Business
Xebec Announces Q1 2022 Financial Results
Xebec Announces Q1 2022 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\nXebec Adsorption Inc. (TSX: XBC) (“Xebec” or the “Company”), a global provider of sustainable gas technologies, announced today its 2022 first quarter results, with the following highlights:\n\nFirst Quarter 2022 Highlights\n\n\nRevenues of $41.2 million compared to $20.6 million\n\n\nGross margin of $4.6 million (11%) compared to $4.2 million (20%)\n\n\nAdjusted EBITDA of ($9.0) million compared to ($4.9) million\n\n\nAdjusted EBITDA excluding legacy BGX activities of ($6.4) million compared to ($1.7) million\n\n\nNet loss of $18.4 million or $0.12 per share compared to a net loss of $10.1 million or ($0.07) per share\n\n\nBacklog of $260.5 million on May 11, 2022 compared to $88.5 million on May 12, 2021\n\n\nWorking capital of $66.6 million on March 31, 2022 for a current ratio of 1.83:1, compared to working capital of $82.1 million and a current ratio of 1.96:1 on December 31, 2021\n\n\nPresented three-year strategic plan on March 29, 2022 to power Xebec’s growth in sustainable gases with a target of approximately $300–$350 million in revenues and an adjusted EBITDA margin of approximately 8%–10% for fiscal year ended December 31, 2024\n\n\nExecuting Center of Excellence Framework in line with strategic plan to ensure the Company grows sustainably by reducing its overall cost profile to deliver on long-term adjusted EBITDA goals\n\n\nAs at March 31, 2022 the company had $34.7 million of cash and restricted cash compared to $51.1 million as at December 31, 2021\n\n\nFinancial Highlights:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n% of\nChange\n\n\n\n\n\n \n\n\n\nQ1 2022\n\n\n\n \n\n\n\nQ1 2021\n\n\n\n \n\n\n\n\n\n(In millions of dollars)\n\n\n\n(unaudited)\n\n\n\n \n\n\n\n(unaudited)\n\n\n\n \n\n\n\n\n\nRevenues\n\n\n\n41.2\n\n\n\n \n\n\n\n \n\n\n\n20.6\n\n\n\n \n\n\n\n100\n\n\n\n%\n\n\n\n\n\nGross margin\n\n\n\n4.6\n\n\n\n \n\n\n\n \n\n\n\n4.2\n\n\n\n \n\n\n\n10\n\n\n\n%\n\n\n\n\n\nGross margin %\n\n\n\n11\n\n\n\n%\n\n\n\n \n\n\n\n20\n\n\n\n%\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA (1)\n\n\n\n(9.0\n\n\n\n)\n\n\n\n \n\n\n\n(4.9\n\n\n\n)\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA ex. legacy BGX activities (2)\n\n\n\n(6.4\n\n\n\n)\n\n\n\n \n\n\n\n(1.7\...