Applied UV Inc (NASDAQ: AUVI) witnessed a notable surge in its share value, gaining 8.20% during Wednesday’s pre-hours session, reaching $0.91.
However, the stock faced a slight setback during regular trading, with a decline of -3.33% to close at $0.841.
Despite this, the company has been making significant strides in the field of Smart Buildings Technologies, particularly in areas such as food security.
One recent milestone for Applied UV was the announcement that its subsidiary, PURO, in collaboration with Academy Energy Group (AEG), emerged as a finalist for the GSA’s Green Proving Ground (GPG) program.
This recognition further validates the company’s dedication to environmental sustainability and innovation.
Financially, Applied UV has been thriving, reporting a record company backlog of over $22 million as of June 30, 2023.
Furthermore, the company is optimistic about achieving its revenue targets of $45-50 million for the entirety of 2023.
Key to this growth has been their successful partnership with Canon, which has provided crucial support in product development, contract manufacturing, sales, and marketing, as well as customer financing options.
The company’s Healthy Building Technologies Division, bolstered by the strategic acquisitions of PURO and LED Supply Co., has seen remarkable expansion.
With a substantial backlog of approximately $7.4 million as of June 30, 2023, this division’s growth potential is evident. The partnerships, especially with industry leader MFPHD, have opened doors in the healthcare sector, particularly in the Surgical Suite.
Applied UV’s offerings in Food Preservation Tech, Air Disinfection, Surface Disinfection, commercial lighting, and building control solutions have garnered recognition, enhancing the division’s position in the market.
Applied UV’s proprietary Airocide technology has gained new relevance with the recently established Ethylene Oxide (ETO) Abatement requirements by the EPA.
This presents a significant growth opportunity, as the technology effectively removes ETO.
Industries involved in healthcare, pharmaceuticals, and agriculture that use or produce Ethylene Oxide can now benefit from Applied UV’s innovative ETO destruction technology, positioning the company as a valuable solution provider for industries facing stringent environmental regulations.
In the realm of hospitality, Applied UV’s Hospitality Division has been experiencing unparalleled growth.
With existing orders and ongoing processes totaling approximately $14-$15 million, the division has marked a backlog of over $4 million with a prominent hotel brand.
This substantial 300% year-over-year growth underscores the success of Applied UV’s strategic expansion and its ability to cater to the evolving needs of the hospitality and leisure industry.
Applied UV (AUVI) has shown resilience and innovation, leveraging partnerships and acquisitions to drive growth and cement its position as a leading provider of cutting-edge technologies in various industries.
With continued momentum, the company appears poised for continued success in the market.
