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. reports developments for a China-based solutions integrator serving oilfield services, environmental protection, electric power and coal chemical customers. Its news commonly covers financial results, revenue mix across automation products and software, equipment and accessories, and platform outsourcing services, as well as corporate-status notices tied to its Nasdaq-listed ordinary shares.
Company updates also describe oilfield automation and monitoring products, support services for petroleum companies, offshore oilfield activity, and low-carbon energy initiatives. Coverage includes construction progress at Shandong Recon’s waste plastic chemical recycling project, alongside recurring disclosures on profitability, gross margin and listing compliance.
Recon Technology, Ltd. (NASDAQ: RCON) announced the successful implementation of an AI-based intelligent control platform for Sinopec's North China Branch. This project, finalized under a technology service agreement from October 2020, aims to enhance the efficiency of electrical submersible pumps (ESPs) in gas wells. The System has proven effective in extending ESP service life and optimizing economic performance. Sinopec has paid over half of the RMB 1.8 million (approximately USD 276,000) contract value. Recon's CTO expressed pride in this technological advancement, emphasizing ongoing commitments to R&D and digital transformation in oil and gas operations.
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.