Company’s fiscal year-end, on April 9, 2021, a Little Rock, Arkansas jury awarded Ecoark and its wholly owned subsidiary, Zest Labs Inc. (“Zest”) a total of $115 million in damages in a lawsuit against Bentonville-based Walmart Inc. (“Walmart”).   Walmart has filed post-trial motions related to the verdict and the Company expects Walmart to file an appeal. Additionally, Banner Midstream, Ecoark’s energy subsidiary, expects to achieve positive operating cash flow in the first quarter of fiscal 2022. “We continue to grow and expand our operations, as evidenced by a 23% increase in our revenue for the fourth quarter of fiscal 2021 as compared to the first quarter of fiscal 2021, We expect our momentum to continue into fiscal 2022, including an expected 43% sequential increase in revenue for the first quarter of fiscal 2022, while maintaining a strong balance sheet position including stockholders' equity of approximately $17 million,” stated Randy May, Chief Executive Officer of Ecoark. “We made opportunistic purchases of oil and gas mineral leases during the height of the COVID-19 pandemic in 2020,” continued Mr. May. “These act...