Corporation () has reported a 138% rise in revenue, to US$2.4mln from US$1mln, in the twelve months to December 31 2015.
At the same time the technology company’s gross margin improved by 521 basis points, to 39%, and by the end of the year it had US$5.3mln of cash.
The technology group - which has a number of inventions including a patented process that converts liquid waste into a trademarked fuel product - highlighted a rapid increase in the number of new customers and distributors during the period.
The product, called 2, is a substitute product for acetylene that achieves faster metal cutting speeds and a smaller heat affected zone.
During the year, the company also achieved its first equipment sale. It received $775,000 for a 100kw Plasma-Arc Gasification system, and it will also earn high-margin royalty payments which equate to 6% of gross sales.
“This equipment sale also allows us to cost-effectively expand into Louisiana, Texas and the Gulf Coast Region,” said Ermanno Santilli, chief executive officer.
“Internationally, we signed an MOU with Masada Company, a major waste collection and management company based in the Republic of Sierra Leone to import fuel and equipment. This is a strategic collaboration aimed to expand ' technology in West Africa.”
Santilli also highlighted a recent contract win which sees the company participate in a US$100mln NASA project at the Kennedy Space Center. It will be suppling fuel to the project’s lead sub-contractor S&R Enterprises.
“This contract will last approximately two years and our fuel will be used for the metal cutting portion of the project, which is anticipated to be significant,” he added.
It is the second sub-contractor at Kennedy to prefer , Santilli pointed out. “The Kennedy Space Center is a great addition to our military, fire and rescue, and other marquis corporate customers, and opens up new opportunities in aerospace."
told investors it would now be purchasing 2,000 additional fuel cylinders, and its wholly-owned distributor has put 400 further cylinders into service to accommodate demand.
“We look forward to seeing the impact of these new cylinders on revenue in the coming months as we continue to expand nationwide. As we move into our new headquarters, we will be able to bring our third unit on-line to further increase our production capacity," Santili said.