Business
Tomi Environmental Solutions, Inc. Reports Third Quarter 2022 Financial Results
FREDERICK, Md., Nov. 10, 2022 (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. 10, 2022 (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 nine months ended September 30, 2022. TOMI Chief Executive Officer, Dr. Halden Shane, stated, “The third quarter delivered continued increased demand for our SteraMist technology as we saw growth in customer sales orders of 5% compared to the prior year. Due to customer imposed extended delivery timelines, we saw growth in our customer sales backlog which we expect to convert into revenue in late 2022 and early 2023.” Through September of 2022, we have received $7,900,000 in customer sales orders which represents 25% growth compared to the first nine months of 2021. The increase in sales orders is largely attributable to increased demand for our Custom Engineered Systems (CES) as well routine and new iHP Service engagements, both of which should benefit our long term business model with recurring solution sales and service revenues. We grew revenue sequentially by 20% which was largely due to increased demand for our mobile equipment. Operating loss saw a 24% reduction compared to the second quarter 2022 due to higher revenue, gross profit and reduced operating expenses. Operating expenses decreased 16% for the nine months ended September 30, 2022 resulting in a 32% decrease in our loss from operations compared to the first nine months of 2021. During the third quarter we increased our employee headcount in our customer experience, sales and technology departments in response to our growing customer base and backlog. Our enhanced technology department will accelerate R&D initiatives and streamline internal production as we take on larger CES projects. “We continue to make good progress in 2022 and look to close out the year with a strong fourth quarter and a growing sales pipeline as we head into 2023,” Dr. Shane concluded. Financial Results for the Three Months Ended September 30, 2022 compared to September 30, 2021 Total net revenue was $1,760,000 compared to $2,205,000.Gross margin was 60.9% compared to 59.6%.Operating loss of ($654,000) compared to ($487,000).Net loss was ($653,000) ...