Ecosynthetix Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
July 29, 2020 at 05:38 pm EDT
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EcoSynthetix Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced sales was USD 3.102 million compared to USD 5.074 million a year ago. Operating loss was USD 780,596 compared to USD 475,445 a year ago. Net loss was USD 608,245 compared to USD 200,588 a year ago. Basic loss per share was USD 0.01. Basic loss per share from continuing operations was USD 0.01. For the half year, sales was USD 7.327 million compared to USD 9.543 million a year ago. Operating loss was USD 1.428 million compared to USD 1.103 million a year ago. Net loss was USD 1.055 million compared to USD 553,824 a year ago. Basic loss per share was USD 0.02 compared to USD 0.01 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.
ECOSYNTHETIX INC. 
