BioHiTech Global (BHTG) Tops Q1 EPS by 1c, Revenues Beat

May 17, 2021 3:47 PM EDT
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BioHiTech Global (NASDAQ: BHTG) reported Q1 EPS of ($0.07), $0.01 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $3 million versus the consensus estimate of $1.81 million.

Q1 2020 Financial Highlights

  • Total Revenues of $3.0 million increased 124% over the first quarter of 2020 and 21% over the fourth quarter of 2020. Q1 2021 revenues mark a new quarterly high since the Company went public in 2015.
  • Revenues from equipment sales of $2.3 million increased 602% over the first quarter of 2020 and 37% over the fourth quarter of 2020.

Corporate Highlights Q1 2021

  • March 2021 - BioHiTech received approximately $1.8 million in new food waste digester orders from Carnival Corporation extending into new brands and geographies, including UK-based Cunard and Italy-based Costa Group.
  • January 2021 - BioHiTech receives approximately $2.0 million in new food waste digester orders for ships from Carnival Cruise Lines and Princess Cruises.

Tony Fuller, BioHiTech's CEO commented: "We have maintained the momentum from 2020 and continue to drive our efforts to grow revenue, and reduce expenses across both of our complementary waste solutions. Our first quarter revenue of over $3 million marked a new quarterly record high since BioHiTech became public in 2015. This growth was largely driven by digester purchases by Carnival Corporation.

"The value proposition of our Revolution Series Digesters to the diverse array of clients we serve and industries we are targeting can result in a substantial reduction in costs by eliminating the transportation and logistics expenses associated with food waste disposal. The greenhouse gases associated with food waste transportation and decomposition in landfills that have been linked to climate change are reduced. Our digester data analytics platform also provides real-time waste transparency which attacks the problem of food waste at its inception. This can provide even greater savings opportunities through up-stream changes in purchasing, handling, and food preparation, reducing food waste at its source.

"Our clients continue to realize the strong value that our products and services offer. We are confident that our efforts to expand into additional industries are on track to yield results in the coming quarters.

"We continue to be encouraged by our growing presence within the cruise industry with Carnival Corp., the world's largest cruise company, whom we consider to be an environmental leader. We are actively pursuing others in the maritime industry and beyond, companies whom we believe have the same goals to reduce food waste and responsibly dispose of the food that ends up in waste streams.

"Finally, we continue to pursue avenues for growth at our renewable energy plant in Martinsburg, West Virginia. Our proprietary High Efficiency Biological Treatment technology remains a key driver of BioHiTech's future growth and we are excited at the prospects for future additional plants. Our efforts to innovate the development of alternative uses for our solid recovered fuel (SRF) continue and remain a key element of our growth strategies in 2021. We are exploring the development of further uses for our SRF such as fuel for gasification and as a feedstock for bioplastics. Our prospects for growth remain strong and we look forward to reporting on further developments in the coming quarters," concluded Mr. Fuller.

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



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