Wed, May 15, 9:01 PM (72 days ago)
Midwest Energy Emissions Corp. (MEEC) reported a net loss of $2.6M for Q1 2024, compared to a $1.4M loss in Q1 2023. Revenue increased to $3.6M, primarily from sorbent product sales. Cost of sales rose slightly to $2.1M, while SG&A expenses surged to $3.5M due to higher salaries and stock-based compensation. The company’s cash balance dropped to $11.2M from $20.9M at year-end 2023, following significant debt repayments. MEEC’s working capital decreased to $8.2M. They also restructured a major unsecured note, reducing its principal and extending its maturity. The company secured a $57.1M patent infringement verdict, with ongoing post-trial motions.