(NEW YORK)– Taronis Technologies Inc (NASDAQ: TRNX) saw its stock surge Friday upon reporting record revenues for 2018.
During the year, the company generated a gross profit of $3.6 million. In the 2017 year, gross profits came to $1.5 million.
The net loss for the year came to $15 million. This included $3.1 million in non-stock compensation paid to vendors. The high net loss is also attributed to expenses incurred with regard to the six acquisitions it was part of in 2018.
The company stated cost cutting measures resulted in a 33% decrease in quarterly operating expenses, and expects these cost cutting measures to significantly improve operating performance in 2019.
TRNX may sound familiar to some as this was the popular MNGA before name and symbol change, and may very well catch fire here at $0.90 range.
Could will see the MNGA maniacs back in force on this play? Maybe!
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About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination. The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the U.S and through its wholly owned distributors: ESSI, Green Arc Supply, Paris Oxygen, Latex Welding Supplies, Tyler Welders Supply, United Welding Supplies, Trico Welding Supply and Complete Welding of San Diego. The Company operates 17 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company’s website at http://www.TaronisTech.com
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