Current Water Technologies Reports Q2 2024 Financial Results
Current Water Technologies Inc. (TSX-V: WATR) has released its financial results for the three months ending June 30, 2024. This report provides an overview of the company's performance in the second quarter, highlighting key financial metrics that shed light on its operations.
Financial Highlights for the Second Quarter
During the second quarter of 2024, Current Water Technologies reported notable financial figures. The revenue for this period was $481,225, which shows a decline from $691,791 in the same quarter of 2023. This drop in revenue indicates some challenges the company is currently facing in the market. Operating expenses amounted to $517,478, reflecting a slight decrease from $555,463 during the same period last year.
Net Earnings Review
For Q2 2024, Current Water Technologies recorded net earnings of -$36,252, a significant decline from a positive net earning of $136,328 in Q2 2023. This sharp decrease highlights how reduced revenue has affected the overall financial stability of the company.
Performance for the Six-Month Period
Looking at the first half of the fiscal year, the total revenue from January to June 2024 reached $1,349,804, down from $1,694,071 during the same period in 2023. Operating expenses for this six-month timeframe were $1,288,711, which is a slight increase compared to $1,228,667 in the previous year.
Company Overview
Current Water Technologies Inc. is recognized as a leader in employing advanced technologies for treating various types of water, including wastewater, desalinated water, and drinking water contaminated with metals and nutrients. The company caters to sectors such as mining, metal processing, and waste management through its patented Electrochemical Technologies. Additionally, Pumptronics Incorporated, a division of the company, specializes in manufacturing custom-designed pump stations and automation solutions.
Trading Information
Current Water Technologies' common shares are traded on Tier II of the TSX Venture Exchange under the ticker symbol "WATR". The performance of these shares can be an indicator of the market's confidence in the company and its operations.
Contact Information
For further inquiries, stakeholders are encouraged to contact the company directly. Dr. Gene S. Shelp, Ph.D., P.Geo., serves as the President and Chief Executive Officer and can be reached at the following:
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@currentwatertechnologies.com
Web Site: www.currentwatertechnologies.com
Frequently Asked Questions
What are the financial highlights for Current Water Technologies in Q2 2024?
In Q2 2024, Current Water Technologies reported revenue of $481,225 and net earnings of -$36,252.
How do the current revenues compare to previous years?
The current revenue of $481,225 represents a decrease from $691,791 reported in Q2 of 2023.
What is the focus of Current Water Technologies?
The company focuses on treating wastewater and contaminated water using its patented Electrochemical Technologies.
Where are the company's shares listed?
Current Water Technologies shares are traded on Tier II of the TSX Venture Exchange under the symbol "WATR".
Who should be contacted for additional information?
Dr. Gene S. Shelp, the President and CEO, is available for inquiries via phone or email as provided.
