ME2C Environmental Reports Fourth Quarter and Full Year 2020 Financial Results - Seite 2

MacPherson continued, “Our core mercury emissions capture business will continue to provide a stable and growing foundation for our company going forward. With over two years of significant development already underway, we are ready to bring a suite of new environmental technologies to the pilot testing stage and eventually to market during the early part of 2022. We believe that these innovative new technologies, developed in collaboration with Dr. Scott A. Drummond, will dramatically improve rare earth element production, wastewater and soil remediation, and methane gas emissions control, from both economic and climate impact standpoints. These new verticals address and support the critical environmental concerns our planet is facing that is critical for the growth and infrastructure within the U.S.

“2021 is moving forward as expected to be an incredibly exciting year for ME₂C Environmental and one that we believe will elevate our position as a leading cleantech enterprise across the U.S. power sector. I would like to thank our hardworking employees, customers, and other stakeholders for their support in our journey, and look forward to providing updates on our continued operational execution and growth opportunities in the quarters to come,” concluded MacPherson.

Fourth Quarter and Full Year 2020 Financial Results

Total revenue in the fourth quarter of 2020 was $2.3 million compared to $2.5 million in the year-ago quarter. Total revenue for the full year 2020 was $8.2 million compared to $11.4 million in 2019. The decrease from the prior-year period is primarily due to decreased generation in the coal-fired power sector principally due to renewables and low natural gas prices.

Total costs and expenses in the fourth quarter of 2020 were $4.4 million compared to $4.0 million in the year-ago quarter. Total costs and expenses for the full year 2020 were $14.0 million compared to $17.5 million in 2019. The is primarily attributable to the decrease in cost of sales.

Net loss in the fourth quarter of 2020 was $2.0 million, or $(0.03) per basic and diluted share compared to a net loss of $1.5 million, or $(0.02) per diluted share, in the fourth quarter of 2019. Net loss in 2020 was $5.8 million, or $(0.07) per diluted share, compared to a net loss of $6.1 million, or $(0.08) per basic and diluted share, in 2019.

Adjusted EBITDA in the fourth quarter of 2020 was $(73,000), compared to $(515,000) in the same year-ago period. Adjusted EBITDA in 2020 was $(735,000), compared to $(953,000) in 2019.

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