XEBEC PROVIDES UPDATED 2020 GUIDANCE
Xebec Adsorption Inc. is in the process of finalizing its financial results for the fourth quarter and year ended Dec. 31, 2020, which will be released on March 25, 2021. As a result of extraordinary items in its Cleantech business segment and due to the impact of the Covid-19 pandemic, Xebec no longer expects to achieve its previous full year 2020 revenue guidance of $70 to $80 million. While the financial review remains ongoing, revenues for the full year are expected to be approximately $57 million. Full year 2020 gross margin is expected to be in the range of negative $1.0 million to positive $1.0 million. SG&A expenses in Q4 2020 are expected to be between $15 and $16 million. This increase is mainly due to transaction expenses, provision for bad debt, and an accelerated amortization amount of capitalized R&D expenses. Final figures are subject to completion of the Company's annual audit.