Tantech Holdings Ltd. (TANH), a company that develops and manufactures bamboo-based charcoal products, has plunged 10.57% in aftermarket trading session. Consequently, TANH stock is trading at $0.55 at the time of the writing. The short term investors have brought on this condition for this stock. On Monday, TANH stock closed the day at $0.62 after gaining an increase of 11.15% during regular trading hours. The increase was attributable to the receipt of a milestone order.
Why TANH Surged?
On Monday, TANH announced that its subsidiary, Lishui Smart New Energy Automobile Co., Ltd., had received a milestone order for 12 highly innovative SC-120A driverless street sweepers. The customer was a real-estate developer company, which manages industrial parks and other similar sorts of properties in PRC. The order is the first one since the final phase of factory testing and standard factory quality control reviews. Tantech also announced that it had successfully developed its third generation of autonomous sweepers having advanced features.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
1HFY 2021 Operational Results
On 22nd October, TANH released the operational results for the first half of FY 2021. The six month period ended on 30th June. The company generated revenue of $20.6 million during the period against $22.9 million for the same period of 2020. The total operating expenses bore by the company during the six months were $9.7 million against $1.3 million for the same period of 2020. The company suffered a net loss of $6.6 million (or $0.18 per basic and diluted share) during the half against the net income of $1.2 million (or $0.04 per basic and diluted share) during the same six month period of 2020.
Mr Wangfeng Yan, Chief Executive Officer of TANH, while commenting on the results said that the company has been working hard for the strategic shift in its business from being solely engaged in consumer product sales to expansion in the speciality vehicle market. The company has focused on production costs as it has increased operating cash flow for its long term growth in the vehicular market.
Future Outlook for TANH
During the last six months, TANH stock has declined more than 40%. The prime reason for that is the uncertainty associated with the stock in the form of negative sentiments. However, as the recent performance has shown, TNAH stock can attract investors for long term investment, which could be the case in the upcoming months.