Welcome to our dedicated page for Recon Technology news (Ticker: RCON), a resource for investors and traders seeking the latest updates and insights on Recon Technology stock.
Recon Technology, Ltd. (NASDAQ: RCON) generates news across oilfield services, environmental protection and low-carbon energy projects in China and abroad. As the first NASDAQ-listed non-state-owned oil and gas field service company in the People's Republic of China, Recon regularly reports on its financial performance, contract wins, project milestones and regulatory developments that affect its business.
Investors following RCON news will see detailed updates on segment performance in automation products and software, equipment and accessories, oilfield environmental protection and platform outsourcing services. The company issues earnings releases for its fiscal year and interim periods, highlighting changes in revenue, gross profit, gross margin, operating expenses, interest income and net loss, along with management commentary on demand from oilfield and non-oilfield customers.
Recon's news flow also covers strategic initiatives in low-carbon and recycling activities. Announcements have described the construction progress of the Recon Plastic Chemical Recycling Project in Shandong, including the topping out of the main manufacturing plant, the transition into equipment installation and commissioning, and the planned processing of low-value waste plastics using catalytic pyrolysis and catalytic reforming technologies.
In addition, RCON news items include information on major service contracts, such as automation system upgrades and retrofits for large gas fields in Asia, and contracts to supply electronic components and materials for oilfield production. Regulatory and listing-related updates, including Nasdaq compliance matters and the 1-for-18 reverse stock split of Recon's Class A ordinary shares, are also disclosed through company press releases.
By monitoring this news page, readers can review a chronological record of Recon's financial disclosures, project updates, contract announcements and capital market actions that shape the company’s operations and outlook within the oilfield service and environmental sectors.
Recon Technology, Ltd. (Nasdaq: RCON) reported its fiscal 2020 financial results, showing total revenues of approximately RMB65.8 million ($9.3 million), down 35.8% from the previous year. Despite a net loss of $2.7 million ($0.59 per share), the gross profit margin increased to 29.8%. The company’s operating expenses decreased by 26.5% due to cost-cutting measures, especially in selling and administrative expenses. Cash position improved to RMB30.3 million ($4.3 million) compared to the prior year, aided by successful securities offerings during mid-2020.
Recon Technology, Ltd. (NASDAQ: RCON) announced that its subsidiary, Gan Su BHD Environmental Technology Co., Ltd, received a 3-year hazardous waste operating permit from the Gansu Province Environmental Protection Bureau on July 27, 2020. The subsidiary has secured a new order from Sinopec to dispose of 1,680 tons of oily sludge, valued at approximately RMB3.6 million ($0.5 million). Additionally, Gan Su BHD's comprehensive disposal treatment facility, operational since January 2020, is set to significantly enhance its service capabilities in waste treatment.
Recon Technology, Ltd. (RCON) announced a securities purchase agreement on June 26, 2020, with accredited investors for a registered direct offering of $2.1 million worth of ordinary shares. The offering includes the sale of 1.68 million ordinary shares at $1.25 each and unregistered warrants for the same number of shares. The concurrent private placement allows for immediate exercise of warrants, expiring in 5.5 years. Proceeds are intended for general corporate purposes. The offering is expected to close by June 30, 2020, depending on customary conditions.
Recon Technology, Ltd. (RCON) announced a memorandum of understanding (MOU) on June 22, 2020, to explore acquiring up to 100% of Beijing Originwater Purification Engineering Technology Co. Ltd. The acquisition price will be determined by an independent evaluation, paid in cash and restricted ordinary shares. Due to potential conflicts of interest, an independent committee will review the transaction. Originwater specializes in addressing water issues in China, including pollution and shortages. Further details will be disclosed after a definitive agreement is reached.