Forward Water Technologies Corp (TSX-V:FWTC) (FTWC) has said it recognized its first “significant” commercial revenue in the third quarter ended December 31, 2022, as it announced narrowing losses for the period.
The $30,389 revenue was a result of new contracts with customers to test wastewater and water samples from mineral recovery processes as preliminary steps toward a project order.
"FWTC sees the early revenue received in this quarter as a clear indication of interest from our developing client base across several sectors. Our goal is to rapidly develop these opportunities to full commercial scale" said Howie Honeyman, CEO of the company in the results statement.
The company said “significant progress” has been made on the building of the mobile demonstration unit which is now 80% complete, the completion of which will align with the first commercial contract.
READ: Forward Water Technologies posts reduced losses for both the three and six months ended September 31, 2022
FWTC reported a net loss and comprehensive loss of $522,920 for the three months ended December 31, 2022, reduced from a loss of $1,938,856 for the same period in 2021.
The net loss and comprehensive loss for the nine-month period ended December 31, 2022, narrowed to $1,588,968 from a loss of $3,504,400 for the same period in 2021.
Basic loss per share was $0.00 and $0.02 for the three and nine months respectively, compared to $0.02 and $0.05 for the same three and nine months in 2021.
Total expenses amounted to $577,766 in the third quarter and $1,742,884 in the nine-month period.
In November, the company was awarded $97,773 in matching funds as part of The Canadian Food Innovation Network's Innovation Booster Program.
Last month, FWTC announced the renewal of the contract with Agora Internet Relations Corp to provide online advertising, marketing and branding services commencing January 1, 2023. The company is not paying cash for the program due to AGORA'S shares for services program
Forward Water Technologies is dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release.
The company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the company has initiated early-stage R&D for the treatment of food and beverage process streams.
Contact the author at jon.hopkins@proactiveinvestors.com