Clean Energy Technologies, Inc. (NASDAQ: CETY) shares dip Tuesday as the company, a clean energy manufacturing and services company, offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia today announced its 2023 second-quarter financial results.
Total revenue in Q2 2023 was $4.7 million compared to $2.8 million in Q1 2023 which represents quarter over quarter revenue growth of 66%.
CETY had a net loss of $1.7 million due to an increase in interest and financing fees of $1.3 million, of which $0.7 million are non-cash debt discount calculations associated with the warrant issuances and additional operating expenses.
CETY says it has CETY has made significant progress in its waste to energy segment this quarter recording $412,682 of revenue, realizing a portion of the $10 million engineering, procurement, and construction (EPC) contract with Vermont Renewable Gas LLC (VRG) announced on July 12. The VRG project has reached many milestones related to interconnection, permits, etc. and is on track to be commissioned in the next 12 months. As additional milestones are met, CETY will be able to recognize additional revenue from the VRG $10-million EPC contract.
“There is strong federal support in the U.S.,” reads this morning’s press release, “for conversion of food/agricultural waste to gaseous fuels and electricity with a focus on reducing methane emissions; this is a timely opportunity.”
CETY shares began the day down six cents, or 4.2%, to $1.37.
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