Clean Energy Technologies Announces 2023 First Quarter Financial Results Highlights

COSTA MESA, CA., May 23, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq CETY) (“CETY” or 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 the 2023 first quarter financial results.

Strong Revenue Growth and Continuous Execution of Operational Strategy

Financial and corporate highlights for the first quarter ended March 31, 2023 include the following:

• For the quarter ended March 31, 2023, our total revenue was $2,897,007 an increase of 373% compared to the same period in 2022. The first quarter of 2023 has already exceeded the total revenue generated throughout the entirety of 2022.
  
  
• For the quarter ended March 31, 2023, stockholder’s equity was $6,001,109 compared to $1,878,196 reported on December 31, 2022. This is a result of the offering related to the Nasdaq up-list as well as debt conversions and write-offs.
  
  
• During the quarter ending March 31, 2023, our gross profit was $160,569 compared to $514,192 for the same period in 2022. During the March 31, 2023 quarter, our revenue driver was from our NG trading operations as compared to March 31, 2022 where our revenues came from the completion of several Waste Heat Recovery systems, as well as engineering and manufacturing services. Despite highly volatile NG prices, CETY was able to grow our NG trading operations by robustly managing risks and simultaneously scaling sales. The company’s strategy to scale the NG trading operations has given CETY access to downstream NG users and sales opportunities in the Waste Heat Recovery segment. The Company expects higher revenue contribution from Waste Heat Recovery, Waste to Energy, and Engineering, Consulting, and Project Management Services in the coming quarters to drive gross margin growth.
  
  
• For the quarter ended March 31, 2023, net loss was $1,073,858. The net loss was influenced by, one-off higher expenses incurred from interest and financing fees, coupled with the marketing costs totaling approximately $900,000 which are associated with the Nasdaq up-listing. This had a significant impact on the net loss for the quarter ending March 31, 2023. In management’s opinion, these costs will not occur again in the foreseeable future and management believes that the Company will deliver positive results in the future.