Applied UV Announces Selected Preliminary Second Quarter 2023 Financial Results

• Total revenues for the second quarter of 2023 of approximately $10.8 million, representing an 83.6% increase over the comparable period in 2022
• Gross profit grew to approximately $2.4 million, up 84.8% from $1.3 million in the comparable period in 2022.

NEW YORK, NY, Aug. 14, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Applied UV, Inc. (NASDAQ: AUVI), a leader in global food security, air quality, and specialty building solutions today announced preliminary financial results for the for second quarter of 2023 and reiterated its previous guidance of approximately $45 million in revenue for 2023.

Preliminary Q2 2023 Results

Applied UV expects total revenues for the second quarter of 2023 to be approximately $10.8 million, representing an 83.6% increase when compared to revenues of $5.9 million in the second quarter 2022.  Total revenues for the first half of 2023 are approximately $21.5 million, representing a 132.1% increase over revenues of $9.3 million for the comparable period in 2022. Gross profit grew to approximately $2.4 million, up 84.8% from $1.3 million in the comparable period in 2022.

Total cash and equivalents as of June 30, 2023 were $3.3 million, compared to $2.7 million as of June 30, 2022.

“We delivered a solid second quarter revenue and gross profit performance, underpinned by the strength in both of our business segments,” said Max Munn, CEO of Applied UV. “Our second quarter results demonstrated a good balance of topline performance and a significant reduction in net loss from the first quarter of 2023. Applied UV has excellent products and position driving large and growing markets and we remain focused on sustainable, profitable growth.”

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About Applied UV

Applied UV, Inc. engages in the pursuit of technologies focused on global food security, air quality, and specialty building solutions tailored for the commercial and hospitality sectors. More details about Applied UV, Inc., and its subsidiaries can be found at https://www.applieduvinc.com.

Forward-Looking Statements

The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning the Company’s preliminary second quarter 2023 financial results, its business strategy, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For additional Company Information:

Applied UV, Inc.
Max Munn
Applied UV Founder, CEO & Director
Max.munn@applieduvinc.com    

Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com