Mon, Aug 19, 6:58 PM (148 days ago)
For the second quarter ended June 30, 2024, Clean Energy Technologies, Inc. reported a significant decline in total revenue to $1,709,151 from $3,274,001 in the same period last year. This drop was primarily attributed to the deconsolidation of its Shuya entity and reduced revenue from the natural gas (NG) sector due to economic slowdowns in China. Gross profit slightly decreased to $429,035, reflecting higher margins from non-NG operations. Operating expenses surged to $2,221,990, driven by increased salaries and professional fees, contributing to a net loss of $2,251,278 compared to a loss of $1,868,163 in 2023. Cash flow from operations showed a net outflow of $1,612,034, while financing activities generated $1,828,380. The company holds a working capital of $300,071 and an accumulated deficit of $25,429,293, raising substantial doubt about its ability to continue as a going concern. Future revenue is expected to stabilize, particularly from waste-to-energy and heat recovery segments, as CETY aims to leverage market opportunities in renewable energy solutions.