Business
Xebec Announces Q4 and Year End 2021 Financial Results
Xebec Announces Q4 and Year End 2021 Financial Results.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\nXebec Adsorption Inc. (TSX: XBC) (\"Xebec\"), a global provider of sustainable gas technologies, announced today its 2021 fourth quarter and year end results, with the following highlights:\n\nFourth Quarter 2021 Highlights\n\n\nRevenues of $45.9 million compared to $6.4 million\n\n\nGross margin of $10.3 million (22%) compared to ($11.4) million (-180%)\n\n\nAdjusted EBITDA of $0.2 million compared to ($22.6) million\n\n\nNet income of $2.4 million or $0.02 per share compared to a net loss of $28.3 million or ($0.26) per share\n\n\nFull Year 2021 Highlights\n\n\nRevenues of $125.9 million compared to $69.4 million\n\n\nGross margin of $29.5 million (23%) compared to ($0.3) million (0.5%)\n\n\nAdjusted EBITDA of ($8.8 million) compared to ($22.0) million\n\n\nNet loss of $23.5 million or ($0.15) per share compared to a net loss of $32.0 million or ($0.33) per share\n\n\nRecord backlog of $123.8 million on March 16, 2022 compared to $100.1 million on March 18, 2021\n\n\nWorking capital of $82.1 million on December 31, 2021 for a current ratio of 1.98:1, compared to working capital of $170.4 million and a current ratio of 4.07:1 on December 31, 2020\n\n\nAs at December 31, 2021 the company had $51.1 million of cash and restricted cash compared to $168.6 million as at December 31, 2020\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 \n\n\n\n\n\n \n\n\n\n\nThree months ended\nDecember 31,\n\n\n\n\n% of\nChange\n\n\n\n\nTwelve months ended\nDecember 31,\n\n\n\n\n% of\nChange\n\n\n\n\n\n \n\n\n\n\n2021\n\n\n\n\n2020\n\n\n\n\n \n\n\n\n\n2021\n\n\n\n\n2020\n\n\n\n\n \n\n\n\n\n\n(In millions of dollars)\n\n\n\n\n(unaudited)\n\n\n\n\n(unaudited)\n\n\n\n\n \n\n\n\n\n(audited)\n\n\n\n\n(audited)\n\n\n\n\n \n\n\n\n\n\nRevenues\n\n\n\n\n45.9\n\n\n\n\n6.4\n\n\n\n\n617%\n\n\n\n\n125.9\n\n\n\n\n56.5\n\n\n\n\n123%\n\n\n\n\n\nGross margin\n\n\n\n\n10.3\n\n\n\n\n(11.4)\n\n\n\n\n190%\n\n\n\n\n29.5\n\n\n\n\n0.3\n\n\n\n\n9,733%\n\n\n\n\n\nGross margin %\n\n\n\n\n22%\n\n\n\n\n-180%\n\n\n\n\n \n\n\n\n\n23%\n\n\n\n\n0.5%\n\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA (1)\n\n\n\n\n0.2\n\n\n\n\n(22.6)\n\n\n\n\n \n\n\n\n\n(8.8)\n\n\n\n\n(22.0)\n\n\n\n\n \n\n\n\n\n\nNet income (loss)\n\n\n\n\n2.4\n\n\n\n\n(28.3)\n\n\n\n\n \n...