Basanite Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 16, 2020 at 04:40 pm EST
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Basanite Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced operating loss was USD 706,566 compared to USD 857,913 a year ago. Net loss was USD 987,624 compared to USD 819,175 a year ago. Basic loss per share from continuing operations was USD 0.005 compared to USD 0.004 a year ago. For the nine months, operating loss was USD 1.869 million compared to USD 3.146 million a year ago. Net loss was USD 2.330 million compared to USD 3.014 million a year ago. Basic loss per share from continuing operations was USD 0.011 compared to USD 0.017 a year ago.
Basanite, Inc. manufactures a range of green, sustainable, non-corrosive, lightweight, composite products used in concrete reinforcement by the construction industry. The Companyâs core product includes BasaFlex, a basalt fiber-reinforced polymer (BFRP) reinforcing bar known as rebar. Its BasaMix products are fine denier basalt fibers available in various chopped sizes. BasaMix is designed to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete, as well as provides an increased toughness for enhanced reinforcement in Slab on Grade (SOG) and precast elements. BasaMix also serves in a system approach for optimum performance of a concrete element when used in conjunction with its BasaFlex rebar. Its BasaMesh is a line of Basalt Geogrid Mesh Rolls. BasaMesh is designed for secondary and temperature shrinkage reinforcement. BasaMesh can also work in conjunction with the BasaFlex rebar or BasaMix for a total reinforcement program.
BASANITE, INC. 