BioHiTech Global (BHTG) Misses Q3 EPS by 3c, Revenues Miss

BioHiTech Global (NASDAQ: BHTG) reported Q3 EPS of ($0.16), $0.03 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $742 thousand versus the consensus estimate of $1.51 million.

Third Quarter Highlights:

• Announced that Carnival Corp., the world's largest cruise company, reinitiated its installation program of the BioHiTech's Revolution Series Digesters aboard its ships in preparation for the eventual resumption of cruising
• Announced a total of $1.4 million in new food waste digester purchase orders for its Revolution Series Digesters from Carnival Corp. as part of its previously announced purchase contract between the two companies with an estimated value of up to $14 million
• Received first Altapure AP-4™ disinfectant systems purchase contract from Hazelton Area School District in Pennsylvania to protect its schools against COVID-19 and other viral infections
• Shipped the first Altapure AP-4™ disinfectant system to the cruise industry where it will be installed on the SeaDream I yacht, a mega-yacht boutique ship
• Closed an $9.5 million (gross) underwritten public offering, including the underwriter's over-allotment, with net proceeds of $8.4 million to the Company

"While the third quarter fell short of our expectations financially, a number of significant events during the quarter and after September 30 provide reasons to believe better quarters are ahead," commented BioHiTech's CEO Anthony Fuller. "Carnival Corp. has placed $3.3 million worth of food waste digesters orders since July, providing what we believe is an incredible testimony to our technology and ability to solve real-world food waste problems for the travel and hospitality industry. Additionally, our multi-unit order for food digesters from the Hackensack Meridian Healthcare system provides further validation for our Revolution Series Digesters that convert food waste into a liquid that can be safely discharged through any standard sewer line.

"The Altapure AP-4 disinfectant system saw initial deployments in a school district as well as on a cruise ship, and we are confident it can address future needs across a range of industries, all of which have been affected by COVID-19. We continue to ascend the learning curve of operating our Martinsburg, W.V. plant using our patented High Efficiency Biological Treatment ("HEBioT") process. In many ways, are still in the commissioning phase with this plant. We've made notable changes and are pleased with the progress we are seeing. Our learnings from the Martinsburg facility will prove vital as we progress towards our potential development of a 'renewable energy campus' planned for Rensselaer, N.Y. Quite simply, BioHiTech provides cost-effective technology solutions for sustainable waste management, whether on a large scale like our Martinsburg resource recovery facility or on a smaller scale via our food waste digesters.

"As we look ahead to 2021 and beyond, and as the newly appointed CEO, we are setting course with enhanced corporate initiatives. These initiatives are designed to maximize shareholder value and help investors better measure our progress moving forward. I've laid out five goals on which we are focused heading into 2021: 1) increase revenue appreciably, 2) reduce SG&A meaningfully, 3) improve the plant operations measurably, 4) tell the story clearly, and 5) function as a team effectively. I look forward to elaborating more on these goals in our earnings conference call later this afternoon and throughout the quarter," concluded Mr. Fuller.

For earnings history and earnings-related data on BioHiTech Global (BHTG) click here.

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