OriginClear, Inc. reported a net loss of $18.97 million for the fiscal year ending December 31, 2024, an increase from a net loss of $11.63 million in the previous year. Revenue for the same period decreased to $5.54 million from $6.71 million in 2023, reflecting a decline in operational performance. The company's cost of goods sold also decreased, amounting to $4.57 million compared to $6.08 million in the prior year. The increase in net loss was attributed to higher other income and expense items, particularly related to derivative liabilities and interest expenses.
In 2023, OriginClear underwent significant organizational changes, consolidating its three operating divisions into Water On Demand, Inc. (WODI). This restructuring aims to streamline operations and enhance focus on the outsourced water treatment business model. The company is developing a pay-per-gallon pricing model for water treatment services, which is expected to reduce upfront capital costs for customers. Additionally, the company has made strategic partnerships with Enviromaintenance and Klir to support pilot programs in the mobile home park sector.
Operationally, OriginClear has reported a significant increase in revenue for its Modular Water Systems (MWS) division, which grew by 552% year-over-year, driven by an expanded sales network and partnerships. The Progressive Water Treatment (PWT) division also saw a revenue increase of 250% year-over-year. The company has focused on expanding its market reach, particularly in decentralized water treatment solutions, and aims to achieve full sales representative coverage east of the Mississippi by the end of 2025.
As of December 31, 2024, OriginClear had a working capital deficit of $45.44 million, up from $32.25 million in 2023, and a shareholders' deficit of $54.86 million. The company employed 34 full-time employees, with plans to increase headcount as it scales operations. Despite the challenges, management remains optimistic about future growth, citing ongoing investments in sales expansion and operational efficiencies. The company anticipates that its strategic initiatives will continue to drive revenue growth and market penetration in the water treatment sector.
Looking ahead, OriginClear acknowledges the need for significant additional capital to sustain operations and expand its business model. The company is exploring various financing options, including equity and debt securities, but faces uncertainties regarding the availability and terms of such funding. Management emphasizes the importance of executing its business strategy effectively to navigate the challenges ahead and achieve profitability in the future.
About ORIGINCLEAR, INC.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.