BHTG - Earnings call transcript Q4 2020 | Renovare Environmental, Inc.

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Operator

Good afternoon and welcome to the BioHiTech Global Year End 2020 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through July 20 2021. I'd now like to turn the call over to Scott Gordon, President of CORE IR, BioHiTech Global's Investor Relations firm. ahead. go Please

Scott Gordon

Good today's Sarah. thank for you Thank call. afternoon in conference participating you, and

Joining Global's Financial from Officer me BioHiTech and Chief Tony Brian Executive Fuller, Essman, Chief Officer. leadership team are

be During this address Global's for expectations forward-looking results. including performance operational statements BioHiTech or making future call, that statements, will management

factors involve those statements. other cause results that statements Forward-looking and to actual may risks differ from materially

as Form factors XX-Q risks, accompanies described update about law, to circumstances turn cautionary that It with any press over now For these obligation revise required please or periodic that time-sensitive content disclaims call. is is refer reflect pleasure The Tony? only XXXX. reports the BioHiTech's filed my more this in by statements occur April on of accurate BioHiTech's in BioHiTech this events SEC, publicly information as call risk information filed most today, any the to Fuller. the to and to XX, contains April recently information to this CEO, it. of or call, Tony XXXX particularly call that after release Except the XX,

Anthony Fuller

good and to business. receiving ourselves could proved Global's corporate our of faced orders level everyone we by as more COVID-XX overview that and brief execute results, well XXXX achievements XXXX, growth We This We on despite previous fourth afternoon the the its third business all in challenges BioHiTech fulfilling to a year, quarters the and I that exceeded at result past quarantine strategy as detailed through grew call. of followed about customers. in scale, during financial our and more in seen learned XXXX. and years. we update move about a by we financial Welcome results would as BioHiTech as call. our a providing to year-end conference discussion like Scott off Thanks, an start overview of of our

digester sales During to grew X.X from equipment a million Corporation. an purchases and increase as Carnival million, a revenue of was largely XX% Revenues consolidated we X.X year, at of rate equipment were from the or XX.X% The XXXX. of the from $X.X million. result increase

with the We expanded are to Cunard Carnival their began relationship and our Costa These brands orders Carnival their receive umbrella. and and also UK-based purchase Italy-based under geographies new Cruises Group. from

worth million. revenues receipt announced In XXXX, high million. we million our High To Treatment grew XXXX, purchase January from orders. Biological Services of we've For the efficiency XX% announced of date, $XX to up of to from Carnival $X.X a Efficiency contract $X.X worth

orders Carnival the We continue monthly the and balance to receive throughout orders anticipate basis of continued XXXX. under a from on contract

will on the disposing environmental Our Revolution reduce Series impact board. food Carnival's by operations digesters of waste safely of

actually oceans the vertical, our other our of XXXX. our follow The was business and that XX% vertical believe maritime only from digester protecting their the to fourth quarter sales sales to the came not went XXXX. in Total from the quarter XX% quarter levels of many these achieve in same facilities it are $X.X of quarter XXXX us of platform the goals in encouraged maritime to stores, than real-time fourth quarter we penetration to in sales Sales universities. will cruise analytics our the and and core economy data $XXX,XXX. total the believe as in growth, We by Carnival, help third amounted results Our up. future others underscores when to the equipment We're in being leader. hospitals, waste verticals, Sales of in open $XXX,XXX. company, The industry food increased the food also year's company in the waste transparency the manufacturing including in the XXXX that grocery continues annual have XXX% We're Carnival's the the reduction efforts. equipment largest provide industry believe potential since third environmental sales cruise with equipment world's as greater fourth growth impressive XXXX helped million. maritime came remaining public an consider - the will with amounted we our each industry in lead. pleased achieved while to

with multiple thus are of our far have will growth trends that serve various business; digester our future, future market growth. food needs new opportunities. BioHiTech's We're the on has BioHiTech prospects that to suggest benefit and and assets avenues utilization what of will for Well, measurably the and opportunities products regarding from to has targeting Looking emerging diverse services. company new substantial verticals for BioHiTech solution. the to of a our with focused is remain waste share most complementary We optimistic discussed been digester analytic

growth opportunities working High Another the our key driver we're Efficiency are Technology. future of through Biological Treatment for proprietary

plant has Virginia recycling. West been to more a ever, fill than provide States the their for the created and past and and this community the help During waste United has gaps in solution able year, our

municipal In plastics longer be recycled. to no provided waste, addition able community's have are the solid we that to processing for the solution

bio-plastics. key steps a innovation as of we fuel business. renewable strategy. that We're such strategy It SRF and additional Our continue feedstock exploring uses uses renewable fuel for the we mind our in solid for is our for development alternative as grow fuel this our with to continues in future is grow of a as currently our to component and our for contemplate gasification next growth

as encouraged future and operation of us year's faced that in forward West Our We're reason This with and for facilities. strong the HEBioT to performance we experienced the for HEBioT Virginia provides challenges optimism look plant the construction overall performance. additional the despite by we XXXX.

and million We market quarter related X.X before to up agreement. an put $X approximately XXXX, sales During to the shares sheet proceeds the first approximately in we gross steps in place today XXXX costs shore of at for our issuance sold balance million took offering.

any perhaps than the history. position, position far in company's We stronger other in are point a the strongest cash

You to future. and designed maximize prioritize may steps in we last a value discussed successful to the quarter, order undertake corporate were shareholder recall, actions I meaningful about to build

we were appreciably. this XXXX achieved relationships. the at total to third this This evidenced quarter execute of the we record continuing shipped quarter momentum. the these levels Naturally, over look and in XXXX. well, revenue First, is growth record and fourth to we grow did fact as revenue manufactured XXX% in We to forward that by increase established we levels achieve the can at key scale and and

margins Second, and we manage ourselves tasked expenses. our to

resources successfully grown measurable rate front to has to than recurring remain our taken this expenses. reorganizing have utilizing this at the opportunity we a sales as continues. this and see revenue growth end more steps - this We see external area, the on of higher continued continue committed in our strategies, rate year better and We

the Virginia strides to plant. great We operation and promised this improve so. of made we do measurably our will realm in to continue West Third,

our As to I waste Fourth, said shareholders, committed to significant stream, to more multiple anticipate had communities also as commitment our communicating our we've organizations, effectively. into have last the convert and I this quarter, And development cornerstone that but what focused take is only there strong believe businesses, a problems. some challenges ability messaging them. to facility as a this our fuel, and delivering it is municipal to revenue learned to and a we solution a in we renewable our steadfast monetize not learned solid the governments, to a more ability We serve. from story flagship indeed and regard, but in remain we company. We've

a vision expanding Finally, operating leverage, is to mission. working the a We to growth, driving singular and single share, achieve capturing business market opportunities. sustainable our with BioHiTech our organization together remain team increased committed as creating

great have products. We

address is planet's scalable It learned required continue this our look a time address holds the call. most specific to our which reported impact we of solve will financial take that I'd to be providing in year We on performance, past future. some time. conference to it proven believe I be this excited our We've of a the have the delay solutions; We necessary appreciate see issues. moment for mission. did company's filing BioHiTech, and we this like pressing do scheduling an what future to our XX-K technologies. because at all the this during not problems. of environmental continue expect additional to the issue as This We not found to our us patience to due of delays this we lot to in solutions, forward and shareholders and our our filing

for Brian, the the With our financial Our this will [ph] that, we Brian. schedule the accommodate quarter. call our results review call extra CFO and over now turn I'll was who unforeseen to required to availability. management's around conference delay time fourth rescheduled

Brian Essman

Recurring increase HEBioT increase million for during year-ended Thanks, amortization sales XXXX. rate Lines Financial HEBioT operating which driven basis, which at by XX.X% digester a sales agreement in year an Cruise were in X.X X.X which revenue to On revenue, results a million a depreciation, includes increased increased equipment XXXX, includes that impairment increase that which increase costs includes revenues. Tony HEBioT the from December for the consists fully the Carnival Depreciation from sale and by and everyone. grew X.X in X.X one-time or equipment and a Consolidated XXXX in year primarily XX% sales was operations from XXXX hello of and and corporate were or nine consolidated to by million full X.X XX, in expenses increase of announced million. related digester to from the XX.X% the increased by X.X ending XX, and XX.X% operating in driven amortization previously compared charges we direct due December repairs; and line, margin to an a ended digester the management before and to months million million, by XXX,XXX, million X.X and facility charge X.X $XXX,XXX the line, of HEBioT to XXXX. due and XXXX resulted of increase cost equipment general settlement increase also and $XXX,XXX; in of for during year which HEBioT from as selling, high in in in XXXX. full that XXX,XXX administrative, contribution in primarily an the million a a to the of an also resulting maintenance of XX%

and at facility. a at charge consolidated facility $XX,XXX impairment by HEBioT $XXX,XXX increased a X.X loss a during of the costs at digester net the a the related and increase XXX.X% million at increased fourth by quarter. increase increase XX.X% line the from XX.X% had to goodwill HEBioT in and and consolidated impairment digester additional on the the XX% The loss increase HEBioT a facility. third to or also and corporate XX.X%, quarter operations corporate due consisting XX.X% We The

XX, million. of X.X unrestricted turn turn over to back call the to the As XXXX, cash before will December back call was Tony, operator. now we I the

Anthony Fuller

Thank you, Brian.

thank Before questions. thank I our I questions, company would would one over for portion to employees turn and please also our helping open growth. call for a our to the the their us every investment long-term of position like company. Operator, of each and their entrusting dollars to the sustainable like to investors I dedication for to in call

Operator

first Sine come question Our Spartan with Instructions] Securities. [Operator go Capital Barry Please from ahead. will

Barry Sine

good of questions mind, you Hey, folks. don't A couple afternoon, please. if

get were at First HEBioT, that about? strong, probably any $X soon. process, annual seems a all, on appeal might about the run talking any at ever, HEBioT, if last Virginia, up Also were on that plants, at rate heard we on status hear then the about quarter very rate. How, it's of in something that like sites Rensselaer, you're still you HEBioT on million point run finally all update? strongest back you in million looking do one year process the And obviously other the to at $X the on I we a track that West your

Anthony Fuller

All right, your for Barry, you thank questions.

that Let me that the gave take you in them kind in. order of you

we are that We We recent longer is are a path happy with recognize be probably would we in that encouraged thought Virginia. what by it West than the we're it's but developments. the seeing progress that

plant ago weeks the few So show good it you by the way. a was to too

think have run. I walk plant driving as full that the we're need that understand to production, going at we to and to we then we million first level, that to to look $X

year, if - we're what and projected in doing $X you a you that, number of that's actually. for range thinking I it out think I you you revenue us If in million next gave this tell kind and of I'm what said took about that

for just the But in the We a really little one that think a I the the touched production are our revenue is, I our long multiple industry other some really coming that built think great. that's about about which examining a are help infrastructure because The plant that and going country. type thought will to I of on even to as from will produces driving to avenues areas yet. prepared us a is in as it it in SRF fuel, can healthiest for But remarks. uses tailgate mentioned, cement as working other think be haven't or we the bit we number committed cement maybe things term also of in though our to that the down in place or regard the we Today, and used product that and for perhaps do there in expand be well great using could years, of gasification or think is road. even in is could we thermoplastics, allowed we're parties. technologies talked fuel be that we used used allow plant in be And

those we're working to some the that help that things us to So get really level. on are of

in you will us is, we manage that way look as submit us some involved plant, in, products at you modifications to thing designed help help recently bring you that we've know, of the way the a bring think into optimize. been what to other have in that we the The been

we year items think other also such up quarters. first downtime last our really last this the scheduled of that the advantage the part customer three preventive of us Argos' quarter than We maintenance for do set to a during took well few and

about not got happy surely there about to excited are we've we but satisfied. it. seeing a of runway So the that we're that progress business we're yet we And lot are grow think but

we think energy that a us estate. learned But it we is process. for developments as piece of tell can't and legal it a us by in this involved out very explore. how our as for renewable learned. anything with second the we we we the what do comes month, path legal regards I to this one there walk we're on us a worse talked, Rensselaer possibilities process. are in through It's and of is valuable to a you're in that I'll this of feel One the what process, to campus of we you still we haven't a encouraged ago course Rensselaer you piece what legal predict a that process. those question process. long surprises continue property we legal haven't timing We're to Your do time property, continue no on real go. about so it's we endeavor position to learned, very thing learned have maybe learned The and that It's our a any we've in right. see what optimistic down worthwhile will of stuck thought in was to was. It's that since affiliate - over We, makes and something piece we've so regard where

So often plant I one Barry Rensselaer. us it third not that the though, that business opportunities into people for and and really thing your our just ties growth is question, with are for tell

markets. in grow to opportunities have number other a of We

have and up or operate it can our of more As solutions it, in plant their we an people these about community in Martinsburg number to we begun inquiries bear their filled stand municipality. bring to have hear about have we increasing and

those. those, on exploring we're we're working So hard

the Yes. future it we do. better opportunities So, the Yes, this are ability for think for where we opportunities uses about Are when field? future have? plants? Yes. have Do than operate I to there for there grow, and can we business

of So I Thank we encouraged question. before couldn't have business be the opportunities us more by part to that the this you there. grow for our

Barry Sine

COVID that beyond and and sales some digester of are that discuss closed? maritime retailers? little discussions? Where Are then the business, other year? status logos in see then more you and new other announced you this down? lines other on funnel, perhaps And Might a Has you especially the shut large cruise could we you Are in detail in process? Carnival

Anthony Fuller

COVID down down I I'm the for slowed other COVID that credit was retailers or on not tell it or either. But will going with to you everybody businesses, that put shutting blame give distracted. all things other obviously

everybody The And in the for to sector. talked there when other that we're clear taking. bring and opportunity going the other are business, absolutely table The to that that. of talks funnels maritime we the do I there's asked - out pieces business need to think to I've maritime it's the me

think I in the by the that conversations cruise regard. And I'm encouraged that having it's we're lines. beyond

So grow From with do in We're Barry, of trying get to to room some - I engaged their or a working a do attention retail think other tests are some there. there's some products. we two. retailer tests perspective, to retailers'

So certainly are abandoned hopeful doing perspective. know, from there sales that other But vertical about and you to have and we things marketing feel that. we that not we're a

with doing We product. are that, regard. have, manufacturers, doing a our kitchen or them can their or or inquiries to web-based distributors like in ever guess, to say vehicle that and more or and that to and could seeing I use network people products And direct of trying from work we're than lots sell I representatives we in with, we collaboration our marketing that we're more market

to So have number one, question, diligently, at manage that do to for going the intentionally, accounts on think major heart we strategy, that sales, going is purposely our execute very very we're is of and really I a your ourselves. strategy which we're very and that

we to And do. with open we enhance because to logical that should proven at think have execute need can is that should networks now the our we scale, customers, of we've that third we're existing distributors, work and going to go. is then recreate avenues with out go some grow that that the and believe other are doors. And of already that it sales, a is don't wheel we For place that going we people we to who developed part really other relationships

and we're that, we area need come. that are very recognize to are the optimistic this in news and that believe as well good on those working for the there's things So me,

Barry Sine

is about room a you combination to presently, in you you And obviously, CEO breakeven be I enhancement. revenue glide for mind, the getting on to the now that EBITDA path a path towards the I'm SG&A my don't - if see last talk really breakeven in a you're What's I EBITDA? any Obviously, areas slope lucky, guess EBITDA, even if question, if get maybe can there get financial know, may for question. while this a And could situation can economies? margin don't growth, of negative been some you've I company where in that. not. to timeline

Anthony Fuller

in this there, look I've structure We to had expense We've this at you, for you're us The in organization. I But if you manage some we that that level to to no we and he that heard that. at - from minute be will trajectory me can we expense there look really the level. other don't to. can a managing are toward know if chime But were made heard lucky. wants biggest SG&A within take a and of doing needed difficult in made correct denying you've in a the things here place those managing tell our biggest our that going the we is bear some nonetheless a decisions Brian difficult. we and Virginia. West be the I decisions, me, internally difficult way we us, as which get to with our company, things to taken some as There's sales do. plant done that all standpoint think our were change but expense to regard

really we items, sure some Brian at be years? glide So we things get the get we two opinion do look will thought if a want of that were grow to that we And startup biggest going I'm that were we we period so a tell to back has the what do include will include effectively it the that they have eventually level the for about, is level that would us to numbers they so important ago, plant that thing revenue went I that produce that opinion. but kind I a this, some to, extraordinary through, and you was there. at it confident you That's to saying today, will going give But include it's fuel make Is years? now, you some I we to three we just they it that can uses talked at important. my in can't we we single Is It look items, where are and path. non-recurring. is, do that Brian, things you to that today. the get and minute to market I there. is multiple we're that. my that not

Brian Essman

it is. Yes,

Anthony Fuller

Barry. Anything is you that? shaking to add his no, head want to He

Okay.

Barry Sine

Thank you much. very

Anthony Fuller

Thank you.

Operator

Our next ahead. Please with Capital. comes Woo Edward Ascendiant question from go

Edward Woo

Carnival just quarter. into go the wanted a contract. the on little bit I Congratulations to

million You already going have and mentioned to disclosed you're Have how X.X in much you you think Carnival got do from order of in you recognize that much about you how so recognized that far. XXXX?

Anthony Fuller

it that know, way. we down break You didn't

see I as the contracts publicly can on see fourth is indicated think tight period. during from Carnival growth what in clearly I you we have we're think that the that can executing what And you revenue that disclosed, quarter.

balance the from this that, I receiving orders Carnival. we think year we said - rest more anticipate of throughout also the

in are the midst it. of we So

disclosed between and that We on and a haven't the out receiving how day-to-day yet. breaks filling publicly but years we orders shipping and orders building are basis

Edward Woo

other any it opportunities Great. Is than other or digesters? these sales, is just costs And of more then, digesters in upfront there it? that, sale, after revenue selling terms sell you

Anthony Fuller

comes you also have there the thank do in into feature inserted I product their software, for measure and that a to digesters waste The be that prepared little a - sale. mentioned bit so their There's fed question. a chip is a be them. with revenue is recurring BioMedia that a have has recurring They have digester, of that feature each a revenue do to they There, the but that a and our fee creates a that for of manage stream, revenue waste to my that technology us. recurring - we carries is just also recurring that piece allows have user stream and remarks, something

So answered revenues sale. after those recurring are the That your questions?

Edward Woo

it then expected life is of the Yes, they do last? these long digesters? And what does. How

Brian Essman

They're upon term five We've lease their it. depending job Carnival with to banged a get the tend a crews, machine. maintenance they how to years them. XX clients at of had good do end five-year treat pretty to has a they other up own

Edward Woo

opportunity for that in on you the plant, you question XXXX? biggest possibly Then see thank and the what my Well, detail. risks biggest Great. is last the Virginia are West

Anthony Fuller

look place at risk that XXXX with I and product plant, know, ability to think partner, have the our factors biggest in on consistent really, relates the a when I there to risk go Martinsburg. in the You it, to off-take

We little call. at efforts, what we modifying working and out of the spent bit US lot stream. that quarter's waste last about I of lot a have for the process, a time do a talked

us fuel, interest gives with So plant, it I the thing that's is we point think hard and we're in that's at for the time, think, the a of why broader product. the on - best uses and that the working in base go to this alternative so

make tell do a It has Btu with ability has have that's go So a that. why I that we to hard fuel. I good so that. high to it fuel. of to We sure field. you working got I'm value, that guess less on have make concerned make We our to proven We about would just places it plenty and consistent we're make the a

Edward Woo

Great. for you questions good thank and answering luck. Well, my

Anthony Fuller

Thank it. Appreciate you.

Operator

next comes go with Our Max Communications. ahead. Molinsky Richard question Please from

Richard Molinsky

you Hey, doing? Tony, how

Anthony Fuller

you? are How Good.

Richard Molinsky

Good.

that want you great but good profit his joking And could not. Barry said, all, almost to with we But before but And maybe that with it doesn't questions. phone my take But take say know, Sine things question years around you're or based two of I yeah, here. a First you doing. I if or that - did you're I a when long, pick know three hope dropped on job. don't job I quick

to of at congratulations with came the other last advantage million volume First million day $X some taking end will quarter, out I'm you the had million the $X raise of bank all, plus the of news. wondering the you telling the in $X the If up that the on give XX on that. give visualizing and stock leeway run execute enough you enough during to to right that or plans now you doesn't execute your next team? that would you're months so, the

Anthony Fuller

Good question, Rich.

so is how maximizing When revenue get to want as First, just into to to, Barry, a level answering much profitability it; don't let you me of function lot you much the back maximize I said. is that you a up of as really to that. too not the first what and read part was to of get it

Richard Molinsky

Okay. Thank you. Thanks.

Anthony Fuller

cautious, okay. to Got be

Richard Molinsky

completely. understand understand I I know. that. I

Anthony Fuller

to got last ATM the we that proud place. we in your regard are In question,

as ever are, been. we've raise or cash got money say, We've strong flow grown future go situation near a time. we point we position out this to a as We coming, at in need Carnival in and of where in we're the cash tomorrow not

affordable for better. where manage us to as happy also place, putting very gave us a go can to in with with a price ability are. We some ATM at we're So think really market the and that space, really company it that we so you

that excited greater to had. And ever we're today ability we our think cash than we manage have we've So, position. be needs to in

Richard Molinsky

doesn't that question, has with, And other that they love thank whether last are come know, this at be that companies like you company. a to the me, bother past? the to, approached been that's say, companies take by been something you're wants in that part an That you've ever desk equity Cruise where stake that product? looking in Well, companies for selling it's much. we that Carnival point, ever strategic. not so your maybe Line, in or you we'd you know? across you The money Has someone put dealing company, of to know, if the this your You

Anthony Fuller

conversation a I've got not - I've that That's had.

Richard Molinsky

Okay.

Anthony Fuller

conversation at I've not had that's company got than I've less here myself. that others, a so experience the

I buying some companies product, things stock or of where heard people recently are think with investors or done we've taken that have stocks. all the

not that's we and something pursue Now, that [inaudible].

Richard Molinsky

execute. you Continue it. so Appreciate much. problem. Thank to No

Anthony Fuller

you. Thank

Richard Molinsky

you. Thank

Operator

ahead. comes Please question from with next Our Joel Marcus go X Network Financial.

Joel Marcus

an you going about the much Hi, recycling just a actually life anything choking. and and can excellent don't mean, trucks and the you, as the to an video the I say hear so see seems seems of I of goes Do on much, to the trucks missed, put so you for every Altapure, an door pipeline, a what in it is where the about system, system? be most I, concerned, and thank with just excellent I systems presentation, year. down landfills about one in to all any accommodate I I why these are projected you I logical with road XX% elegantly Altapure their I have mean, mean, that maybe, up. it's extremely Altapure little and such HEBioT And, in far by recyclable it banging so mean, out, go system that? product landfills, where logical sales is as me, reduce everybody promising Could see company's role bit saw don't stream which elegantly and time XX of technology. you are Unless the I Yeah. about It a recycling, didn't an mean, anything that. the for I the have isn't an timely mean, much landfill process such just logical that waste are your people of XX%, I puts water. out is you and containers pulled something, the I

little at somewhere an five, operation? guess by questions; you and ground a a I recycling maybe mean, clarity the XX and maybe to make four those So, three, the these when you're you of two, process. could So, I the going in spade two future put or on or as Altapure think of a else more basically my have are to projection

Anthony Fuller

thank for Okay. your Thank you. questions. you Joel,

I anything yeah, on Altapure, in First have on there didn't it.

our it You on in still investor deck our will see is site.

to have discussions. continue We

there's a we with later to for fact, is work have folks. call distribution think scheduled is It that It that a product. week some arrangement this a product In I we this continue on.

rolodexes, if Just we It go bit everyone, to old days there. it on in days. last that provides of for a entered the back are believe early relationships a leverage out that and of And we a problems a you year solid was customer solution our into our the reminder COVID. to very

in that with that I to this is on certainly any wasn't some next continue why script have on So a hopeful needed that's conversations day there We're guess It's it. people. new time. yes, make the news Hopefully we time. there and it solution so news probably new will. is this it it, time didn't

in and from solution it in is, makes a a say, the around, that because will weeks waste but as can be you're can't, the it are is a out used emissions of additional right. the in every But a logical have sense. as cycle it and getting it bringing a I'll the that and shovel The lot by create to a be we're putting none hauling the quicker. plant landfill you as a where municipalities different at you, in I with one, a to we probably time, their that it And possibilities problem will months for look or talk tell want We problem. asset location. number is could places had that. and projects that to of couple be locations along to Rensselaer, needed. come this ground locations, XX long, there'll let solution may of or just more the be a see someday, long of It not state I with real contact is regard solution for development be other keep the every we earlier, We something and that carbon liquid bury you other said may a makes and to can't me come not as growth. additional where sense. opportunity it's that that's that society, to is fuel, we for It Regarding the build plant bury ground is The problem stuff about of recent created emissions possibility

for we're that I hard we're that. growth. what us a working And mandate to So certain think to there's a achieve gives doing logic

can't to gave It if wise in hard not be day probably to you. we're I specific I'm but be So that I specific and promise working make - the a me point announcement. where you to you disappointed get wouldn't

Joel Marcus

was something in in specifically don't the Philadelphia a offering, going of sites? comment extensive in conversations possibility to exposure in them, were forward an those two New Jersey tremendously they mean, with previous in had with you Could at management, one investor management. and one I I sites, And project. stock two on preferred doing forget, that Previous interested the and one of mentioned

Anthony Fuller

wish could distribution at it. early can't. to development but centers loose going built of the to looking too of about I talking I in thing economic are my was you're not I about you're I lips my that and get work Joel, did one do career if learned career, that lot a something, I where a on lot your in doing I

of serve did. I'm think detail provide I would all that don't well, you. level can't So sorry. us if I I it for

Joel Marcus

all I over something about sorry, mean, I but just elegantly so if excited I and mean, Unless mean, money I I that - country it's and why I it the I up the didn't mean, put all just did. hope I'm world. did, logical. over Okay. that's it's the I And make needed really I'm I in so this into I HEBioT this mistake process. a bringing

think that So, has I future. multi-billion-dollar unlimited an still mean, I

Anthony Fuller

question, We're answered mistake I'd been there's the have no if big mistake much. would problems. working the in And solve to it. Thank so you

Joel Marcus

job. so thank for Okay. year. for Tony. you Thank great you a Thank you And very you a much. Thank much, doing great

Anthony Fuller

Thank Joel. you,

Operator

ahead. Stewart question go Flink Capital. Our Dillon next comes from Please with

Stewart Flink

Brian, what be quarter. first great a dynamic a pretty looks and to and Tony year congrats Hi, on like

to had I and questions three write I'll one time, a just at you them So them ask don't down. have so

first looking quarter QX announcement The in versus in Line X.X What of actually Cruise going first be I'm orders. question to and/or is, is million Carnival at booked QX? percentage of that delivered

Anthony Fuller

specific there's times to lead don't pipeline, I items chain or there's mean, certain it. for have fulfill Steve. a for a that, I obviously, a supply percentage

We and have that are now orders at will in Carnival fulfilled the looking It is at be now anywhere third quarter. we between house what moment.

released I So was that based but impact publicly but quarter you'd fourth the see schedule deliveries, from Carnival, there think and there's in don't many. not a numbers, upon there's we've that. perhaps of throughout a for the Clearly, some orders, an kind spread

Brian Essman

is don't door. to but say, A arriving our lot so fourth the this heavy is quarter happy, delivery be times, oh, continued of the orders orders and we X.X out million, customer that taking and brands quarter when the quarter shipped look and today. we the the third it going specifically keeping of are fourth in exactly quarter different delivering are started manufacturing of for and And the was a in through different

Stewart Flink

Okay.

Anthony Fuller

enough? Fair

Stewart Flink

it's Yeah, fair.

Rensselaer, has Second the inception to curious, announcement obviously saw gone much better for I And question is date XXXX. in I of just maybe Rensselaer question into terms the a October this how money was project? is, if in of Brian,

Brian Essman

footnotes is in About $XXX,XXX, the the financials. to it

Stewart Flink

the more I you, plant, but it's have Last Virginia it I owned giving Thank West process going based that XXX, would not plant, if XXX. you, the time checked of I on last were the were, this the numbers if ownership BioHiTech legal and about call been and I'm out because your for words, question else of everything I'm the of it's plant. thought think on you XX% numbers is, mistaken. had for percentage HEBioT, assuming, Okay. on In other

Brian Essman

In XXX% net minority HEBioT the And interests. Virginia loss the we then consolidate at allocate of we the down consolidated financials, numbers. BioHiTech numbers, and Steve, bottom, between non-controlling West the inside

Stewart Flink

pro rephrase revenue Virginia, rata West not BioHiTech's So X.X that, that was of share. so last Virginia the your million in West from just answer, revenues from I to understand the XXX% year

Brian Essman

That is correct.

Stewart Flink

much. very Congrats you Thank Okay. again.

Barry Sine

Thank you, Steve.

Operator

Please next Our Above go ahead. Tucker comes question from All Andersen with Advisors.

Tucker Andersen

you like they're of areas, you asked drill sort on like to been way Thank down you. things, or as some if on a financial little the any can solutions your And have in progress I of I to made. of in them like the both just bit asked. Most in to agree But you related, my the more know. the detail answer of sort of since necessity you've congratulations, And two questions want. three about data. Tony, I'd I'd

I to an being foresee project And as idiosyncratic, you be relative but may you size best them and proceed bit going sustainability that from that to more have your were breakeven wallet. overview, forward, do sheet. plate perhaps the and big really of other the to than little way talk using EBITDA think do status? sort importantly, own talks about in burn some the burn? potential understand do of since at of what sort things, current affect since current of, operations, sort balance cash sort them projects sort about or of breakeven, the of you your long-term mind, so JV get any that see more you projects or projects you of you interested is do and you many Just which other have your your In Rensselaer the of Could see And, the on might with cash financing things And any data one that partner? how getting the how those financial time to progressing? your a on are each I'm obviously

Anthony Fuller

I with projects would I of clearly of second. with with in that future to a The takes Rensselaer of your here Rensselaer. a representative and these Thank the start it the other Tucker. for said, one the me are and The you I Rensselaer I one build lot project Brian - may money start question, will let plants. fact project in help

of are operational such Our the an intent, instead a that way we are move down than position our hope, technology, more what asset as we're road, light capital we is our provider hard direction, provider. we working on a BioHiTech

think as JV clearly or build partner So to to talk either approach bring someone make partner a someone will plants, that or to an the equity an us. alongside for - about us when you these that's work I sense ability in that

serves Brian of as of how have there, for we else and but two for or Martinsburg, how time, as or first Does I a us, best no we off for much I'm had first I realize that certainly laboratory, going its qualms to other done start plant, don't know think off we're we're we to We built company. the that we concept. a work down And unit path. we're we I the are right us as focused number that believe can that make about to West with Tucker? on your question. let a we number you proving that direction what unit Virginia. to three, move establishing we that Rensselaer, work all to of do where doing that that someone think we've that's are us on the help take in can

Tucker Andersen

and is it music seems because your ears, scope the of my otherwise to wallet to your limit opportunity, yeah it's me. to going Yeah,

Anthony Fuller

Well, scope a yeah, - of wise realizes that always person your anyone opportunities. wallet limits the your

does. it yes, So

hard later. next I going we're some on. to future, you march make be believe so that the plan at decisions another working ground what work hard with we we So appropriate the disclosed coming we in out long-term important towards we're it's it's but to that as mean, that's now, on - point plan, of the

Brian Essman

Okay, on to and flow cash flow. cash

was full year, X.X operations in was million. million, quarter used $X.X the the cash third For

was million. X.XX the quarter So fourth

direction revenue financials. the fourth we burn does either but and upon or sort growing mentioned out can expenses quarter on a the containment of least on giving revenue growth you and based of the it that and focus and projections had Tony history you there, would the have but I'm just at controlling model As point go earlier, from to expenses not

Tucker Andersen

the guys, work. thanks, keep good up Okay, and

Anthony Fuller

Tucker. you, Thank

Brian Essman

Thank you.

Operator

Our with next go Performance Center the ahead. for Please Robert Smith question from Investing.com. comes

Robert Smith

offered that Good everyone the preceding I questions appreciate has afternoon, you. everyone.

of the framework major to market, So, umbrella centers that on the of is Tony, the what my into a share? dealing with kind question are and total thanks addressable of possibility for both taking of kind numbers tapping maritime rest to there? What Carnival's we industry. the And the and giving and it,

Anthony Fuller

you perhaps capital that industry Well, an question that - themselves. today. there. I've anybody XX%, the during I which player most if and exactly good know you look obviously you. that. will share I know - at and it's down it, industry to is. as okay, would you dealing you I lion's XX% you largest approach the represent just what would heard it biggest probably I that expenditure the part just tell I not you and else not with think, industry, cruise that tell season. shut revenue your that numbers did take programs, and in thank take the year I of Carnival of ones is And a that They that - don't the the of running total business cruise are was their generating last they're

to sail while the will little it sector. Competition the that people may is see to deployed we're digesters the than have happen hey, tell think It's, knock take you'll will will stronger it part EPA. Carnival standards But the think I with That employed and XXXX. though, and that in don't today, Carnival footprint with Carnival. up on And their to, to in I a to with that answer happen. they partnership on competitors. expectation will to will will opinion, in going we should see that you that other doing need that a also also commitment happen and a necessarily in door what this on do their make deliver sail deployed BioHiTech government States environmental digesters same work and are for with there United think I ships get sail So, an was fact a not that that realistic they that the cargo of on advantage are our a that to my top the ships There lots transport are there. other world the saying of lot products, but There out awful goods are Carnival and digesters only I applications the think individuals sea. of many create These superyacht. lot an and us and militaries that it's the as And with not other it's strong. people going that to that maritime of strong on company ships not a And, just that that in sailing, create the ours opportunity vertical the we're - sailing of - sector. one. have that a are sector provides other waste and we avenues is food but that's but not more think itself for us. There just be the to lot do private of sea. more as a are resumed - are There we're maritime really verticals sectors for of flow on

have pandemic. may that You a of XX% and about from they last our from other of the verticals, in - the report noted was came year a revenue year in

can broadly, that often expose way can think We and to product distribution we're more approaching - we also these Fair that's other things to we're but business. think our our enough? it's help for saying of going win as as strong grow back, to That's the to other tell So to some story, our more channels to believe in we're grow with going existing had use are strategy a part grow do position well come we're we of verticals and enough that. we it just our we that. the business business the customers and us going ability we

Robert Smith

color. makes Thanks the for Certainly sense.

Anthony Fuller

you. Thank

Operator

thoughts. I will for to now closing Fuller pass Tony the back call

Anthony Fuller

everyone I our want thank call to Well, participating Okay. in today. for

on I We great. questions. good been of questions. dialogue. lot a spend a They've I think appreciate the it's been time

want I this would present many that As I the for thing close, think there I and are one that just company. to catalysts emphasize of is, growth

that can the attract you other establish that other if lays a only can it's the if and execute that or plants, foundation think we be the year That in foundation digesters customers that build it's outside to can we of lays did you ability you I XXXX, scale. on, business. needed to build our and

So we're really future. excited about the

afternoon. sharing So in we great with go updates. look all to a and we progress our you future forward and you Thank have forward, as

Operator

for concluded. The attending Thank now presentation. conference is you today's

disconnect. now may You

Renovare Environmental (RENO) 21 Apr 212020 Q4 Earnings call transcript