GlyEco (OTCPK:GLYE) reports FY revenues increases 11% Y/Y to ~$6.5M primarily driven by increased capacity utilization at the WV ethylene glycol plant and higher chemical additives sales within the WEBA division.
Gross margin expands from 15% to 20% due to scaling operations at the WV plant through increased production and sales volumes; the facility remains well below its operational capacity with fixed costs comprising a large portion of overall production costs, and the company expects fixed costs per unit to reduce significantly as production increases throughout 2019.
Reports lower net loss of $3.5M as compared ~$5.1M last year, adjusted EBITDA loss of $1.5M vs. $2.3M in 2017
In January 2019, the company sold its consumer segment assets and exited the business of retail distribution of antifreeze via route delivery trucks
Previously: GlyEco, Inc. reports FY results (April 1)
Now read: Bri-Chem reports Q4 results »
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