BioHiTech Global Inc. (BHTG) gained momentum in the aftermarket, as it went up to $1.37 against its close of $1.03 on November 18. The stock gained 33.01% at an after hours’ volume of 5.52 million, versus a loss of 14.17% during the active market session. The stock had a day range of $1.02-$1.20 at a volume of 5.87 million (1,996% of average). BHTG lost 14.88% of its value in the past five days while losing 8.04% year to date. The stock stands at a market capital of $34.99 million, currently.
The gain in the stock aftermarket resulted from the company’s record third-quarter earnings announcement on November 18.
BioHiTech Global Inc. (BHTG)
Headquartered in Chestnut Ridge, New York, BioHiTech Global Inc. (BHTG) provides environmental management solutions worldwide. The company has various technologies that it uses for environmental management. These include biological processing equipment for food waste and facilities for the conversion of solid waste into renewable fuel. In addition, the company also has proprietary real-time data analytics tools for reducing food waste generation.
Record Q3 Earnings
On November 18, BHTG announced its Q3 earnings, making it the fourth consecutive quarter of record revenue. In Q3 2021, the company generated revenues of $4.5 million, showing an enormous increase of 509% from that of Q3 2020. These revenues also show an increase of 31% from that of the previous quarter. Moreover, the Digester and Corporate line of revenues showed an increase of almost 431% from Q3 2020. Also showing an increase of 28% from the previous quarter of 2021.
In addition, the operating loss of the company for Q3 2021, was $1.1 million, against that of $3.9 million in Q3 2020. While the operating loss in the previous quarter of 2021, was $2.0 million. Furthermore, BHTG incurred a net loss of $1.2 million in Q3 2021, against $3.2 million in Q3 2020. Accordingly, the net loss per basic and diluted share was $0.07 as compared to $0.16 in the year-ago period.
BHTG’s CEO’s Comments
The company’s CEO, Tony Fuller applauded the teams’ efforts for success in the third quarter. The team, according to Mr. Fuller, is also expanding pilot efforts for exploring the benefits of BHTG’s Digesters in large supermarket chains. This will enable the company to mitigate waste at its source rather than far across the chain.
BHTG is evaluating various strategic alliances and acquisitions for further growth and development of the business. The company expects to grow exponentially, as it goes into the future.
