Forward Water Technologies Corp (TSX-V:FWTC), a technology company driving water conservation using its patented Forward Osmosis (FO) technology, has reported its fiscal third quarter financial and operational results.
Highlights from fiscal 3Q included a non-brokered private placement which resulted in gross proceeds of $462,000 and the completion of a revenue-generating mobile demonstration unit which can support the longer-term performance of its FO technology at industrial throughout which is not achievable in a lab setting.
Subsequent to the quarter ended, in January 2024, the company announced it had been contracted by CleanTech Lithium to provide advisory services in support of developing Direct Lithium Extraction processes in Chile.
"Over the last quarter we have been pleased with the response from investors to the non-brokered private placement and we continue to pursue further financing initiatives to ensure support of all commercial activities,” management said in a statement.
“As important, we continue to provide guidance in the water treatment needs for our clients, especially in the lithium resource sector which is vital to sustainable energy management."
Revenue for the quarter ended December 31, 2023, was $27,410, compared to $30,369 in the year-ago quarter.
The company significantly narrowed its net loss from $571,140 to $267,312.
For the nine months ended in December, revenue increased from $30,369 to $55,234 while its net loss was trimmed from $1,583,188 to $1,220,786.