Tomi Environmental Solutions, Inc. ( (TOMZ) ) has realeased its Q3 earnings. Here is a breakdown of the information Tomi Environmental Solutions, Inc. presented to its investors.
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Tomi Environmental Solutions, Inc. is a global decontamination and infection prevention company, primarily operating in the disinfection industry with its innovative Binary Ionization Technology platform under the SteraMist brand. The company provides solutions for a wide range of commercial facilities, focusing on reducing contamination risks with its ionized hydrogen peroxide technology.
Tomi Environmental Solutions recently announced its second consecutive profitable quarter for 2024, demonstrating a significant improvement in financial performance. The company reported an operating income of $149,000 and a positive net income, driven by growth in international markets and increased sales of its mobile equipment and corporate services.
Key financial metrics for the third quarter include a 73% year-over-year increase in revenue to $2.5 million, accompanied by an improved gross margin of 61.4%. The net income for the quarter was $59,000, a notable turnaround from a net loss of $901,000 in the same period last year. Strategic cost reductions and increased demand for SteraMist products contributed to this positive outcome. Additionally, international revenue grew by 82%, with the company expanding its presence in Canada, South Africa, and India.
The nine-month financial results also showed progress, with a total net revenue of $6.7 million, marking a 14.5% increase from the previous year. Although the company reported a net loss for the nine months, it was significantly reduced compared to 2023. Management’s commitment to strategic initiatives and market expansion has been pivotal in this performance improvement.
Looking ahead, Tomi Environmental Solutions remains focused on driving revenue growth and continuing its expansion into new markets. The management is committed to enhancing shareholder value through strategic initiatives, operational efficiency, and leveraging its advanced disinfection technologies to meet the evolving needs of various industries.
