BioHiTech Global Inc. (NASDAQ:BHTG) jumped 15% in the pre-market session after announcing financial results for fiscal Q2 2021 ended June 30, 2021. The company grew revenue QoQ by 14% and 171% YoY to $3.5 million. The $3.5 million revenue mark is the third quarter running that the company has reported record revenue since it went public six years ago.
In addition, the Digester and corporate business line revenues grew by more than 700% YoY to $3,078 million attributed to Carnival Cruise Line equipment sales. In May, the company received purchase orders of around $2.3 million for the revolution Series Digesters from Carnival Corporation for another 16 ships.
In June, BioHiTech and Lone Cypress Energy Services signed a project management services agreement to develop and evaluate High-Efficiency Biological Treatment developments. In addition, the companies are considering additional Solid Recovered Fuel uses with other possible fuels to be developed. BioHiTech CEP Tony Fuller said that Q2 2021 performance shows the company’s consistent execution in various complementary waste tech solutions. So in the coming months, BHTG is a stock to watch.
Market Reaction:
On Monday, BHTG stock fell 1.41% at $1.42 with more than 1.59 million shares, compared to its average volume of 577K shares. The stock has moved within a range of $1.4000 – 1.4700 after opening the trade at $1.44.
