Basanite, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 17, 2022 at 01:36 am IST
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Basanite, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported net loss was USD 1.94 million compared to USD 4.32 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago.
For the six months, net loss was USD 3.46 million compared to USD 8.99 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to USD 0.04 a year ago.
Basanite, Inc., through its wholly owned subsidiary, Basanite Industries, LLC, manufactures a range of green, sustainable, non-corrosive, lightweight, composite products that are used in concrete reinforcement by the construction industry. The Companyâs core product includes BasaFlex, a basalt fiber-reinforced polymer (BFRP) reinforcing bar known as rebar. Its BasaMix products are fine denier basalt fibers available in various chopped sizes. BasaMix is designed to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete. BasaMix also serves as a system approach for optimum performance of a concrete element when used in conjunction with its BasaFlex rebar. Its BasaMesh is a line of Basalt Geogrid Mesh Rolls. BasaMesh is designed for secondary and temperature shrinkage reinforcement. BasaMesh can also work in conjunction with the BasaFlex rebar or BasaMix for a total reinforcement program.