Recon Technology Ltd Stock Price, News & Analysis

Recon Technology, Ltd (NASDAQ: RCON) has announced significant progress in developing a new energy-efficient electric pump through its subsidiary, Nanjing Recon Technology. This R&D project initiated in September 2021 aims to improve energy efficiency in oilfield operations. Preliminary lab data indicates a potential electricity saving of over 12%, outperforming traditional practices. The company expects to launch these pumps in the second half of 2023, with a projected price of approximately US$58,000 per unit. The technology could save clients around RMB100,000 (US$14,000) annually for each pump, appealing to oilfields looking to enhance efficiency.

Recon Technology, Ltd (NASDAQ: RCON) announced a RMB1.31 million contract to provide gas flares for oil and gas fields in Northwestern Qinghai, China, awarded to its subsidiary Beijing BHD Petroleum Technology Co., Ltd. This contract aims to manage volatile organic compounds (VOCs) released during oil processing, which harm human health and the environment. Since July 2022, Beijing BHD has secured RMB8.50 million in total revenue from various contracts, signaling progress in its operations within China's oilfield services sector.

Recon Technology, Ltd (NASDAQ: RCON) announced a significant contract valued at RMB3.97 million ($0.57 million) from a leading oil and gas company in China. This contract will see its subsidiary, Huang Hua BHD Petroleum Equipment Manufacturing Co. Ltd., provide high-efficiency heating furnaces and related maintenance services. Over recent quarters, HH BHD has generated RMB6.68 million ($0.96 million) in revenue from various contracts. The company emphasizes its commitment to delivering top-tier solutions across multiple industries, anticipating positive impacts on business performance.

Recon Technology, Ltd (NASDAQ: RCON) announced it secured a RMB6.73 million (approx. USD 0.94 million) contract to provide automation control and maintenance services for a gas generation plant in Sichuan, China. The contract, awarded to Nanjing Recon, includes daily maintenance of machinery and network systems to support production goals for a leading oil and gas company. This follows a previous contract worth RMB3.2 million (approx. USD 0.45 million) announced in October. The PR highlights Recon's ability to meet customer needs through tailored solutions.

Recon Technology, Ltd (NASDAQ: RCON) has announced the renewal of 'High-Tech Enterprise' status for its subsidiary, Nanjing Recon Technology Co., by the Jiangsu provincial government. This three-year designation offers various governmental incentives, including a reduced income tax rate of 15%. Nanjing Recon has invested over RMB12 million in R&D, representing over 10% of its annual sales, and achieved significant sales of high-tech products, totaling RMB18 million in 2021. The recognition underscores Recon's commitment to innovation and its capacity to transform R&D into commercial success.

Recon Technology, Ltd (NASDAQ: RCON) held a virtual investor call on November 10, 2022, to address shareholder questions regarding its business state and future plans. CEO Shenpin Yin highlighted that approximately 80% of future revenue would stem from oilfield-related services, with a stable RMB20 million ($2.9 million) from environmental services. The company anticipates a 20-30% growth in revenue, down from an initial 30% target, influenced by economic factors. The firm also regained compliance with Nasdaq requirements and currently holds $47 million in cash for potential mergers and acquisitions.

On November 8, 2022, Recon Technology, Ltd (NASDAQ: RCON) received confirmation from NASDAQ that it has cured its bid price deficiency and complies with all listing standards. This means that RCON's stock will continue to be listed and traded on NASDAQ. The company is recognized as China's first NASDAQ-listed non-state owned oil and gas field service firm, providing services to major clients like Sinopec and CNPC.

Recon Technology, Ltd (NASDAQ: RCON) announced an eight-year cooperation with Tianjin Anjie IoT Technology for electrical grid peak load leveling services. The partnership aims to leverage shared resources in China's northwest region to develop energy-saving projects and enhance technical consulting. Qinghai BHD, Recon's subsidiary, will manage customer development and promote Tianjin Anjie's services, while Tianjin Anjie provides marketing support and training. This collaboration addresses significant energy consumption needs in industries like aluminum and steel, potentially enabling substantial cost savings for clients.

Recon Technology, Ltd (NASDAQ: RCON) announced a virtual investor meeting scheduled for November 10, 2022, from 9:00 AM to 9:30 AM Eastern Time. Senior management will discuss the company's business strategies and outlook, with a Q&A session included. Investors can submit questions via email prior to the meeting or during the session. Recon is China's first NASDAQ-listed non-state owned oil and gas service company, providing advanced technologies to major clients like Sinopec and CNPC. A Form 6-K will disclose management's discussions post-meeting.