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Xebec Announces Q3 2020 Financial Results
Xebec Announces Q3 2020 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n - Revenue of $18.4 million, negative EBITDA of $1.3 million and net loss of $2.2 million - MONTREAL, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (\"Xebec\"), a global provider of renewable gas solutions announced today its 2020 third quarter and nine-month period results, with the following highlights: Revenues of $18.4 million in the third quarter of 2020 compared to $13.2 million for the same period in 2019, a 39% increase.Negative EBITDA of $1.3 million for the third quarter of 2020 compared to positive EBITDA of $1.4 million for the same period in 2019.Net loss of ($2.2) million or ($0.02)/share for the third quarter of 2020, compared to a net profit of $1.0 million or $0.02/share for the same period in 2019.Working capital increased to $81.3 million on September 30, 2020, for a current ratio of 4.4:1, from working capital of $36.9 million and a current ratio of 3.2:1 on December 31, 2019. Financial Highlights:         Three months ended September 30, % of Change Nine months ended September 30, % of Change  2020 2019  2020 2019  (In millions of dollars)(unaudited) (unaudited)  (unaudited) (unaudited)  Revenues18.4 13.2        39 % 50.2 35.7 41 % Gross margin4.4 4.0        10 % 11.7 11.4 2 % Gross margin as a percentage of revenues24 % 31 %  23 % 32 %  EBITDA (1)(1.3) 1.4  (0.7) 3.7  Adjusted EBITDA (2)(0.7) 1.5  (0.3) 4.3  Net income (loss)(2.2) 1.0  (3.7) 2.5  Net income (loss) per share - basic ($/share)(0.02) 0.02  (0.04) 0.04  Weighted average number of shares105,485,980 69,216,473  92,928,420 61,546,642  As at:   September 30, 2020 Dec. 31, 2019  Total assets   123.4 64.5  Total liabilities   37.5 25.5  Equity   85.9 39.0  As at:   November 9, 2020  November 11, 2019  Backlog   88.4 71.0  (1) EB...