$OCLN OriginClear’s Revenue Increased 250% in 2022
Annual increase percentage in a single year is highly unusual for an equipment business
CLEARWATER, Fla., April 20, 2023--(BUSINESS WIRE)--OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, announces that in its 10-K Annual Report filing, 2022 revenue increased by 250% from $4,143,744 to $10,376,573, setting a new range for the company’s operations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230420006024/en/
"It is highly unusual for an equipment business to nearly triple in one year," said Tom Marchesello, OriginClear Chief Operating Officer. "My hat’s off to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems." (Graphic: OriginClear)
"Raising revenue requires completing jobs," said Riggs Eckelberry, OriginClear CEO. "2022 saw the realization of increased sales growth in 2021. Now, we are seeing delivery. We are very proud of our operations teams as they delivered on the dramatic increase in business."
Annually, gross profit increased by 262% from $569,684 to $1,495,297 showing increased efficiency in purchasing.
Cost of sales as a percentage of revenue remained roughly the same at 86%, as did gross margins at 14%.
"It is highly unusual for an equipment business to nearly triple in one year," said Tom Marchesello, OriginClear Chief Operating Officer. "My hat’s off to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems."
Loss from operations increased by $537,270 from $(6,045,452) to $(6,582,722), reflecting reclassification of certain expenses.
General and administrative expenses increased to $4,459,763 compared to $3,612,988 for the prior year.
Net loss for 2022 was $(10,790,721), compared to a net loss of $(2,117,781) for 2021. The majority of the increase in net loss was due primarily to an increase in other income and expenses associated with the net change in derivative instruments estimated each period.
Annual increase percentage in a single year is highly unusual for an equipment business
CLEARWATER, Fla., April 20, 2023--(BUSINESS WIRE)--OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, announces that in its 10-K Annual Report filing, 2022 revenue increased by 250% from $4,143,744 to $10,376,573, setting a new range for the company’s operations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230420006024/en/
"It is highly unusual for an equipment business to nearly triple in one year," said Tom Marchesello, OriginClear Chief Operating Officer. "My hat’s off to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems." (Graphic: OriginClear)
"Raising revenue requires completing jobs," said Riggs Eckelberry, OriginClear CEO. "2022 saw the realization of increased sales growth in 2021. Now, we are seeing delivery. We are very proud of our operations teams as they delivered on the dramatic increase in business."
Annually, gross profit increased by 262% from $569,684 to $1,495,297 showing increased efficiency in purchasing.
Cost of sales as a percentage of revenue remained roughly the same at 86%, as did gross margins at 14%.
"It is highly unusual for an equipment business to nearly triple in one year," said Tom Marchesello, OriginClear Chief Operating Officer. "My hat’s off to Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems."
Loss from operations increased by $537,270 from $(6,045,452) to $(6,582,722), reflecting reclassification of certain expenses.
General and administrative expenses increased to $4,459,763 compared to $3,612,988 for the prior year.
Net loss for 2022 was $(10,790,721), compared to a net loss of $(2,117,781) for 2021. The majority of the increase in net loss was due primarily to an increase in other income and expenses associated with the net change in derivative instruments estimated each period.
