NewHydrogen, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 10, 2022 at 05:01 pm EDT
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NewHydrogen, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported net loss was USD 3.44 million compared to USD 3.65 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago.
For the six months, net loss was USD 6.26 million compared to net income of USD 47.11 million a year ago. Basic loss per share from continuing operations was USD 0.01 compared to basic earnings per share from continuing operations of USD 0.18 a year ago. Diluted loss per share from continuing operations was USD 0.01 compared to diluted earnings per share from continuing operations of USD 0.06 a year ago.
NewHydrogen, Inc. is a developer of clean energy technologies. The Company is developing ThermoLoop a technology that uses clean energy and water to produce the green hydrogen. The Company is focused on developing technologies to reduce or replace rare earth materials with inexpensive earth-abundant materials in electrolyzers to help usher in a green hydrogen economy. The ThermoLoop is a low-cost thermochemical process to split water using inexpensive heat, instead of expensive electricity. This technology water as a feedstock and reduces the cost of hydrogen production by eliminating electricity used in existing electrolyzers. Its green technology applications include the green electric grid, fuel cell electric vehicles (FCEV), battery electric vehicles (BEV), hydrogen fueling stations, lower carbon gas infrastructure and air taxis.