07/11/2019 | Press release | Distributed by Public on 07/12/2019 04:22
Represents 111% Year-Over-Year Growth
PHOENIX, AZ / ACCESSWIRE / July 11, 2019 / Taronis Technologies, Inc., ('Taronis' or 'the Company') (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced June sales of $1.85 million. This represents 111% growth when compared to June 2018 sales of just under $0.875 million.
For the second quarter, the Company generated a Company record of $6.06 million of sales, which was 107% higher than the $2.9 million of sales reported for the same period in 2018. Sales growth has also been steadily accelerating, as the second quarter sales were approximately 20% higher than the $4.9 million reported for the first quarter of 2019.
'Our team has been doing an excellent job growing our revenues,' commented Scott Mahoney, CEO of Taronis. 'We faced several challenges to revenue growth during the quarter. First, there has been a national shortage of helium, and this has caused us to lose several meaningful accounts in the southern California market. Additionally, we experienced a moderate seasonal slowdown in several of our markets which is typical during the peak summer months.'
'Historically, we would experience double digit decreases in sales from May to June. For example, in 2017 our June sales were 21% lower than in May due to seasonality. In 2018, our sales were almost 13% lower in June than in May. This year, our ability to drive new client growth offset much more of our seasonality, and we only saw a 9% change from May to June,' continued Mr. Mahoney.
'We are effectively leveraging our MagneGas product to gain new clients, conduct field demonstrations, and generate interest in our products and our Company. Our team is using this process to drive results, and we are optimistically looking forward to a very productive third quarter,' concluded Mr. Mahoney.
Additional sales growth details are as follows:
The Company experienced the highest year-over-year growth in the Texas-Louisiana market. Sales for the month of June for this region were just over $0.8 million. Sales increased almost 4.5x over the same period last year, as the Company has made a series of acquisitions that now make it one of the largest independent industrial gas distributors in the region.
The Company also experienced rapid year-over-year growth in June in the California market, which generated just under $0.8 million sales for. This represents approximately 65% growth compared to June of 2018, which was largely the result of the acquisition of Complete Welding in Los Angeles in February of this year. This area has been most affected by the national shortage of helium. The Company has identified a potential supply solution, and this could beneficially impact revenues for the Los Angeles market as early as August of 2019.
In the Florida market, sales were just over $0.25 million in May, largely unchanged when compared to the prior year. The Company is expected to launch its fully operational fill plant operations in Clearwater, Florida at the beginning of July. With this new capability, the Florida market has identified almost $2.0 million in potential new client opportunities that the Company could now effectively compete for against the largest distributors in the region. Management believes this development could have a significant impact on the Florida market's outlook for growth going forward.
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's fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas, and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the US and through its wholly owned distributors doing business as 'MagneGas Welding Supply'. The Company operates 22 locations across California, Texas, Louisiana, and Florida.
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 that trigger toxic algae blooms. 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.
SOURCE: Taronis Technologies, Inc.
Released July 11, 2019