COSTA MESA, CA., April 17, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (the “Company”), a clean energy manufacturing and services company, offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia today announced the 2022 Year-End financial results.
Financial Milestones Achieved and Strong Execution of Operational Strategy
Financial and corporate highlights for the year ended December 31, 2022 and subsequently include the following:
- For the year ended December 31, 2022, our total revenue was $2,663,212 compared to $1,300,439 for the same period in 2021; revenue grew 104% in 2022 compared to 2021.
- For the year ended December 31, 2022, our gross profits increased to $1,174,196 from $610,407 for the same period in 2021; gross profit grew 92%. in 2022 compared to 2021.
- For the year ended December 31, 2022, our net profit was $147,395 compared to $297,551 for the same period in 2021. This is due to one-time increased professional fees, and interest and financing expenses, attributed to the Nasdaq up-listing application and it also reflects the gain discussed below.
- For the year ended December 31, 2022, we recognized a gain on debt settlement of $2,556,916 from the GE note write off compared to $868,502 for the year ended December 31, 2021 due to several liabilities statute of limitations had expired.
- We raised approximately $1.2 million in Regulation A equity offering in Q1 2022 at $3.20 per share.
- For the year ended December 31, 2022, our stockholder’s equity was $1,878,196 compared to stockholder’s deficit of $1,721,712 for the same period in 2021.
Subsequent to the year end results, the company’s equity position has increased substantially during the first quarter of 2023 evidenced by the subsequent events and company’s recent filings, mainly due to the recent public offering with gross proceeds of $3.9 million, the full conversion of a convertible note valued at $666,250, and gain from a $324,000 convertible note payoff. The company has demonstrated profitability for two consecutive years and is no longer in default to any major creditors. It is the Management’s opinion that the Company has sufficient operating capital and can continue to deliver profitability in its current state. The Company’s ability to access capital has also significantly improved as it listed on Nasdaq on March 23, 2023. Management believes through streamlined operations and scaling global sales, the Company can maintain long-term profitability and sufficient capitalization.
About Clean Energy Technologies
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) plans to become a leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.
CETY's common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit www.cetyinc.com or www.heatrecoverysolutions.com .
This summary should be read in conjunction with the Company’s 10-K for the fiscal year ended December 31, 2022 which contains, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov.
DISCLAIMER
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
Investor Relations Contact:
ir@cetyinc.com
Contact:
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa, CA 92626
949.273.4990 main
949.273.4990 fax
