Clean Energy Technologies, Inc. (CETY) reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenue of $2.42 million, down from $6.69 million in 2023. The company experienced a net loss of $4.42 million, an improvement from the previous year's loss of $5.78 million. This reduction in losses was attributed to a strategic shift towards higher-margin waste-to-energy projects, despite ongoing challenges in the natural gas sector, particularly in China, which saw a revenue drop from $5.72 million in 2023 to $1.19 million in 2024.
Operationally, CETY has made notable changes, including the deconsolidation of its subsidiary Shuya, effective January 1, 2024, following the termination of a concerted action agreement. This decision reflects a strategic focus on core competencies in waste-to-energy and heat recovery solutions. The company has also expanded its workforce to support its growing waste-to-energy business, which generated $1.06 million in revenue for 2024, compared to $429,999 in 2023. The total employee count stands at approximately 33, with 20 employees in China.
CETY's strategic developments include the establishment of CETY Capital, a financing arm aimed at supporting renewable energy projects, and the ongoing development of the Vermont Renewable Gas project, which is expected to enhance the company's market presence in the renewable energy sector. The company has also entered into various securities purchase agreements to secure additional funding, including a recent agreement with Mast Hill for a convertible promissory note and warrants.
Looking ahead, CETY's management has expressed optimism about transitioning towards profitability, driven by a focus on higher-margin opportunities and operational efficiencies. However, the company continues to face challenges, including a working capital deficit of $3.24 million and an accumulated deficit of $27.44 million as of December 31, 2024. The management is actively exploring cost-effective financing options and restructuring existing debt to improve its financial position. The outlook remains cautious, with the company needing to regain compliance with Nasdaq listing requirements and address ongoing operational challenges in its natural gas trading business in China.
About Clean Energy Technologies, Inc.
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