- Clean TeQ Water (CNQ) posts $2.5 million in cash receipts for the June quarter, up 60 per cent from the prior corresponding period
- The company also reports a reduction of net cash used in operating activities, down from $3.3 million in the last quarter to $2 million
- As of June 30, the company has $5.9 million cash on hand, representing 2.9 quarters of use
- Shares in Clean TeQ are up 12 per cent, trading at 56 cents just before market close
Clean TeQ Water (CNQ) has posted $2.5 million in cash receipts for the June quarter, up 60 per cent from the prior corresponding period.
The company also reported a reduction of net cash used in operating activities, down from $3.3 million in the last quarter to $2 million.
As of June 30, the company has $5.9 million cash on hand, representing 2.9 quarters of use.
Clean TeQ has forecasted a strong FY23 revenue outlook, led by a $10 million delivery of a recycled water treatment facility at Cleveland Bay for Townsville City Council and the implementation of the recently awarded PWC contract for the Northern Territory.
CEO Willem Vriesendorp said the upcoming projects will demonstrate the benefits of the company’s unique technologies at scale, greatly supporting its ability to sell Clean TeQ technology to new customers, ultimately improving profitability in FY23.
“While these projects have been subject to supply chain bottlenecks, resulting in delays and some cost inflation, we expect these issues to diminish going forward,” he said.
“Only a month into the new financial year, the value of these two new projects already exceeds our combined revenue of the past two years.
“Besides the commercial benefits these projects provide for the future of the company, we are also proud to be supporting projects which are critical for the long-term development of these regions.”
The company has planned significant activities for the current quarter including first field demonstrations of the NematiQ Graphene Membrane technology and expanding commercial and sales footprint to cover increasing demand, particularly from Australia and Europe.
Shares in Clean TeQ were up 12 per cent, trading at 56 cents just before market close.