Powerdyne International Inc. Announces the Filing of its Form 10-Q for the Second Quarter 2023
North Reading, MA, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Powerdyne International, Inc. (Ticker: PWDY) ("Powerdyne" and / or the “Company”) announced the filing of its Form 10-Q, and announced the financial results for its second quarter ended June 30, 2023.
Fiscal Second Quarter 2023 Key Highlights:
Revenues were $734,598.
Net loss improved to $89,734, as compared to $1,474,648, a 94.5% improvement over the prior six-month period.
Cash flow from operations improved to $33,135 from an amount used in operations of $203,637, a $236,772 improvement over the prior six-month period.
Powerdyne’s Chief Executive Officer, Mr. James O’Rourke, stated, “For the six months ended June 30, 2023, we delivered $734,598 in revenues. Our gross profit margins for the six months ended June 30, 2023, were 25.7% compared to the six months ended June 30, 2022, was 23.1% which the slight improvement in margins was due to increased sales volume providing for lower costs for inventory. With improved profitability and cash flows from operations, we were able to achieve these results despite a challenging economic environment with rising interest rates and inflation as the demand for our products continued to improve. Our positive results reflect our commitment to disciplined execution and operational excellence which have positioned us well for continued success.”
“The acquisition of CM Technology LLC and Frame One LLC places the Company in an excellent position for continued growth and expansion in the industrial robotics industry. The Company plans to provide additional news to the public and our shareholders in the near future,” Added James O’Rourke.
Forward-Looking and Cautionary Statements
The use of the word “Company” or “Powerdyne” refers to Powerdyne International, Inc. and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. Statements contained herein that look forward in time that include everything other than historical information, involve risk and uncertainties that may affect the Company’s actual results, including statements relating to future investments, deployment of capital, growth, and creation of long-term stockholder value. These forward-looking statements can be identified by terminology such as “will,’ “expects”, “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Powerdyne may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q. Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products and our financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (available at http://www.sec.gov). Powerdyne undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
About Powerdyne International, Inc.
Powerdyne International, Inc. (www.Powerdyneinternational.com) now consists of two wholly owned subsidiaries CM Technology LLC and Frame One LLC. CM Technology is a New England-based motor manufacturer which has been in business for over 19 years. CM Technology specializes in the design and custom building of industrial servomotors both brush and brushless motor designs. CM Tech’s current market focus is on the niche motor demands for low volume, high-quality cost-effective motors which are primarily used in industrial robotics for the semiconductor manufacturing industry. The motors that CM Tech currently has in production primarily provide the X, Y, and Z axis articulation in factory automation robots.
Frame One LLC is a custom picture framing shop located in North Reading, MA. Frame One has been in business since 2006 and brings with it a strong client base consisting of local schools, colleges, artist guilds, artists, interior decorators/designers, museums, photographers, art galleries and theaters.
For more information on Powerdyne go to: www.Powerdyneinternational.com
Contact:
Powerdyne International, Inc.
info@powerdyneinternational.com
