CarbonMeta Technologies (OTC PINK:COWI) – the company focused on processing organic wastes into high-value carbon products and hydrogen, reported its second-quarter earnings results. The company is established in the US in 2001 and is currently publicly traded.
This quarter shows CarbonMeta reported its first revenue since the 2021 launch. During the six months ended June 30, 2022, it realized $41,335 gross revenues compared to gross revenues of $0 during the six months ended June 30, 2021.
The company was re-launched in 2021 and during the past quarter, it realized its first customer sales. Gross revenues in the 2022 period were also higher compared to 2021. Gross profits increased to $33,706 during 2022 compared to $0 in the 2021 period.
CarbonMeta Technologies incurred a net loss for the 2022 period of $6,347,736 compared to a net loss of $49,880,221 for the same period last year.
The decrease in net loss is primarily due to a decreased loss on the change in derivative liabilities as the company extinguished $5,192,491 of variable rate convertible debt in exchange for 2,250,000,000 shares of common stock in July 2021.
“This past quarter marked a turning point for the company as it realized its first revenues since its 2021 re-launch… This coming year, CarbonMeta plans to work closely with communities and investors; apply for state and federal grants; establish pilot projects that can generate economically sustainable hydrogen and high-value carbon products; and deliver carbon-negative building products that capture atmospheric CO2,” said Lloyd Spencer, Chairman and CEO of CarbonMeta Technologies.
The full quarterly report can also be accessed here.