Cleantech Innovations, Inc. (CTEK) Tops Q2 EPS by 2c, Revenues Miss

Cleantech Innovations, Inc. (NYSE: CTEK) reported Q2 EPS of ($0.12), $0.02 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $4.56 million versus the consensus estimate of $5 million.

Recent Operational Focus due to COVID-19 Includes:

• Won two large Fortune 1,000 and Global 500 contract renewals.
• Managed Services revenue levels consistent with prior year.
• Achieved additional permanent annualized expense reductions of over $3.3 million.
• New partnership with Awake Security to offer AI-powered Compromise Assessments, identifying issues with hastily deployed telemedicine, remote work and surge facilities.

“Our revenue and operating results were negatively impacted for the current quarter as our hospital customers appropriately diverted their attention and resources to crisis management in the face of COVID-19,” said Caleb Barlow, President and CEO of CynergisTek. “We took decisive actions to reduce our operating expenses and to preserve liquidity, and are pleased that our recurring managed services revenues continue to hold up well through the pandemic. We are actively engaging with our customers and expanding our capabilities to help address healthcare’s changing cybersecurity needs surrounding telemedicine and remote work.”

For earnings history and earnings-related data on Cleantech Innovations, Inc. (CTEK) click here.

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