Taronis Provides Fourth Quarter Sales Update
October $2.0 Million, November $2.4 Million in Revenues
PHOENIX, AZ, Dec. 17, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, today announced sales results for October and November of 2019. October sales were $2.0 million, representing an 87% increase as compared to the $1.1 million in revenues reported in same period in the prior year. In November, the Company generated $2.4 million in sales, representing a 122% increase as compared to the same period in the prior year. Factors for the growth are as follows:
In Texas, sales were $0.93 million in October, representing a 234% increase from the same period in 2018. October is typically one of the strongest retail months in the industrial gas industry, with 23 sales days. In November, sales were $0.62 million, representing a 53% increase over the prior year. November and December are normally slower months in the industry, with a seasonal decrease in retail demand during the holiday season. There were only 19 retail sales days in November, which heavily impacts sales figures from month to month.
In California, October sales were $0.75 million, representing a 50% increase as compared to the prior year. In November, sales were $0.61 million, representing a 43% increase versus November 2018. In Florida, sales rebounded sharply to $0.32 million, representing the first time sales were over $0.3 million since April of 2019. The newly launched fill plant in Clearwater has contributed to season strength in sales. November sales were $0.27 million slightly above the same period in 2018.
In November, the Company also recognized $0.92 million from a consulting agreement with a hydrogen fuels company based in northern Germany. This contract is now complete. The Company has entered into additional dialogue to determine if there are further opportunities to leverage its hydrogen production from the patented submerged plasma arc gasification technology to expand the commercial relationship beyond this initial contract.
“We are off to a very solid start to the fourth quarter,” commented Scott Mahoney, CEO of Taronis. “The consulting contract had a significant impact on both top line growth and our overall profitability for November. With margins well in excess of 50%, the consulting agreement put the Company at near break even.”
“We now project that once the initial 5 unit order from Turkey is executed, December revenues should exceed $6 million and make the fourth quarter our first profitable period in Company history. This is a major accomplishment for the entire team, and we are looking forward to accelerating our business model as we enter 2020,” concluded Mr. Mahoney.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination. The Company holds a 7% royalty on the global use of its fuel generation intellectual property. The initial commercialized renewable fuel product license is disrupting an $8 billion global metal cutting fuel market.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company's website at http://www.TaronisTech.com/
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides you with live remote consumption monitoring for long term leak protection and water asset management. An integral, client based alarm and notification system that reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
Released December 17, 2019