MagneGas, the clean technology company, has announced preliminary financial results for Q2 of 2017.
MagneGas’ preliminary revenues for the three months ended 30th June 2017 were $966,204 compared to $837,257 for the same period last year. This increase was primarily due to additional customers and distributors. Preliminary gross profit for Q2 ending 30th June 2017 increased to $433,547 from $364,982 for the same period last year.
Preliminary operating expenses for Q2 ending 30th June 2017 were $3.1m, compared to $2.8m for the same period last year. Preliminary operating expenses for the three months ended 30th June 2017 included a non-cash charge of $1.6m in stock based compensation.
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