Applied UV Posts Mixed Q2 Earnings, Reaffirms FY23 Outlook

Applied UV Inc AUVI reported Q2 FY23 revenue of $10.84 million, up 83.6% Y/Y, missing the consensus of $11.40 million. 

The Disinfection/Healthy Building Technologies segment revenue rose $4.0 million Y/Y, aided by the acquisition of Puro Lighting and LED Supply Co, and the Hospitality segment revenue grew $0.9 million Y/Y on improvement in the market.

Gross profit increased 84.8% Y/Y to $2.4 million in the quarter.

EPS loss of $(0.77), vs. $(1.28) a year ago, beating the consensus of $(0.82).

As of August 21, 2023, the backlog stood at $20 million.

As of June 30, 2023, cash and cash equivalents stood at $3.3 million.

"The second quarter has been a truly significant period for the Intelligent Building Solutions division of Applied UV Inc., marked by our selection for the General Services Administration GPG Competition, our pioneering research partnership on Far UV with Johnson Controls and USHIO, and expanded growth in the multifamily sector. Our continued advancements in technologies to enhance food security and produce shelf life, coupled with sales synergies and expense improvements across divisions, demonstrate our drive towards innovation and increased operating efficiency. These collective achievements represent our commitment to enhancing shareholder value, as we continue to lead in sustainable and intelligent building solutions," said Brian Stern, President of Puro Lighting. 

Outlook: The company reaffirmed FY23 revenue of $45 million vs. the consensus of $43.3 million. 

Also Read: Applied UV Plunges After $5M Equity Offering

Price Action: AUVI shares are trading higher by 2.64% at $0.7390 on the last check Monday.