Business
Xebec Announces Q2 2021 Financial Results
Xebec Announces Q2 2021 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n MONTREAL, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (\"Xebec\"), a global provider of clean energy solutions, announced today its 2021 second quarter results, with the following highlights: Record revenues of $32.7 million for the three-month period ended June 30, 2021, compared to $19.6 million for the same period the prior year.Adjusted EBITDA of ($4.6) million for the three-month period ended June 30, 2021, compared to ($0.1) million for the same period last year.Net loss of $7.5 million or ($0.05) per share in the three-month period ended June 30, 2021, compared to a net loss of $0.8 million or ($0.01) per share compared for the same period in the prior year.Working capital of $97.4 million on June 30, 2021, for a current ratio of 2.9:1, compared to working capital of $171.1 million and a current ratio of 4.1:1 on December 31, 2020.Management guidance updated with revenues maintained in the range of $110.0 to $130.0 million and adjusted EBITDA margins lowered in the range of -3.0% to -4.0% from 3.0% to 4.0%. Adjusted EBITDA margin is affected by new investments in supporting higher than originally forecasted future revenues and lower gross margins from RNG projects.As at June 30, 2021, the company had $79.9 million of cash and restricted cash compared to $168.6 million as at December 31, 2020. Financial Highlights:           Three months ended June 30,% of ChangeSix months ended June 30,% of Change  20212020 20212020 (In millions of dollars) (unaudited)(unaudited) (unaudited)(unaudited) Revenues 32.719.667%53.331.867%Gross profit 5.04.316%9.27.326%Gross profit % 15%22% 17%23% Adjusted EBITDA (1) (4.6)(0.1) (9.3)0.3 Net income (loss) (7.5)(0.8) (16.7)(1.5) Net income (loss) per share - basic ($/share) (0.05)(0.01) (0.11)(0.02) Weighted average number of shares 153,138,53588,884,226 152,836,02387,086,137 As at:    June 30, 2021Dec. 31 2020 Total assets    420.2444.7 Total liabilities    100.8100.7 Equity    319.4344.0 As at:     August 11, 2021 August 10, 2020 Backlog (2)    75.98...