MagneGas Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Revenue Guidance for the Year 2017
November 15, 2017 at 06:00 pm IST
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Magnegas Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenue of USD 879,511 against USD 1,037,668 a year ago. The decrease in revenue during the three months ended September 30, 2017 was partly attributable to the hurricane that paralyzed much of the gulf coast of Florida in September of 2017 and the decline in one-time unit sales in the three and nine month periods ended September 30, 2017, as compared with the same period in 2016. Operating loss was USD 2,293,527 against USD 2,605,987 a year ago. Net loss was USD 3,125,055 or USD 0.39 per basic and diluted share against USD 4,067,678 or USD 0.81 per basic and diluted share a year ago. Net loss attributable to common shareholders was USD 4,159,737 against USD 4,067,678 a year ago.
For the nine months, the company reported revenue of USD 2,717,503 against USD 2,540,588 a year ago. Operating loss was USD 7,889,847 compared to USD 7,954,805 a year ago. Net loss was USD 7,147,991 or USD 1.06 per basic and diluted share compared to USD 10,839,326 or USD 2.29 per basic and diluted share a year ago. Net loss attributable to common shareholders was USD 8,257,673 against USD 10,839,326 a year ago.
The company projects that 2017 revenue will grow over 120% versus 2016.
Taronis Technologies Inc., formerly MagneGas Applied Technology Solutions, Inc., is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. a Florida corporation. It focuses on market segments, such as industrial gas sales, equipment sales for liquid waste processing and use of MagneGas2 for the co-combustion of hydro-carbon fuels to reduce emissions.
MagneGas Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Revenue Guidance for the Year 2017
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