Clean TeQ Water Ltd (ASX:CNQ) has released its first interim financial results showing strong progress during the past 10 months.
While it will release its full report next month, with a detailed update on its business segment performance, technology updates and its project pipeline in March 2022, initial financials are a highlight.
This Interim Financial Report (being the date from Clean TeQ Water’s incorporation, February 15, 2021, to December 31, 2021), shows revenues of A$7.3 million, with 90% generated by the sales and delivery of advanced water treatment equipment packages and 10% from consumables and recurring revenues from operating plants.
Revenues have been underpinned by the establishment of an integrated management structure, and the continued strengthening of CNQ’s commercial capabilities.
It also marks the success of the demerger of Sunrise Energy Metals Limited (ASX:EME).
Strong growth expected
CNQ believes it has positioned itself for strong growth in the water technology market through execution of its project pipeline and improving operating leverage.
This growth is expected to accelerate upon the completion of the five projects in implementation, with successful delivery to further enhance CNQ’s prospects in new regions and technology applications.
In this interim financial period, CNQ made substantial progress towards commercialising its Graphene Membrane technology, developed by fully-owned subsidiary NematiQ.
"In the last six months our Graphene Membranes have passed a comprehensive set of internal performance and quality tests. NematiQ is now scaling up the production process to manufacture a variety of spiral wound membrane modules," the company said.
These latest manufacturing trials are the final step to market introduction through customer field demonstrations, commencing in the upcoming period.