- Water Ways Technologies (WWT), a global provider of proprietary water irrigation technology solutions to agricultural producers, has announced its financial results for the first quarter of 2021
- Highlights include record sales growth of 70 per cent, a $170,000 increase in net profit, and over $10 million in orders from the company’s clients
- Its irrigation projects include vineyards, cotton fields, apple and orange orchards, blueberries, medical cannabis, and more, in over 15 countries
- Water Ways Technologies Inc. (WWT) is up 22.22 per cent on the day, trading at $0.165 per share
Water Ways Technologies (WWT) has announced its financial results for the first quarter of 2021.
Ohad Haber, Water Ways president, CEO, and board chair, commented on the results.
“Our business has improved dramatically on all fronts in Q1 of 2021,” he said. “We achieved record Q1 sales and revenue growth, which is a testament to our team’s hard work and dedication. Our sales and gross margins improved significantly, and we returned to profitability after several challenging quarters navigating the COVID19 pandemic in 2020. I am confident that we will continue our growth and improved results throughout the year.”
The company reported the following financial results for its first quarter:
- Sales growth of 70 per cent year-over-year, reaching $5.45 million in the first quarter;
- Net profit of $220,000 compared to $50,000 for Q1 2020;
- Over $10 million in orders from the company’s clients; and
- EBITDA of $557,000 compared to $39,000 in 2020.
Water Ways also signed its largest contract to date with a company in Uzbekistan for over $4 million.
Water Ways Technologies provides agriculture technology in the global irrigation water systems market, with a focus on developing solutions with commercial applications.
The company operates globally, with operations in Africa, Latin America, China, and Canada.
Its irrigation projects include vineyards, cotton fields, apple and orange orchards, blueberries, medical cannabis, and more, in over 15 countries.
Water Ways Technologies Inc. (WWT) is up 22.22 per cent on the day, trading at $0.165 per share as of 11:53 pm ET.