Business
Xebec Announces Q3 2021 Financial Results
Xebec Announces Q3 2021 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n MONTREAL, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (\"Xebec\"), a global provider of clean energy solutions, announced today its 2021 third quarter results, with the following highlights: Revenues of $26.7 million for the three-month period ended September 30, 2021, compared to $18.4 million for the same period the prior year.Gross margin of $10.1 million (38%) for the three-month period ended September 30, 2021, compared to $4.4 million (24%) for the same period the prior year.Adjusted EBITDA of $0.3 million for the three-month period ended September 30, 2021, compared to $0.4 million for the same period last year.Net loss of $9.2 million or ($0.06) per share in the three-month period ended September 30, 2021, compared to a net loss of $2.2 million or ($0.02) per share compared for the same period in the prior year.Working capital of $71.2 million on September 30, 2021, for a current ratio of 1.88:1, compared to working capital of $171.2 million and a current ratio of 4.12:1 on December 31, 2020. Management guidance updated with revenues at the top end of the range of $120.0 to $130.0 million from $110.0 to $130.0 and adjusted EBITDA margins in the range of -3.0% to -5.0% from -3.0% to -4.0% to reflect the acquisition of UECompression and supply chain risks. As at September 30, 2021, the company had $61.9 million of cash and restricted cash compared to $168.6 million as at December 31, 2020. Financial Highlights:   Three months ended September 30, % of Change Nine months ended September 30, % of Change  2021 2020  2021 2020  (In millions of dollars)(unaudited) (unaudited)   (unaudited) (unaudited)  Revenues26.7 18.4 45%80.0 50.2 59%Gross margin10.1 4.4 130%19.3 11.7 65%Gross margin %38%24% 24%23% Adjusted EBITDA (1)0.3 0.4  (9.0)1.4  Net income (loss)(9.2)(2.2) (25.9)(3.7) Net income (loss) per share - basic ($/share)(0.06)(0.02) (0.17)(0.04) Weighted average number of shares153,521,659 105,485,980  153,201,728 92,928,420  As at:   Sep. 30, 2021 Dec. 31 2020  Total assets   435.9 444.7  Total liabilities  ...