OriginClear, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 15, 2022 at 02:05 pm EST
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OriginClear, 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 3.37 million compared to USD 1.12 million a year ago. Net loss was USD 29.05 million compared to net income of USD 18.4 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to basic earnings per share from continuing operations of USD 0.09 a year ago. Diluted loss per share from continuing operations was USD 0.04 compared to diluted earnings per share from continuing operations of USD 0.02 a year ago.
For the nine months, sales was USD 7.77 million compared to USD 2.85 million a year ago. Net loss was USD 33.89 million compared to USD 10.36 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to USD 0.08 a year ago. Diluted loss per share from continuing operations was USD 0.06 compared to USD 0.08 a year ago.
OriginClear, Inc. is a water technology company. The Company is engaged in designing, engineering, manufacturing and distribution of water treatment solutions for commercial, industrial, and municipal end markets. The Company conducts business, through its subsidiary, Water on Demand, Inc. (WODI). WODI is composed of three operating units, Modular Water Systems (MWS), Progressive Water Treatment (PWT), and Water on Demand (WOD). MWS houses a worldwide, exclusive master license to the intellectual property, consisting of five patents and related intellectual property, know-how and trade secrets (Early IP). PWT specializes in engineered water treatment solutions and custom treatment systems. WOD is an incubation of the Company which is focused on offering private businesses water self-sustainability as a service-the ability to pay for water treatment and purification services on a per-gallon basis. In addition, PWT rents equipment in contracts of varying duration.