Following 509% increase in revenue, BioHiTech Global Inc. (BHTG) stock gains during after-hours

BioHiTech Global Inc. (NASDAQ: BHTG) stock plunged by 14.17% at last close whereas the BHTG stock surged by 33.01% in the after-hours trading session. BioHiTech Global is a technology services firm offering cost-effective solutions that help the environment.

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BHTG stock’ Financial Highlights

BioHiTech Global announced its financial outcomes for the third quarter of 2021. Given below are the highlights:

  • The Company’s sales growth was maintained in the third quarter of 2021, with overall revenue of $4.5 million, up 509 percent year over year and 31% over the previous quarter.
  • Carnival Cruise Lines’ equipment sales drove a 431 percent increase in third-quarter Digester and Corporate line of business revenues over the year-ago period and a 28 percent increase over the previous quarter.
  • In the third quarter, selling, general, and administrative expenses were $1.7 million, lower from $2.0 million the previous quarter and $1.9 million the year before.
  • The operating deficit has decreased to $1.1 million from $3.9 million in the prior year and $2.0 million in the previous quarter.
  • Restricted cash was $6.4 million on September 30, 2021, while unrestricted cash was $600,000.
  • Tony Fuller, BioHiTech’s CEO, stated,

This third-quarter achievement is a huge credit to their incredible team’s dedication and commitment in achieving their objectives despite a changing socioeconomic backdrop. They’re continuing to see excellent growth in their Maritime/Cruise sector while also expanding in Higher Education, Retail, and other areas. Furthermore, given the resolution of the challenges that impacted sales in prior quarters, they achieved outstanding success in their Martinsburg Plant, which is functioning with stronger, more effective outcomes.

Their work in the Higher Education vertical has resulted in more digester orders from prestigious colleges across the East Coast as they strive to achieve broad sustainability targets such as boosting landfill diversion and lowering carbon footprint. They’ve also collaborated with these schools to give cutting-edge research and educational incentives for students to obtain a different insight on the influence of their solutions on a variety of climate-related issues, waste management, and new technologies to reach sustainability goals.