UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 2.02 Results of Operations and Financial Condition
On November 10, 2021, Ecoark Holdings, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended September 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Furthermore, the information contained in this Item 2.02 or Exhibit 99.1 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. | Exhibit | |
99.1 | Press Release dated November 10, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
November 15, 2021 | Ecoark Holdings, Inc. | |
By: | /s/ Randy S. May | |
Randy S. May Chief Executive Officer |
Exhibit 99.1
Ecoark Announces Operating Results for Q2 Fiscal 2022
SAN ANTONIO, Nov 11, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST), today announced the following operating results for the second quarter of fiscal 2022 ended September 30, 2021.
· | Achieved revenue of $6.1 million, reflecting an increase of 86% compared to $3.3 million in the prior year quarter |
· | Generated gross profit of $2.9 million, up from $0.95 million in the prior year quarter, and reflecting gross margins of 47% |
· | Reported net loss of ($5.9) million, or ($0.233) per basic and diluted share versus net income of $9.0 million or $0.445 per basic and $0.380 per diluted share in the prior year quarter. The net loss for the second quarter of fiscal 2022 included a $1.6 million one-time cost related to the capital raise completed in August 2021 in conjunction with Ecoark’s recently completed Nasdaq uplisting. Net loss for the second quarter of fiscal 2022 also included a $0.6 million non-cash loss associated with the change in fair value of derivative liabilities, versus a $16.0 million cumulative non-cash gain on both a warrant exchange for common stock and the change in fair value of derivative liabilities. |
· | Exited the second quarter of fiscal 2022 with cash on hand of $7.9 million, up from $1.7 million in the prior year quarter |
· | Reported stockholders’ equity of $23.8 million as of September 30, 2021, up from $17.8 million as of September 30, 2020 |
“We continue to execute our strategy and expand our operations, as evidenced by an 86% increase in revenue for the second quarter of fiscal 2022 versus the prior year period,” stated Randy May, Chief Executive Officer of Ecoark. “Our team remains actively focused on pursuing additional opportunities to generate value, including Ecoark’s recently announced cryptocurrency mining beta site which remains on track to become operational this month.”
The Company filed its latest quarterly results for the second quarter of fiscal 2022 with the Securities and Exchange Commission (SEC) on Form 10-Q. To access the filing, please visit www.sec.gov or the Reports and Filings section of Ecoark’s Investor Relations website at https://www.ecoarkusa.com/investor-relations/.
About Ecoark Holdings, Inc.
Founded in 2011, Ecoark is a diversified holding company. The company has three wholly-owned principal subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Agora Digital Holdings Inc. (“Agora”), the parent of Trend Holdings, LLC (“Trend”). Zest Labs, offers the Zest Fresh™ solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the $161 billion amount of food loss the U.S. experiences each year. Banner Midstream is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Texas, Louisiana, and Mississippi. Banner Midstream also provides transportation and logistics services and procures and finances equipment to oilfield transportation services contractors. Agora was formed to acquire Trend and its new cryptocurrency mining subsidiary, Bitstream Mining LLC. In addition to leading this new business opportunity, Trend invests in a select number of early-stage startups each year as part of the fund’s venture capital strategy; it is an open-minded investor with a founder-first mentality. A Trend subsidiary, Trend Discovery LP, has an audited track record of uncorrelated outperformance of the S&P 500 since inception.
ZEST FRESH™ and Zest Labs™ are trademarks of Zest Labs, Inc.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to our expectations with respect to commencement of Bitstream’s cryptocurrency beta site. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors, such as market and other conditions, many of which are outside management’s control. Important factors that could cause actual results to differ from those in the forward-looking statements are included in the Form 10-Q filed by the Company for the three and six months ended September 30, 2021, and 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Additional factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact:
Investor Relations:
Marc Silverberg, ICR
Brian McBride, Ecoark
1-800-762-7293
investorrelations@ecoarkusa.com
Cover |
Nov. 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 10, 2021 |
Entity File Number | 000-53361 |
Entity Registrant Name | Ecoark Holdings, Inc. |
Entity Central Index Key | 0001437491 |
Entity Tax Identification Number | 30-0680177 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 303 Pearl Parkway Suite 200 |
Entity Address, City or Town | San Antonio |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 78215 |
City Area Code | 800 |
Local Phone Number | 762-7293 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | ZEST |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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