CHESTNUT RIDGE, N.Y.,
May 17, 2021 /PRNewswire/ --
BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ:
BHTG), a sustainable technology and services company, today
announces financial results for its fiscal first quarter ending
March 31, 2021.
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.
Financial Results for the Quarter ended March 31, 2021
The Company continued its revenue growth in the quarter ended
March 31, 2021 with total revenues of
$3.0 million increasing 21% over the
fourth quarter of 2020 and 124% over the comparative first quarter
of 2020.
The overall contribution rate (revenues, less direct costs)
increased to 29% in the first quarter of 2021, as compared to 20%
in the fourth quarter of 2020 and 10% in the comparative first
quarter of 2020. Selling, general and administrative expenses
as a percentage of revenues decreased to 54% in the first quarter
of 2021, as compared to 115% in the fourth quarter of 2020 and 141%
in the comparative first quarter of 2020. The loss from
operations as a percentage of revenue decreased to 42% in in the
first quarter of 2021, as compared to 120% in the fourth quarter of
2020 and 176% in the comparative first quarter of 2020.
The Company continues to achieve growth in the Digester and
Corporate line of business that has most recently been driven by
sales to Carnival Cruise Lines such that the first quarter the
operating loss was driven down to $184,000 from $1.0
million during the fourth quarter of 2020 and $1.3 million during the comparative first quarter
of 2020.
During the first quarter of 2021 revenues at the HEBioT facility
were $353,000, a decrease of
$138,000, which was offset by a
$135,000 decrease in direct costs, as
compared to the comparative first quarter in 2020; as compared to
the fourth quarter of 2020, the decrease in revenues of
$142,000 was partially offset by a
decrease of $116,000 in direct costs.
The Company has been hindered in growth at the HEBioT plant in
Martinsburg West Virginia
resulting from mechanical challenges during 2020 and constraints on
our primary solid recovered fuel ("SRF") customer's ability to
accept SRF due to its closures resulting from COVID-19 and
subsequent refiring difficulties at their kiln that have only
recently been partially resolved. In each of the current,
sequential and comparative quarters there was a negative
contribution, which when combined with the other operating expenses
resulted in an operating loss of $1.1
million, $2.0 million and
$1.1 million during the first quarter
of 2021, fourth quarter of 2020 and first quarter of 2020.
For the three months ended March 31,
2021, the Company had a consolidated net loss of
$2.3 million, incurred a consolidated
loss from operations of $1.3 million
and used net cash in consolidated operating activities of
$1.9 million.
At March 31, 2021, unrestricted
cash was $7.3 million.
Conference Call to be held Monday, May
17, 2021 at 4:30 PM ET
Mr. Tony Fuller, Chief Executive Officer of BioHiTech, will
host a conference call on Monday, May 17,
2021 at 4:30 p.m. EDT to discuss the Company's
financial results for the first quarter ended March 31,
2021. Also joining Mr. Fuller on the call from management
will be Brian Essman, Chief Financial Officer. Following
management's formal remarks, there will be a live
question-and-answer session.
Participants are asked to pre-register for the call via the
following link:
https://dpregister.com/sreg/10156542/e88cc827b8
Please note that registered participants will receive their
dial-in number upon registration and will dial directly into the
call without delay. Those without Internet access or who are
unable to pre-register may dial in by calling 1-866-652-5200
(domestic) or 1-412-317-6060 (international). All callers
should dial in approximately 10 minutes prior to the scheduled
start time and ask to be joined into the BioHiTech Global call.
The conference call will be available through a live webcast
found here:
A webcast replay of the call will be available approximately one
hour after the end of the call through August 17, 2021. The webcast replay can be
accessed through the above links or by calling 1-877-344-7529
(domestic) or 1-412-317-0088 (international) and using access code
10153619. A telephonic replay of the call will be available through
May 31, 2021.
About BioHiTech Global
BioHiTech Global, Inc.
(NASDAQ: BHTG), is a technology services company focused on
providing cost-effective solutions that improve environmental
outcomes. Our technologies for waste management include the
patented processing of municipal solid waste into a valuable
renewable fuel, biological disposal of food waste on-site, and
proprietary real-time data analytics tools to reduce food waste
generation. When used individually or in combination, our solutions
lower the carbon footprint associated with waste transportation and
can reduce or virtually eliminate landfill usage. In addition, we
distribute a patented technology that achieves high-level
disinfection of spaces such as classrooms, hotel or hospital rooms
and other enclosed areas to combat the spread of viruses and
bacteria without the use of harsh chemicals. Our unique
solutions enable businesses, educational institutions and
municipalities of all sizes to solve everyday problems in a smarter
and more cost-effective way while reducing their impact on the
environment. For more information, please
visit www.biohitech.com.
Forward Looking Statements
Statements in this
document contain certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements, including statements about the estimated contract
value, additional purchase orders or deliveries, and the ability of
the Company's products to improve environmental outcomes and
achieve corporate sustainability goals, are based on many
assumptions and estimates and are not guarantees of future
performance. These statements may involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of BioHiTech Global, Inc. to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. BioHiTech Global, Inc. assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future. Our actual results may differ materially from the results
anticipated in these forward-looking statements due to a variety of
factors, including, without limitation those set forth as "Risk
Factors" in our filings with the Securities and Exchange Commission
("SEC"). There may be other factors not mentioned above or included
in the BioHiTech's SEC filings that may cause actual results to
differ materially from those projected in any forward-looking
statement. BioHiTech Global, Inc. assumes no obligation to update
any forward-looking statements as a result of new information,
future events or developments, except as required by securities
laws.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
VP, Corporate Communications
O: 888.876.9300
E: lgiovannielli@biohitech.com
Investors:
ir@biohitech.com
Financial Tables Follow
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Statements of
|
Operations and
Comprehensive Loss (Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Revenue
|
|
|
|
|
|
|
|
|
Equipment
sales
|
|
$
|
2,266,513
|
|
|
$
|
323,116
|
|
Rental, service and
maintenance
|
|
|
421,229
|
|
|
|
471,093
|
|
HEBioT
|
|
|
352,548
|
|
|
|
490,132
|
|
Management advisory
and other fees (related entity)
|
|
|
-
|
|
|
|
75,000
|
|
Total
revenue
|
|
|
3,040,290
|
|
|
|
1,359,341
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Equipment
sales
|
|
|
1,236,016
|
|
|
|
146,404
|
|
Rental, service and
maintenance
|
|
|
255,709
|
|
|
|
260,835
|
|
HEBioT
processing
|
|
|
677,277
|
|
|
|
812,427
|
|
Selling, general and
administrative
|
|
|
1,645,957
|
|
|
|
1,918,423
|
|
Depreciation and
amortization
|
|
|
501,833
|
|
|
|
615,202
|
|
Total operating
expenses
|
|
|
4,316,792
|
|
|
|
3,753,291
|
|
Loss from
operations
|
|
|
(1,276,502)
|
|
|
|
(2,393,950)
|
|
Other (income)
expenses
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
(187)
|
|
|
|
(12,267)
|
|
Interest
expense
|
|
|
1,028,405
|
|
|
|
1,012,291
|
|
Loss from
unconsolidated entity
|
|
|
30,003
|
|
|
|
-
|
|
Total other
(income) expenses
|
|
|
1,058,221
|
|
|
|
1,000,024
|
|
Net
loss
|
|
|
(2,334,723)
|
|
|
|
(3,393,974)
|
|
Net loss attributable
to non-controlling interests
|
|
|
(700,510)
|
|
|
|
(822,677)
|
|
Net loss
attributable to Parent
|
|
|
(1,634,213)
|
|
|
|
(2,571,297)
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(10,675)
|
|
|
|
(28,699)
|
|
Comprehensive
loss
|
|
$
|
(1,644,888)
|
|
|
$
|
(2,599,996)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Parent
|
|
$
|
(1,634,213)
|
|
|
$
|
(2,571,297)
|
|
Preferred stock
dividends
|
|
|
(182,855)
|
|
|
|
(177,373)
|
|
Net loss attributable
to common shareholders
|
|
|
(1,817,068)
|
|
|
|
(2,748,670)
|
|
Net loss per common
share - basic and diluted
|
|
$
|
(0.07)
|
|
|
$
|
(0.16)
|
|
Weighted average
number of common shares outstanding - basic and diluted
|
|
|
24,320,618
|
|
|
|
17,376,507
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2021
|
|
|
December
31,
|
|
|
|
(Unaudited)
|
|
|
2020
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
7,314,056
|
|
|
$
|
2,403,859
|
|
Restricted
cash
|
|
|
1,884,813
|
|
|
|
1,884,691
|
|
Accounts receivable,
net of allowance for doubtful accounts of $166,535 and
$151,459 as of March 31, 2021 and December 31,
2020, respectively
|
|
|
1,677,354
|
|
|
|
1,574,047
|
|
Inventory
|
|
|
1,193,463
|
|
|
|
695,110
|
|
Prepaid expenses and
other current assets
|
|
|
324,779
|
|
|
|
184,274
|
|
Total Current
Assets
|
|
|
12,394,465
|
|
|
|
6,741,981
|
|
Restricted
cash
|
|
|
2,608,009
|
|
|
|
2,607,945
|
|
Equipment on
operating leases, net
|
|
|
1,191,984
|
|
|
|
1,311,755
|
|
HEBioT facility,
equipment, fixtures and vehicles, net
|
|
|
35,514,942
|
|
|
|
35,946,225
|
|
License and
capitalized MBT facility development costs
|
|
|
8,067,116
|
|
|
|
8,072,471
|
|
Other
assets
|
|
|
1,950,121
|
|
|
|
2,006,048
|
|
Total
Assets
|
|
$
|
61,726,637
|
|
|
$
|
56,686,425
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,835,138
|
|
|
$
|
2,492,606
|
|
Accrued expenses and
liabilities
|
|
|
2,052,102
|
|
|
|
2,515,724
|
|
Accrued interest
payable
|
|
|
692,783
|
|
|
|
1,279,018
|
|
Customer
deposits
|
|
|
2,581,184
|
|
|
|
1,802,725
|
|
Current and current
portion of notes, bonds, debts and borrowings
|
|
|
11,155,926
|
|
|
|
10,120,457
|
|
Deferred
revenue
|
|
|
131,095
|
|
|
|
138,961
|
|
Total Current
Liabilities
|
|
|
19,448,228
|
|
|
|
18,349,491
|
|
Noncurrent and
noncurrent portion of notes, bonds, debts and borrowings
|
|
|
28,749,479
|
|
|
|
29,645,227
|
|
Accrued
interest (related party)
|
|
|
1,814,264
|
|
|
|
1,807,857
|
|
Non-current lease
liabilities
|
|
|
1,174,385
|
|
|
|
1,216,861
|
|
Liabilities to
non-controlling interests to be settled in subsidiary membership
units
|
|
|
-
|
|
|
|
1,585,812
|
|
Total
Liabilities
|
|
|
51,186,356
|
|
|
|
52,605,248
|
|
Series A
redeemable convertible preferred stock, 333,401 shares designated
and
issued, and 95,312 and 125,312 outstanding as of March
31, 2021 and
December 31, 2020, respectively
|
|
|
476,560
|
|
|
|
626,553
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000,000 shares authorized; 3,209,210
designated; 1,936,214 issued; 807,192 and 848,292
outstanding as of March 31,
2021 and December 31, 2020,
respectively:
|
|
|
5,756,272
|
|
|
|
6,621,576
|
|
Common stock, $0.0001
par value, 50,000,000 shares authorized, 28,057,379 and
23,354,130 shares issued and outstanding as of March
31, 2021 and December 31,
2020, respectively
|
|
|
2,806
|
|
|
|
2,334
|
|
Additional paid in
capital
|
|
|
68,897,016
|
|
|
|
60,253,664
|
|
Accumulated
deficit
|
|
|
(66,463,851)
|
|
|
|
(64,419,802)
|
|
Accumulated other
comprehensive (loss)
|
|
|
(154,489)
|
|
|
|
(143,814)
|
|
Stockholders' equity
attributable to Parent
|
|
|
8,037,754
|
|
|
|
2,313,958
|
|
Stockholders' equity
attributable to non-controlling interests
|
|
|
2,025,967
|
|
|
|
1,140,666
|
|
Total
Stockholders' Equity
|
|
|
10,063,721
|
|
|
|
3,454,624
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
61,726,637
|
|
|
$
|
56,686,425
|
|
BioHiTech
Global, Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2021
|
|
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(2,334,723)
|
|
|
$
|
(3,393,974)
|
|
Adjustments to
reconcile net loss to net cash used in operations:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
501,833
|
|
|
|
615,202
|
|
Amortization of
operating lease right of use assets
|
|
|
19,190
|
|
|
|
26,462
|
|
Provision for bad
debts
|
|
|
15,000
|
|
|
|
31,119
|
|
Share based employee
and vendor compensation
|
|
|
257,989
|
|
|
|
280,205
|
|
Interest resulting
from amortization of financing costs and discounts
|
|
|
97,244
|
|
|
|
133,355
|
|
Loss from
unconsolidated entity
|
|
|
30,003
|
|
|
|
-
|
|
Changes in operating
assets and liabilities
|
|
|
(526,057)
|
|
|
|
(207,843)
|
|
Net cash used in
operating activities
|
|
|
(1,939,521)
|
|
|
|
(2,515,474)
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of
facility, equipment, fixtures and vehicles
|
|
|
(18,402)
|
|
|
|
(20,849)
|
|
MBT facility
development costs incurred
|
|
|
(26,145)
|
|
|
|
(24,509)
|
|
Net cash used in
investing activities
|
|
|
(44,547)
|
|
|
|
(45,358)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from the
sales of common stock
|
|
|
6,895,618
|
|
|
|
-
|
|
Proceeds from the
sale of Series F convertible preferred stock units
|
|
|
-
|
|
|
|
1,495,450
|
|
Repayments of
long-term debt
|
|
|
(1,075)
|
|
|
|
(1,460)
|
|
Related party
advances (repayments), net
|
|
|
-
|
|
|
|
1,200,000
|
|
Net cash provided
by financing activities
|
|
|
6,894,543
|
|
|
|
2,693,990
|
|
Effect of exchange
rate on cash (restricted and unrestricted)
|
|
|
(92)
|
|
|
|
(33,572)
|
|
Net change in cash
(restricted and unrestricted)
|
|
|
4,910,383
|
|
|
|
99,586
|
|
Cash - beginning of
period (restricted and unrestricted)
|
|
|
6,896,495
|
|
|
|
5,536,952
|
|
Cash - end of
period (restricted and unrestricted)
|
|
$
|
11,806,878
|
|
|
$
|
5,636,538
|
|
|
|
|
|
|
|
|
|
|
Supplementary cash
flow information (cash paid during the periods):
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
1,384,380
|
|
|
$
|
1,387,402
|
|
Income
taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Disclosure of Non-Cash Investing and Financing
Activities:
|
|
|
|
|
|
|
|
|
Transfer of inventory
to leased equipment
|
|
$
|
7,583
|
|
|
$
|
67,604
|
|
Accrual of
Series A preferred stock dividends
|
|
|
14,098
|
|
|
|
17,564
|
|
Payment of
Series A preferred stock dividends in common stock
|
|
|
79,181
|
|
|
|
25,000
|
|
Payment of preferred
stock dividends in common stock
|
|
|
390,460
|
|
|
|
-
|
|
Issuance of
subsidiary membership interest in exchange for liabilities due
non-controlling interest entity
|
|
|
1,918,947
|
|
|
|
-
|
|
Exchange of
subsidiary non-controlling interest in exchange for liabilities
owed
Company by non-controlling interest entity
|
|
|
333,135
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Cash and Restricted Cash:
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
7,314,056
|
|
|
$
|
1,934,846
|
|
Restricted cash
(current)
|
|
|
1,884,813
|
|
|
|
1,137,714
|
|
Restricted cash
(non-current)
|
|
|
2,608,009
|
|
|
|
2,563,978
|
|
Total cash and
restricted cash at the end of the period
|
|
$
|
11,806,878
|
|
|
$
|
5,636,538
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biohitech-global-reports-first-quarter-2021-financial-results-and-provides-corporate-update-301292852.html
SOURCE BioHiTech Global, Inc.