Business seems to be picking up for Bollente Companies (OTCQB:BOLC), the parent of trutankless. Scottsdale, Arizona-based Bollente fancies itself a diversified holding company, but at this point the flagship trutankless brand is the only revenue generator for the firm.
As the saying goes, though, "it only takes one" and the water heater line, which is touted as far surpassing traditional tank water heaters in energy efficiency, output, dependability and environmental sustainability, is getting some traction.
The brand has also received some positive marketing for its innovation, including being named "Best Home Technology Product" at IBS in 2014, winning the Arizona Forward's Environmental Excellence Awards Governor's Award of Merit for Energy and Technology Innovation, earning four straight "Best of Houzz" designations for client satisfaction, being name a Hot Product by Green Builder Magazine and being featured in Consumer Reports Top 5 Remodeling Trends for 2016, among other accolades.
Wednesday's news made it clear that the first quarter of 2018 was a record quarter. It took looking to the 10-Q filing with the SEC to see that revenue for the three-month period ended March 31, 2018 came in at $425,046, up 268% from $115,308 in the year prior quarter.
Gross profit for the quarter was $103,599. It was the fourth straight quarter of increasing gross margins, which the company attributes to an improved cost structure.
General and administrative costs increased by $101,000. Net loss for the quarter was $424,752, or one cent per share, shaved down from a net loss of $481,795, or two cents per share, in last year's quarter.
"2018 is proving itself to be a breakout year for trutankless," said Michael Stebbins, president of trutankless, in today's announcement. "Our record first quarter results continue the trends of prior quarters, we're still gaining momentum, and we're on pace to increase production three-fold over the next 12 months."
Wall Street doesn't seem to be taking notice of the improving sales or optimistic outlook, as not a share traded about 90 minutes into Wednesday's session, with shares of BOLC flat at 69.5 cents.
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