Applied UV Reports Second Quarter 2023 Financial Results

      Total revenues for the second quarter of 2023 of $10.8 million, representing an 83.6% increase over the comparable period in 2022

      Gross profit grew to $2.4 million, up 84.8% from $1.3 million in the comparable period in 2022.

      Record backlog of $20 million as of August 21, 2023

      Reaffirms its previous guidance of approximately $45 million in revenue for 2023


NEW YORK, NY - (NewMediaWire) - August 21, 2023 - Applied UV, Inc. (NASDAQ: AUVI), a leader in global food security, air quality, and intelligent building solutions today announced its financial results for the second quarter 2022. For the quarter, revenues were $10.8 million, increasing 83.6%, compared with $5.9 million in the second quarter of 2022. Gross profit for the second quarter of 2023 increased to $2.4 million, up 84.8%, compared with $1.3 million in the second quarter of 2022.

Q2 2023 and Recent Business Highlights

      Expanded its strategic relationship with  Canon U.S.A., Inc. to now include Canon Financial Services, Inc. , a wholly owned subsidiary of, to provide leasing services for Applied UVs four operating subsidiaries. The Canon group company, Canon Virginia, Inc., is contracted for the manufacturing of both product segments.

      Renewed its agreement with mfPHD, LLC , for installation of its PURONet UV Disinfection Control System in 16 operating rooms at the University of Texas, San Antonio hospital.

      LED Supply Co., and its FORTUNE 500 technology partner awarded approximately $0.8 million contract for comprehensive lighting & building controls solution for global auto manufacturer's U.S. facility.

      PURO, and Its Partner Academy Energy Groups Selected as a finalist for the GSA's Green Proving Ground (GPG) Program to demonstrate capability of next-generation LEDs and Far-UVC light to disinfect air without the need to increase ventilation. 

      Sterilumen received its first purchase order for its disinfecting mirrors from Mt. Sinai Hospital in New York. This significant milestone represents the successful culmination of three years of research, investment, and intellectual property development by Applied UV.

      Received over $2 million cash deposits on a significant $4 million order from hotel and multi-family developers for interior furnishings, validating strategy of expansion of domestic production facilities.

We believe the continued increase in our customer commitments to engage Applied UV as their trusted resource across all of our businesses supports our long-term growth strategy. The expansion of our backlog also reflects the success we are experiencing in winning new customers nationwide,” said Max Munn, CEO of Applied UV. “We believe our robust growth in backlog, together with our strategic acquisitions, provides a positive outlook for the remainder of this year and that our strategies for profitable growth in 2024 and beyond are gaining momentum.”

Brian Stern, President of Puro Lighting, commented, “The second quarter has been a truly significant period for the Intelligent Building Solutions division of Applied UV Inc., marked by our selection for the General Services Administration GPG Competition, our pioneering research partnership on Far UV with Johnson Controls and USHIO, and expanded growth in the multifamily sector. Our continued advancements in technologies to enhance food security and produce shelf life, coupled with sales synergies and expense improvements across divisions, demonstrate our drive towards innovation and increased operating efficiency. These collective achievements represent our  commitment to enhancing shareholder value, as we continue to lead in sustainable and intelligent building solutions.”

Q2 2023 Summary Financial Results

Net Sales

Net sales of $10.8 million represented an increase of $4.9 million, or 83.6% for the three months ended June 30, 2023, as compared to net sales of $5.9 million for the three months ended June 30, 2022. The Disinfection/Healthy Building Technologies segment increased $4.0 million, primarily due to the acquisition of Puro Lighting and LED Supply Co. on January 26, 2023.  Additionally, the Hospitality segment increased $0.9 million as that market is steadily improving.

Gross Profit

Gross profit increased $1.1 million, or 84.8%, to $2.4 million for the three months ended June 30, 2023, as compared to $1.3 million for the three months ended June 30, 2023, driven by increased sales in the Disinfection/Healthy Building Technologies segment and improved margins in the Hospitality segment.

Selling, General, and Administrative (SG&A) Expense

SG&A costs for the three months ended June 30, 2023, increased to $4.9 million as compared to $4.0 million for the three months ended June 30, 2022. The increase of approximately $0.9 million was driven primarily by the acquisitions of Puro Lighting and LED Supply Co., which accounted for an increase of approximately $1.7 million, but was offset by a reduction in other SG&A of approximately $0.7 million and a reduction in corporate expenses.

Other Expense

Other expense was $0.3 million for the three months ended June 30, 2023, which includes $0.5 million in interest expense, offset by a $0.2 million gain on the change in fair market value of contingent consideration. This compares to other expense of $0.1 million for the three months ended June 30, 2022.

Net Loss

The Company recorded a net loss of $3.0 million for the three months ended June 30, 2023, compared to a net loss of $2.9 million for the three months ended June 30, 2022. The increase in net loss of $0.1 million was mainly due to the increase in costs related to the acquisitions of Puro Lighting and LED Supply Co., offset by improved profitability in the Hospitality segment.

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

Conference Call/Webcast Information

Applied UV's management team will host an investor conference call and live webcast on August 21, 2023, at 9:00 am ET. Investors can access the live webcast via a link on Applied UV's website or at

For those planning to participate in the call, please dial +1-888-506-(for domestic calls), or +1-973-528-0011 (for international calls), passcode 350611. A replay of the conference call will be available online on the Applied UV website, and a dial-in replay will be available for one week following the call at +1-877-481-4010 (for domestic calls) or +1-919-882-2331 (for international calls), replay passcode 48955.

About Applied UV

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

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Forward-Looking Statements

The information contained herein may contain forwardlooking statements.Forwardlooking 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 forwardlooking 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. Forwardlooking statements are based on the Companys current expectations and assumptions regarding its business, the economy and other future conditions. Because forwardlooking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Companys actual results may differ materially from those contemplated by the forwardlooking 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 forwardlooking statements. Factors or events that could cause the Companys 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 forwardlooking 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.


Applied UV, Inc. and Subsidiaries 
Unaudited Condensed Interim Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2023 and 2022
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2023 2022 2023 2022
Net Sales $10,843,686  $5,907,646  $21,498,169  $9,263,736 
Cost of Goods Sold  8,433,992   4,603,854   17,166,089   6,810,845 
Gross Profit  2,409,694   1,303,792   4,332,080   2,452,891 
Operating Expenses                
Research and development  180,293   82,049   369,503   141,363 
Selling General and Administrative Expenses  4,922,119   4,031,215   10,186,498   7,132,441 
Loss on impairment of goodwill and intangibles  —     —     —     1,138,203 
Total Operating Expenses  5,102,412   4,113,264   10,556,001   8,412,007 
Operating Loss  (2,692,718)   (2,809,472)   (6,223,921)   (5,959,116) 
Other Income (Expense)                
Change in Fair Market Value of Warrant Liability  (1,384)   (32,111)   918   11,717 
Interest expense  (483,122)   (49,020)   (876,061)   (53,076) 
Gain (Loss) on change in Fair Market Value of Contingent Consideration  186,000   —     (433,999)   (240,000) 
Gain on Settlement of Contingent Consideration (Note 2)  —     —     —     1,700,000 
Other Income  —     1,948   —     1,948 
Total Other Income (Expense)  (298,506)   (79,183)   (1,309,142)   1,420,589 
Loss Before Provision for Income Taxes  (2,991,224)   (2,888,655)   (7,533,063)   (4,538,527) 
Benefit from Income Taxes  —     —     —     —   
Net Loss $(2,991,224)  $(2,888,655)  $(7,533,063)  $(4,538,527) 
Net Loss attributable to common stockholders:                
Dividends to preferred shareholders  (407,231)   (362,250)   (769,481)   (724,500) 
Net Loss attributable to common stockholders  (3,398,455)   (3,250,905)   (8,302,544)   (5,263,027) 
Basic and Diluted Loss Per Common Share $(0.77)  $(1.28)  $(2.10)  $(2.06) 
Weighted Average Shares Outstanding - basic and diluted  4,434,036   2,533,077   3,949,211   2,559,957 

Applied UV, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of June 30, 2023 and December 31, 2022
  June 30, December 31.
  2023 2022
Current Assets        
Cash and cash equivalents $3,333,544  $2,734,485 
Accounts receivable, net of allowance for doubtful accounts  5,049,906   1,508,239 
Costs and estimated earnings in excess of billings  2,435,960   1,306,762 
Inventory, net  8,207,895   5,508,086 
Vendor deposits  1,149,385   75,548 
Prepaid expense and other current assets  2,011,189   1,187,223 
Total Current Assets  22,187,879   12,320,343 
Property and equipment, net of accumulated depreciation  1,166,507   1,133,468 
Other assets  —     153,000 
Goodwill  17,809,235   3,722,077 
Other intangible assets, net of accumulated amortization  28,000,601   11,354,430 
Right of use assets  3,807,834   4,044,109 
Total Assets $72,972,056  $32,727,427 
Liabilities, Redeemable Preferred Stock and Stockholders' Equity    
Current Liabilities    
Accounts payable and accrued expenses $8,862,351  $2,982,760 
Contingent consideration  18,809,672   —   
Deferred revenue  5,406,083   4,730,299 
Due to landlord (Note 2)  189,182   229,234 
Warrant liability  9,069   9,987 
Financing lease obligations  41,632   33,712 
Operating lease liability  1,689,127   1,437,308 
Notes payable, net  4,999,257   2,098,685 
Total Current Liabilities  40,006,373   11,521,985 
Long-Term Liabilities        
Due to landlord - less current portion (Note 2)  325,557   393,230 
Notes payable, net - less current portion  5,323,659   765,144 
Financing lease obligations - less current portion  155,360   158,070 
Operating lease liability - less current portion  2,190,159   2,655,103 
Total Long-Term Liabilities  7,994,735   3,971,547 
Total Liabilities  48,001,108   15,493,532 
Redeemable Preferred Stock        
Preferred Stock, Series B Cumulative Perpetual, $0.0001 par value, 1,250,000 shares authorized, 1,250,000 shares issued and outstanding as of June 30, 2023 and no shares issued and outstanding as of December 31, 2022  3,712,500   —   
Preferred Stock, Series C Cumulative Perpetual, $0.0001 par value, 2,500,000 shares authorized, 399,996 shares issued and outstanding as of June 30, 2023 and no shares issued and outstanding as of December 31, 2022  1,063,989   —   
Total Redeemable Preferred Stock  4,776,489   —   
Preferred Stock, Series A Cumulative Perpetual, $0.0001 par value, 1,250,000 shares authorized, 552,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022  55   55 
Preferred Stock, Series X, $0.0001 par value, 10,000 shares authorized, 10,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively  1   1 
Common Stock $0.0001 par value, 150,000,000 shares authorized 8,928,330 shares issued and 8,905,633 outstanding as of June 30, 2023 and 2,735,290 shares issued and 2,712,593 outstanding as of December 31, 2022,        respectively  893   274 
Additional paid-in capital  56,883,253   45,620,764 
Treasury stock at cost, 22,697, respectively  (149,686)   (149,686) 
Accumulated deficit  (36,540,057)   (28,237,513) 
Total Equity  20,194,459   17,233,895 
Total Liabilities, Redeemable Preferred Stock and Stockholders' Equity $72,972,056  $32,727,427 

Applied UV, Inc. and Subsidiaries
Condensed Interim Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2023 and 2022
  2023 2022
Cash flows from Operating Activities        
Net Loss $(7,533,063) $(4,538,527)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities        
Stock based compensation  384,809   400,450 
Bad debt (recovery) expense  (135,467)  55,226 
Change in fair market value of warrant liability  (918)  (11,717)
Change in fair market value of contingent consideration  433,999   240,000 
Gain on settlement of contingent consideration  —     (1,700,000)
Loss on impairment of goodwill and intangible assets  —     1,138,203 
Amortization of right-of-use asset  236,275   462,832 
Depreciation and amortization  1,418,127   978,495 
Amortization of debt discount  399,129   53,646 
Changes in operating assets and liabilities, net of effects of acquisitions:        
Accounts receivable  (1,670,165)  (402,965)
Cost and estimated earnings excess of billings  (595,560)  (262,420)
Inventory  1,311,288   (2,855,073)
Vendor deposits  (698,165)  494,888 
Prepaid expenses and other current assets  (194,044)  (62,600)
Accounts payable and accrued expenses  2,088,635   768,872 
Billings in excess of costs and earnings on uncompleted contracts  —     (616,475)
Deferred revenue  (1,622,314)  687,494 
Due to landlord  (186,344)  (93,172)
Operating lease payments  (213,125)  (449,388)
Net Cash Used in Operating Activities  (6,576,903)  (5,712,231)
Cash Flows From Investing Activities        
Cash paid for patent costs  (51,077)  (682)
Purchase of machinery and equipment  (75,959)  (26,043)
Acquisitions, net of cash acquired (Note 2)  (4,115,709)  (10)
Payments on notes payable  (166,262)  —   
Net Cash Used in Investing Activities  (4,409,007)  (26,735)
Cash Flows From Financing Activities        
Payments on financing leases  (20,022)  (3,493)
Shares repurchased  —     (149,686)
Dividends to preferred shareholders  (769,481)  (724,500)
Payments on note payable  (16,438,782)  —   
Proceeds from equity raises, net  6,630,799   1,092,000 
Proceeds from note payable, net  22,182,455   —   
Net Cash Provided by Financing Activities  11,584,969   214,321 
Net Increase (Decrease) in Cash and equivalents  599,059   (5,524,645)
Cash and cash equivalents at January 1,  2,734,485   8,768,156 
Cash and cash equivalents at June 30, $3,333,544  $3,243,511 
Supplemental Disclosures of Cash Flow Information:        
Cash paid during the year for:        
Interest $308,955  $4,102 
Supplemental Non-Cash Disclosures of Investing and Financing Activities        
Conversion of debt into common stock $217,500  $—   
Recognition of right of use asset and corresponding lease liability $563,315  $1,380,658 


For Additional Company Information:


Applied UV, Inc. 

Max Munn 

Applied UV Founder, CEO & Director  


Investor Relations Contact:

TraDigital IR 

Kevin McGrath 


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