Cavitation Technologies, Inc. Reports $2.04 Million Net Loss for Fiscal Year 2023
Annual Revenue of $413 Million
Los Angeles, CA - June 30, 2023: Cavitation Technologies, Inc. [CVAT] (CTi) has reported a net loss of $2.04 million for the fiscal year ended June 30, 2023. The company, a leader in providing technologies for the processing of fluids, generated annual revenue of $413 million. Despite the challenging economic conditions, CTi has maintained its market position and experienced revenue growth during the year.
Financial Performance
CTi's financial performance for the year reflected a decline in operating income, as the company faced increased general and administrative expenses of $1.2 million and impairment charges of $178,000 on its equipment. These factors contributed to a loss from operations of $886,000. Additionally, the company incurred losses from its equity method investment, resulting in a total loss before income taxes of $2.04 million.
