Taronis Technologies (TRNX) Stock Gains Big On Record Sales

Taronis Technologies TRNX Stock News

Taronis Technologies Inc (NASDAQ: TRNX) is having yet another strong start to the trading session this morning, following up on the recent gains that we’ve seen. Nonetheless, there’s a new reason to be excited today.

TRNX announced that it has achieved record quarterly sales. The news led to a premarket frenzy among investors who pushed the stock for nearly 15% gains. Here’s what’s happening:

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TRNX Stock Gains On Record Sales

In a press release issued early this morning, Taronis Technologies announced that it has achieved record sales for the month of June. In the release, the company said that June sales came in at $1.85 million, representing 111% year over year growth from the $875,000 the company generated in June of 2018.

TRNX went on to explain that the entire quarter proved to be positive. During the quarter, the company generated record sales of $6.06 million. In the same quarter of 2018, the company only generated $2.9 million in sales, representing a year over year growth rate of 107%.

We’re also seeing strong acceleration in quarter over quarter sales. In fact, the $6.06 million reported for the second quarter proved 20% quarter over quarter growth from Q1 sales of $4.9 million.

In a statement, Scott Mahoney, CEO at TRNX, had the following to offer:

Our team has been doing an excellent job growing our revenues. We faced several challenges to revenue growth during the quarter. First, there has been a national shortage of helium, and this has caused us to lose several meaningful accounts in the southern California market. Additionally, we experienced a moderate seasonal slowdown in several of our markets which is typical during the peak summer months.

Historically, we would experience double digit decreases in sales from May to June. For example, in 2017 our June sales were 21% lower than in May due to seasonality. In 2018, our sales were almost 13% lower in June than in May. This year, our ability to drive new client growth offset much more of our seasonality, and we only saw a 9% change from May to June.

We are effectively leveraging our MagneGas product to gain new clients, conduct field demonstrations, and generate interest in our products and our Company. Our team is using this process to drive results, and we are optimistically looking forward to a very productive third quarter.

Taronis Is Becoming More And More Attractive

As the company continues to reshape its business through strong value add transactions, it’s becoming clear that the company is starting to head in the right direction.

In fact, due to it’s accretive acquisitions, TRNX has become the largest independent industrial gas distributor in the Texas and Louisianna region. The company is also seeing strong growth in revenue in California as acquisitions and organic growth initiatives in the region start to pay off.

All in all, as TRNX continues to focus on the expansion of shareholder value through both strategic acquisitions and moves to push the company’s assets to grow organically, the stock is becoming a more and more attractive play!

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