Basanite Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 14, 2020 at 04:26 pm EDT
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Basanite Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced operating loss was USD 581,390 compared to USD 1.632 million a year ago. Net loss was USD 781,417 compared to USD 1.507 million a year ago. Basic loss per share from continuing operations was USD 0.003 compared to USD 0.008 a year ago. For the half year, operating loss was USD 1.162 million compared to USD 2.288 million a year ago. Net loss was USD 1.342 million compared to USD 2.195 million a year ago. Basic loss per share from continuing operations was USD 0.007 compared to USD 0.013 a year ago.
Basanite, Inc., through its wholly owned subsidiary, Basanite Industries, LLC, manufactures a range of green, sustainable, non-corrosive, lightweight, composite products that are used in concrete reinforcement by the construction industry. The Companyâs core product includes BasaFlex, a basalt fiber-reinforced polymer (BFRP) reinforcing bar known as rebar. Its BasaMix products are fine denier basalt fibers available in various chopped sizes. BasaMix is designed to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete. BasaMix also serves as a system approach for optimum performance of a concrete element when used in conjunction with its BasaFlex rebar. Its BasaMesh is a line of Basalt Geogrid Mesh Rolls. BasaMesh is designed for secondary and temperature shrinkage reinforcement. BasaMesh can also work in conjunction with the BasaFlex rebar or BasaMix for a total reinforcement program.
BASANITE, INC. 