Clean Energy Technologies Reports Q2 2023 Financial Results And Provides Business Update; H1 2023 Revenues Of $7.6M Vs $2.2M YoY
Portfolio Pulse from Happy Mohamed
Clean Energy Technologies, Inc. (CETY) reported Q2 2023 financial results, with H1 2023 revenues of $7.6M, a 205% increase from the same period in 2022. Gross profit margins improved from 5% in Q1 2023 to 11% in Q2 2023. However, the company reported a net loss of $1.7M due to increased interest and financing fees and operating expenses. Stockholder's equity increased to $5.7M from $1.8M at the end of 2022.
August 15, 2023 | 1:23 pm
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NEUTRAL IMPACT
Clean Energy Technologies reported a 205% YoY increase in H1 2023 revenues and improved gross profit margins. However, the company reported a net loss due to increased expenses.
While the company reported strong revenue growth and improved gross profit margins, the net loss due to increased expenses could be a concern for investors. The increase in stockholder's equity could be seen as a positive sign.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100