Cleantech Innovations, Inc. (CTEK) Tops Q3 EPS by 2c, Revenues Miss

Cleantech Innovations, Inc. (NYSE: CTEK) reported Q3 EPS of ($0.12), $0.02 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $4.5 million versus the consensus estimate of $4.63 million.

Recent Operational Highlights

• Won three significant new managed service contracts in the third quarter
  • Large west coast State Department of Public Health diversifying our managed services beyond providers
  • Several recent renewals with existing customers for expanded services
  • Two new hospital systems - Fairview Health Services and Valley Health System
• Overall sales trends began to strengthen at the end of Q3
• Expense reduction, delivery efficiency and restructuring initiatives drove improvements in operating results despite COVID-19 headwinds
  • Sequentially for Q3 versus Q2, gross margins improved to 35% from 27%; net loss improved by $1.2 million and Adjusted EBITDA improved by $0.6 million
  • Q3 Net loss and EPS remained flat compared with prior year

“We continued to execute on our plans to streamline the organization, improve delivery efficiency and reduce operating expenses through the quarter and those efforts are reflected in the improvements from the second quarter to the third quarter,” said Caleb Barlow, President and CEO of CynergisTek.

“As the headwinds of COVID-19 continue to impact the healthcare industry, we are pleased to see positive results from our investments in sales and marketing, as evidenced by the new wins in the third quarter, improvements in our pipeline and positive sales momentum as we near the end of the year.”

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

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