CarbonMeta Technologies Inc (OTCMKTS:COWI) Stock Falls After Q3 Earnings

On Monday, CarbonMeta Technologies Inc (OTCMKTS:COWI) was in the news after it announced its financial results for the third fiscal quarter that had ended on September 30, 2022.

Trading Data

On Monday, COWI stock slid 14.29% to $0.0003 with 29.64 million shares, compared to volume of 45.68 million shares. The stock moved within a range of $0.0002 – 0.0004 after opening trade at $0.0004.

Carbonmeta Technologies (COWI) Reports Third Quarter 2022 Earnings

In the six month period that ended on September 30, 2022 the company managed to generate gross revenues of as much as $69542 and that was a significant improvement from the prior year period, when CarbonMeta Technologies generated no revenues at all. The improvement was driven by the fact that in the 2022 period the company had managed to generate sales after the re-launch of the firm last year. In addition to that, the gross profit in the period came in at $61600 as opposed to $0 in the prior year period.

The operating expenses of CarbonMeta Technologies during the 2022 period stood at $650465 and that was higher than the figure of $252,241 during the corresponding period under the same overhead last year.

However, the total other income for the 2022 period actually dropped year on year to $185,918 from $2,013,352 in the prior year period. The net losses for the period stood at $402,947 and it was far lower than the net losses of $1,761,111 in the prior year period.

Key Quote

“During the second quarter, CarbonMeta completed its first plastics waste to hydrogen pilot project and confirmed that its EarthCrete Cementless Concrete is carbon-negative,” said Lloyd Spencer, Chairman and CEO of CarbonMeta Technologies. “In the coming year, CarbonMeta plans to work with strategic partners to launch pilot projects that can generate economically sustainable hydrogen and high-value carbon products; and to deliver carbon-negative building products that can capture atmospheric CO2.”

Technical Data  

COWI stock is trading below the 20-Day and 50-Day Moving averages of $0.0004 and $0.0004 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0004.