Clean TeQ (ASX:CLQ) share price nosedives 8% on $10 million loss

The Clean TeQ Holdings Limited (ASX: CLQ) share price dropped today off the back of the company's half year (1H21) results for the period ended 31 December 2020.

The Clean TeQ share price finished today's trading session 8.20% lower at 28 cents a share.

Here's what we learned from the company's 1H21 results.

Clean TeQ posts multi-million dollar loss

Clean TeQ reported a loss of $10.1 million for 1H21. This compares to the $10.3 million loss of 1HY20.

Revenue from continuing operations increased to $1.6 million versus the 31 December 2019 revenue of $666,000.

The 1HY21 loss per share was $1.33, a slight improvement compared to the 1HY20 loss per share of $1.35.

Net assets jumped during the period from $42 million as of 30 June 2020 to $48.7 million as of 31 December 2020.

Clean TeQ's total equity at the end of 1HY21 was $48.7 million compared to $42.1 million in 1HY20.

Clean TeQ principal 1HY21 activities

For the 1HY21 period, Clean TeQ advised that its principal consulting activities focused on two major areas.

First, the company noted its ongoing development of Clean-iX. Clean-iX resin technology can be used to extract and purify a range of mining industry resources including base metals, precious metals and rare earth elements. Clean TeQ is also developing its Sunrise Project and other mineral exploration properties in New South Wales as part of this feat.

Secondly, Clean TeQ advised that it continues to develop and commercialise its Continuous Ionic Filtration ('CIF') resin technologies. The CIF technology supports the purification and recycling of industrial, municipal and mining waste waters.

Clean TeQ share price snapshot

Clean TeQ specialises in metals recovery and industrial water treatment. The business endeavours to become a leading supplier of clean energy solutions.

Over the past 6-month period, the Clean TeQ share price has gained 100%. 

The company's current market capitalisation is $283.5 million and there are presently 885.9 million shares outstanding based on the current share price.