Eden Innovations Ltd (ASX: EDE) is a provider of technical solutions like EdenCrete, which is a carbon nanotube enriched admixture that delivers stronger, durable, tougher and longer lasting concrete. On 24 September 2018, Eden Innovations Ltd.’s share price increased by 37.143% after the company announced about the commencement of its first Federal funded highway repair project in Twiggs County, Georgia. The project is estimated to use approximately US$525,000 worth of EdenCrete®. It is the largest individual project Contract for the company and it is the first federal funded contract. It is a major milestone for the company as through this project the company continues to expand its sales footprint into the huge U.S. infrastructure and commercial concrete markets.
The work on this project is expected to start within next seven to ten days and it is anticipated that the project will be completed in three to four months. The first of the four tanker load which is required for the project has been dispatched from Colorado to Georgia in Eden’s new road tanker. The Federal Highway Administration (“FHWA”) and the Georgia Department of Transportation (“GDOT”) are together going to fund this project. FHWA will be contributing 80% of the costs. This project required the concrete to meet certain specific performance standards in relation to compressive strength, flexural strength, abrasion resistance and permeability, in order to deliver better quality of concrete.
For the year end 30 June 2018, the company’s revenue from operating activities increased by 38.9% to $1.3 million in FY2018 from $0.95 million in FY2017. The major reason behind the increase in the revenue is the increase in the sales of the company. Increase in sales has also resulted in decrease in the loss from ordinary activities by 3.9% to $10.8 million in FY 2018 which was $11.7 million in FY 2019. During the financial year the net assets of the company and its controlled entities reduced by $1.8 million from $19.6 million in FY2017 to $17.8 million in FY2018 which reflects the net effect of capital raised during the year less the loss for the year. Basic/diluted loss per share is 0.8267 cents in FY2018 compared to 0.9138 cents a year ago. Net cash used in operating activities is $9.2 million compared to $8.45 million a year ago. Purchase of property, plant and equipment is $1.35 million in FY 2018 which was $ 7.9 million a year ago. Capital expenditure of the company is $0.6 million compared to $10 million a year ago. Recently, the company announced that it has appointed Parchem Construction Supplies Pty Ltd as the exclusive New Zealand and Australian distributer of EdenCrete® products. EDE’s shares traded at $0.048 with a market capitalization of $51.39 million as on 24 September 2018.
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