MagneGas Corporation has announced financial results and provided a business update for the first quarter ending the 31st March 2017.
Revenues for the three months ended 31st March 2017 were $871,788 as compared to $665,663 for the same period last year. This increase was primarily due to additional customers and distributors acquired through ESSI. Gross profit increased to $368,400 from $299,900 for the first quarter versus 31st March 2016.
Operating expenses for the Q1 were $2.9m, unchanged from $2.9m for the same period last year. Operating expenses decreased $1.9m, or 39.9% for the three months ending 31st March 2017 as compared to the three months ending 31st December, 2016. The primary cause for the decrease was a focus on vendor rationalisation, reduction in consulting and third party services, and overall cost control efforts.
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