Clean Energy Technologies Reports Second Quarter 2023 Financial Results and Provides Business Update

• First half 2023 revenues of $7.6 million, compared to $2.2 million for the same period in 2022, representing an increase of 205%
  
  

COSTA MESA, CA., Aug. 15, 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 its 2023 second quarter financial results.

Continued Robust Revenue Growth Meeting Both Short-Term and Long-Term Goals

Financial and corporate highlights for the six months ended June 30^th, 2023, include the following:

• For the six months ended June 30, 2023 our total revenue was $7.6 million compared to $2.5 million for the same period in 2022 which represents revenue growth of 205%. 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%.
  
  
• For the six months ended June 30, 2023 our gross profit was $0.6 million compared to $1.1 million for the same period in 2022. Due to CETY’s waste to energy and engineering solutions contribution to the revenue in Q2 2023, gross profit margins have improved significantly from 5% in 2023 Q1 to 11% in Q2 2023.
  
  
• For the six months ended June 30, 2023 our operating expense was $1.6 million compared to $1.1 million for the same period in 2022. This increase is a result of CETY’s expansion in 2023 and additional costs associated with marketing and business development, professional fees for legal and accounting services, increase in salary expenses for the new officers and directors, and additional costs for engineering consultants.
  
  
• For the six months ended June 30, 2023 we 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 mentioned above. These non-cash debt calculations are unlikely to affect CETY’s cashflow and are a result of the Company’s commitment for accelerated growth. CETY also plans to lower its cost of capital by restructuring current debt.