Business
TOMI Environmental Solutions, Inc. Reports First Quarter 2023 Financial Results
FREDERICK, Md., May 15, 2023 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global company specializing in disinfection
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"FREDERICK, Md., May 15, 2023 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (NASDAQ: TOMZ), a global company specializing in disinfection and decontamination utilizing its premier Binary Ionization Technology (BIT) platform through its SteraMist brand of products, announced its financial results for the first quarter of 2023. TOMI Chief Executive Officer, Dr. Halden Shane, stated, “In the first quarter we continued to expand our sales channels and distribution networks, increased brand awareness through marketing efforts and achieved a major milestone with one of our major customers. “During the first quarter, we expanded our sales footprint domestically and abroad with the addition of one key manufacturing representative and five strategic distributors. “We also received acceptance from a U.S.-based multinational pharmaceutical and biotechnology customer to supply their international facilities. This is a major milestone for us, providing us the opportunity to potentially supply their many additional facilities around the world. “Our first quarter revenue was impacted by revenue recognition rules and customer-imposed delivery restrictions for equipment and CES orders. We expect to realize these revenues in subsequent quarters this year. Our recognized revenue and customer sales backlog for the three months ended March 31, 2023, together, was approximately $3,129,000 which was comprised of recognized revenue of $1,582,000 and a customer sales backlog of approximately $1,547,000. “We are optimistic about our performance going forward. With our sales backlog, expanding distribution network and robust sales pipeline particularly for our CES product, we anticipate reporting improved financial results for the remainder of calendar 2023.” Financial Results for the Three Months Ended March 31, 2023 compared to March 31, 2022 Total net revenue was $1,582,000 compared to $2,309,000.Gross margin was 59.5% compared to 61.5%. The decrease in gross profit was attributable to product mix in sales.Operating loss was ($1,188,000) compared to ($660,000). Net loss was ($1,187,000) or ($0.06) per basic and diluted share, compared to ($659,000) or ($0.03) per basic share.Adjusted EBITDA was a loss of ($941,000) compared to ($280,000). A table reconciling EBITDA to the appropriate GAAP financial measure is included with the Company...