EcoSynthetix Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 02, 2022 at 05:14 pm EDT
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EcoSynthetix Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 5.02 million compared to USD 4.71 million a year ago. Net loss was USD 0.38885 million compared to USD 0.763892 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago.
For the nine months, sales was USD 13.43 million compared to USD 13.28 million a year ago. Net loss was USD 1.72 million compared to USD 2.24 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to USD 0.04 a year ago.
EcoSynthetix Inc. is a Canada-based renewable chemicals company that specializes in biomaterials used in a variety of end products. The Company offers a range of sustainable engineered biopolymers that allow customers to reduce their use of harmful materials, such as formaldehyde and styrene-based chemicals. It is engaged in the development and commercialization of environmentally friendly, bio-based technologies as replacement solutions for synthetic, petrochemical-based adhesives and other related products in the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific. It operates in one segment: the biopolymer nanosphere technology platform. The Company's products include EcoSphere biopolymers, EcoMer biomonomers, EcoStix bio-based pressure-sensitive adhesives, and DuraBind bioresins. The DuraBind and EcoSphere, are used to manufacture wood composites, paper, and packaging. Its serves to the markets, such as paper and paperboard, building materials, and other markets.