Home Trending Stocks Why Tantech Holdings Ltd (TANH) surged in the after-markets on Friday?

Why Tantech Holdings Ltd (TANH) surged in the after-markets on Friday?

Tantech Holdings Ltd (TANH) share price remained unchanged in the normal trading session on Friday, May 21, 2021, but in the after-hours TANH stock gained 7.96% to close the week at $1.22 per share. TANH shares have risen 9.74% over the last 12 months, and they have moved up  5.61% in the past week. Over the past three months, the stock has lost 36.16%, while over the past six months, it has declined 67.99%.

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Let’s check out what’s going on with TANH?

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Financial results announcement

On April 27, 2021, Tantech Holdings Ltd released its audited financial results for the year ended December 31, 2020.

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FY2020 financial highlights

Tantech Holdings Ltd earned revenue of $42.3 million in FY 2020 compared to $49.2 million in FY 2019.

For the reported year, gross profit was$4.5 million compared to $6.0 million in 2019.

The gross margin was 10.6% in FY 2020 compared to 12.1% in FY 2019.

Total operating expenses were $14.82 million in FY 2020 compared to $14.89 in FY 2019.

Tantech`s net loss attributable to common stockholders was $6.5 million or $0.22 per share basic and diluted for the full year 2020 compared to a net loss of $6.3 million or $0.22 per share basic and diluted for the full year 2019.

The company had a $37.1 million balance of cash and cash equivalents, with total shareholders’ equity of approximately $99.5 million on December 31, 2020.

OEM Midibus Order executed

On March 12, 2021, Shangchi Automobile Company Ltd, which is subsidiary ofTantech Holdings fulfilled an OEM order to assemble two prototype midibuses. The vehicles were shipped on March 8, 2021, with the Middle East as the final destination.

International bamboo charcoal standard creation

On February 1, 2021, Tantech Holdings Ltd (NASDAQ: TANH) said that its subsidiary Zhejiang Tantech Bamboo Charcoal Co., Ltd. participated in the creation of Part 1, Part 2 and Part 3 of ISO 21626, an international standard for bamboo charcoal. Part 1 and Part 2 have been formally published.

Launching of the new activated carbon product

On January 25, 2021, Tantech Holdings Ltd launched a variety of Honeycomb activated Carbon product. The new product was designed to be both powerful and flexible, making it an ideal solution for large area purification.

The honeycomb activated carbon product can effectively reduce odours and pollutants, including the adsorption of formaldehyde and benzene, and industrial gas purification to reach the national first-level exhaust gas emission standard.

Launching driverless and autonomous street sweeper

On December 1, 2020, Shangchi Automobile Co., Ltd, which is a subsidiary of  Tantech Holdings Ltd launched its newest highly innovative driverless and autonomous street sweeper.

The Shanghai SC-100A follows the launch last month of the SC-120A model featuring unmanned, automatic sweeping.

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Conclusion

There is no recent news about the company so its surging in the after-markets has no grounds. We hope that TANH Stock will continue its progress on Monday as well.

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