Business
TOMI Environmental Solutions, Inc. Reports Third Quarter 2021 Financial Results
FREDERICK, Md., Nov. 12, 2021 (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., Nov. 12, 2021 (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, today announced its financial results for the third quarter and first nine months of 2021. TOMI Chief Executive Officer, Dr. Halden Shane stated, “In the third quarter, we continued to add premier customers, expanded our technology solutions among our existing base of customers, launched our SteraPak and broadened our sales channels with the addition of our Amazon store. We continued to see positive signs in the marketplace and grew third quarter revenue by 50% sequentially over second quarter 2021 results. “We remain committed to allocating time and resources to several research and development projects as evidenced by the launch of the SteraPak and progress in the development of our SteraMist Surface Select Plus and Transport Custom Engineered System (CES). “In the third quarter, we increased our working capital through a registered direct offering which enables us to expand our internal sales team and broaden our marketing and advertising campaigns to raise brand awareness, and develop new products to meet customer demands and develop additional business opportunities. As we move toward the end of 2021, we are confident that Q4 will demonstrate sequential growth and we are encouraged by the outlook for 2022.” Financial Results Highlights Q3 2021 total net revenue was $2.2 million compared to $4.3 million in Q3 2020 and $1.5 million in Q2 2021.Gross margin in Q3 2021 was 59.6% compared to 66.0% in Q3 2020 and 64% in Q2 2021. The lower gross profit is attributable to the product mix in sales.Operating loss was ($0.5 million) in Q3 2021 compared to operating income of $1.1 million in Q3 of 2020 and an operating loss of ($1.2 million) in Q2 2021.Net loss was ($0.5 million) or ($0.03) per basic and diluted share in Q3 2021, compared to net income of $1.0 million or $0.06 per basic share and $0.05 per diluted share in Q3 2020 and a loss of ($0.05) per basic and diluted share in Q2 2021.EBITDA and Adjusted EBITDA was a loss of ($0.4 million) in Q3 2021 compared to EBITDA of $1.2 million in Q3 2020 and Adjusted EBITDA loss of ($0.7) in Q2 2021. A table re...