Press Releases
OriginClear First Quarter Revenue Up 55% Over Last Year
Increase reflects progress in fulfilling increased sales in 2021.
Clearwater, FL – May 17, 2022 – OriginClear Inc. (OTC Pink: OCLN), which helps the world invest in clean water, reported today that for the three months ended March 31, 2022, revenue increased by 55% to $1,234,105 compared to $796,178 for the three months ended March 31, 2021. The complete quarterly report is posted on the SEC site.
Even Better
“After strong sales in 2021 with booked orders exceeding $12 million, we are pleased to see revenue milestones following suit as we deliver to these orders,” said Riggs Eckelberry, OriginClear CEO. “If this pace continues, we will achieve close to $5 million this year, with the potential to do even better than that. My congratulations to the entire Operations team!”
Investing in Development
For the same quarterly periods, cost of sales increased to $1,458,855 compared to $691,521, while gross profit decreased to $(224,750) compared to $104,657, and loss from operations increased to $(1,761,927) compared to $(1,157,035), reflecting the cost of developing the company’s new Water On Demand™ initiative, which seeks to further accelerate sales by letting customers pay for their systems as they go, without the need for capital expenditure or water expertise.
Quality Sustained
“I continue to see great performance by the team,” said Tom Marchesello, OriginClear Chief Operating Officer. “I wish to commend Marc Stevens, Mike Jenkins, Dan Early, and the entire team at Progressive Water Treatment and Modular Water Systems. They are delivering outstanding quality despite significantly increased operations activity.”