Taronis Fuels Inc (TRNFQ)

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Excluding the impact of the gasification unit sale, Taronis’ combined US retail and wholesale operations were cash flow break even for the first time in Company history. The Company recorded a $1.2 million net income for the second quarter, which was also the first profitable quarter in the Company’s corporate history.

“Our second quarter results of operations speak for themselves,” commented Scott Mahoney, CEO of Taronis Fuels. “In the second quarter, several positive developments all came together to produce these strong financial results. We are very proud of our entire team, which made this accomplishment possible.”

“Heading into the second half of 2020, we see this strengthening trend in financial performance continuing. We are seeing solid results across all markets for our retail operations. Our wholesale gas distribution division is operating at maximum capacity and is clearly benefitting from the work-from-home conditions across the Sunbelt markets we serve. We believe our $2.8 million in industrial gas and welding supply sales reported for June is a strong indication of what we can sustain and build on consistently going forward, and we expect to fully leverage this success as we incorporate our newest location in Miami into our operations.”