Taronis Technologies TRNX Stock News

Taronis Technologies Inc (NASDAQ: TRNX) is making its way for the top in the market this morning, trading on gains of more than 27% in the premarket hours. The gains come after the company announced record MagneGas production, leading to excitement among investors. Here’s what’s happening:

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

TRNX Stock Soars On Record MagneGas Production

The news was announced in a press release early this morning. In the release, Taronis Technologies said that it produced 247,624 cubic feet of MagneGas during the second quarter of the year.

Not only did this prove to be a record, it showed that the company’s work to expand production is paying off in a big way. In fact, in the first quarter, MagneGas production only came in at 80,080 cubic feet. As a result, the quarter over quarter climb in production at TRNX came to a whopping 209%!

The production of MagneGas took place using the company’s patented Venturi Plasma Arc gasification unit. Only one unit was used to produce the record, and that unit sits in Clearwater, Florida

Nonetheless, investors can look forward to further increases in production ahead. In fact, TRNX said that it has brought a second unit into production at the facility. This unit addition took place in July and will likely lead to substantial Q3 production growth. Moreover, the company said that it plans on launching a third unit in Texas before the end of August.

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

Our increase in MagneGas production during the second quarter was a major accomplishment for our team. We are very fortunate to have a sizable installed client base of metal cutting fuel consumers in several of the largest US markets in our industry, including Texas and California. We are now ramping up our marketing efforts with the confidence we can consistently produce sufficient MagneGas to meet the demands of our current acetylene clients.

We believe that these clients can benefit from using a cleaner, safer, more affordable alternative to acetylene, and we hope to quickly convert the majority of these clients to MagneGas in the coming months. Given the fact that we produce our gas with almost no inventory build-up, our production growth in the second quarter is highly indicative of the fact that we are already making excellent progress in winning new MagneGas consumers.

For the past two years, we have systematically prepared for this objective. We look to fully leverage our patented MagneGas product to drive revenue growth, win new client relationships, and improve our profitability.

Important Steps To Increase Shareholder Value Are Being Taken

At the end of the day, the news today was very important. Sure, production increased, but the importance goes beyond that. First and foremost, the company’s patented production technology is now validated as a strong producer of gas.

Moreover, the company brought a new production unit on in July and plans to complete another by August. This shows that Taronis Technologies is working on quickly expanding production and driving shareholder value. All in all, today’s release was overwhelmingly positive, outlining a potentially lucrative opportunity in TRNX stock ahead!

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Never Miss The News Again!

Join our FREE mailing list to receive real-time, actionable insights!

Subscribe Today!

* indicates required


LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.