OriginClear Inc (OCLN) reports earnings

The report was filed on March 31, 2025

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OriginClear Inc (OCLN0.00%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.

The filing details the company's financial performance, including a reported net loss of $18,970,789 for the year, compared to a net loss of $11,625,783 in 2023. The increase in net loss is attributed to higher expenses and changes in derivative liabilities.

OriginClear's revenue for 2024 was $5,541,635, down from $6,708,178 in 2023. The company attributes the decrease to lower equipment contract sales.

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The company's operating expenses increased to $8,098,521 from $7,249,327 in the previous year. This increase is primarily due to higher general and administrative expenses.

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OriginClear's cash and cash equivalents as of December 31, 2024, were $550,884, compared to $488,830 at the end of 2023. The company continues to face liquidity challenges, with a working capital deficit of $45,437,508.

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The company has significant liabilities, including $21,363,639 in convertible secured promissory notes and $14,651,326 in derivative liabilities.

OriginClear's subsidiary, Water On Demand Inc. (WODI), continues to develop its business model focused on outsourced water treatment services. The company reports ongoing efforts to secure strategic partnerships and financing.

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The filing also discusses the termination of a proposed business combination between WODI and Fortune Rise Acquisition Corporation (FRLA), which was intended to list WODI on Nasdaq.

OriginClear's management has expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and limited cash resources.

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The company is actively seeking additional capital through convertible notes and preferred stock offerings to support its operations and strategic initiatives.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OriginClear Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.