Taronis Technologies Inc (NASDAQ: TRNX) stock is making its way for the top early on this morning, trading on gains of more than 6%. The gains come after the company announced that its subsidiary, Water Pilot, LLC has successfully completed two installations. Here’s what’s happening:
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TRNX Stock Gains After Water Pilot Successfully Completes Installations
In a premarket press release issued this morning, Taronis Technologies announced that its majority-owned subsidiary, Water Pilot, has completed two pilot installations. The installations were performed for a leading national retailer.
The pilot installations provided to the retailer surrounded the new product from the TRNX subsidiary, Water Pilot. The product, known as A.I. Navigator enables the continuous remote monitoring of the plumbing infrastructure of a building for leak detection purposes.
In a statement, Scott Mahoney, CEO at TRNX, had the following to offer:
This is another meaningful accomplishment for our Water Pilot sales team. We are fortunate to now have two compelling technology based water conservation product offerings under the Water Pilot portfolio. With our Water Pilot valve technology, we are able to typically able to reduce water consumption by up to 20% in a wide range of buildings. By adding the A.I. Navigator and its leak detection capabilities to our portfolio, we can deepen and expand our client relationships going forward.
With almost 2,000 retail locations across the US, this new client relationship could generate upwards of $75,000 in monthly recurring monitoring revenues. This has the potential to be a key client for many years to come. We appreciate the pilot opportunity we successfully completed, and we are confident these results may encourage an expanded client relationship with this national retailer.
Why This Is Such A Big Deal
There are a couple of reasons that this is a very big deal. First and foremost, as Mr. Mahoney mentioned, this relationship has the potential to generate around $75,000 in monthly recurring revenue. For a company with a market cap of around $35 million, the potential to earn $900,000 in annual recurring revenue is a big deal.
However, it goes far further than that. The reality is that as the company continues to break deals with large players in various spaces, its products are being validated as leading options in multiple categories. These are the types of moves that companies make in order to become national leaders in their industries. TRNX is on the path to doing just that.
More To Be Excited About
The news released by Taronis Technologies this morning isn’t the only good news that we’ve seen out of the company as of late. In fact, there has been a slew of positive press releases issued by the company over the past few weeks.
Of the most important, the company recently announced that it achieved record MagneGas production with a single Venturi Plasma Arc unit. This is key because by the end of september, the company should have two additional units flowing, breaking further records. Moreover, this led to a record breaking quarter in terms of revenue.
It’s also worth mentioning that soon, TRNX plans on spinning of Taronis Fuels. Investors will receive one share of Taronis Fuels for each share of TRNX owned, and with recent record breaking news and a new client that could lead to $165 million in total revenue, Taronis Fuels adds tremendous value here.
Furthermore, the company recently announced that it successfully treated a lake in Clearwater, Florida, eliminating a substantial amount of dangerous cyanobacteria during a blue green algae bloom. This successful first commercialization of this service validates the company’s work and is likely to lead to a strong increase in revenue ahead.
All in all, TRNX is making incredibly strong moves at the moment, making this stock one that’s hard to ignore.
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