Business
Xebec Announces Q4 and Full Year 2020 Financial Results
Xebec Announces Q4 and Full Year 2020 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n MONTREAL, March 25, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (\"Xebec\"), a global provider of clean energy solutions, announced today its 2020 fourth quarter and full year results, with the following highlights: Revenues increased by $7.2 million to $56.5 million for the twelve-month period ended December 31, 2020, compared to $49.3 million for the same period the prior year.Adjusted EBITDA of ($22.0) million for the twelve-month period ended December 31, 2020, compared to $7.0 million for the same period last year.Net loss of $32.0 million or ($0.33) per share compared to $2.0 million or $0.03 per share in the twelve-month period ended December 31, 2020 compared to the same period in the prior year.Working capital increased to $171.2 million on December 31, 2020, for a current ratio of 4.1:1, from working capital of $37.3 million and a current ratio of 3.2:1 on December 31, 2019.Management guidance for fiscal 2021 of consolidated revenues in the range of $110.0 to $130.0 million and an adjusted EBITDA margin in the range of 3.0% to 4.0%.As at December 31, 2020, the company had $168.6 million of cash compared to $22.7 million as at December 31, 2019. Financial Highlights:  Three months ended December 31,% of ChangeTwelve months ended December 30,% of Change 20202019 20202019 (In millions of dollars)(audited)(audited) (audited)(audited) Revenues6.413.6       -53%56.549.315%Gross margin(11.4)4.1       N/A0.315.5(98%)Gross margin as a percentage of revenues(178%)30% 0.5%31% Adjusted EBITDA (1)(22.6)2.1 (22.0)7.0 Net income (loss)(28.3)(0.5) (32.0)2.0 Net income (loss) per share - basic ($/share)(0.33)(0.01) (0.33)0.03 Weighted average number of shares106,774,31272,547,423 96,492,98364,319,442 As at:   December 31, 2020December 31, 2019 Total assets   444.766.3 Total liabilities   100.727.4 Equity   344.039.0 As at:    March 18, 2021 April 14, 2020 Backlog   100.199.3 (1) Adjusted EBITDA starts with EBITDA and adjusts for Stock-based compensation expenses, impairment of inventories, exchange gain/loss on the obli...