ME2C Environmental, a leading company in environmental technologies, announced the financial results for its second quarter of 2022.
In 2021, revenues that increased to $2.27 million were reported for the year’s second quarter. That figure was easily surpassed in this year’s report, growing revenues by 125% for total revenues of $5.13 million.
In contrast to the data and continuing with the comparison from last year to this year, we have that this year there were more total expenses. Last year a total of $4.00 million was recorded, while now we have $5.49 million.
Net losses were $357,000, showing an exponential advance concerning 2021, where the loss amounted to $1.73 million.
Finally, adjusted EBITDA gave positive results at $468,000, while the previous year was negative at $(314.00).
“We are very pleased with our progress through the first half of this year and are in great shape heading into the last half of 2022,” commented Richard MacPherson, CEO of ME2C Environmental. “We are very happy with our second quarter and expect to continue ramping up through our third quarter.”
“The Company has built strong relationships with our business partners. That will provide continued support of our growth across a number of key areas,” continued MacPherson. “The relationship with our largest financial lender has been solid and supportive. We expect to conclude negotiations which will strategically provide modified arrangements that will reposition our financial position. It will benefit our shareholders and our Company equally.”
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“Our litigation proceedings saw the acceptance of certain claim construction arguments that we see as positive developments as we move toward the conclusion of the discovery process, leading to trial in 2023.”
“Further, the recognition of ME2C’s expertise and patent validity continues to grow across the industry. With certain logistical challenges facing the energy sector, utilities are seeing greater value in working with a supply partner, such as ME2C, benefitting from our ability to navigate a challenging climate.”
