Aug 29, 2012. /Lesprom Network/. Viridis Energy Inc. reported financial results for its 2Q ended June 30, 2012. During the quarter the Viridis Energy focused on tightening operations and streamlining costs in preparation for anticipated order acceleration in the second half of 2012 and beyond, as the company said in the press release received by Lesprom Network. Viridis generated revenue for the 2Q 2012 of $2.4 million compared to $2.9 million in the 2Q 2011, and $2.4 million during the 1Q 2012. The Company reported a comprehensive loss of $972,000 or $(0.02) per basic share for the 2Q 2012. Viridis reported a loss from operations of $730,000 during 2Q 2012 versus a loss of $813,000 during the prior year and a loss of $818,000 for the sequential prior 1Q 2012. The increased loss during the current 2Q reflects financing costs and other start-up costs associated with the Scotia Atlantic facility without the benefit of revenue contribution from the facility, offset by a 22% decrease in total year-over-year operating expenses and a 6% decrease compared to 1Q 2012. For the three months ended June 30, 2011, Viridis’ gross profit on revenue totaled $186,000, yielding a gross margin of 7.7% compared to 12.7% during the 2Q 2011 and 6.2% during 1Q 2012. Gross margin declined during the second half of last year due to prepaid agreements that were arranged in the off season as the company was working off old inventory that accompanied the purchase of the Okanagan facility. In 2012, the gross margin has increased sequentially each quarter. This trend is expected to continue as the Company enters its higher margin domestic home heating season and significantly, as it increases it own production capacity, thereby decreasing the percentage of revenues attributed to brokerage activity. For the six months ended June 30, 2012, Viridis reported revenues of $4.9 million, a 13% decrease compared to the same period in 2011. Net comprehensive loss totaled $2.2 million or $ (0.05) per basic share, compared to a net comprehensive loss of $1.7 million or $(0.06) per basic share for the same period in 2011. The Company’s year-over-year operating loss for the six month period increased $162,000 primarily due to carrying financial and operating costs of the plant in Nova Scotia as the facility is readied to launch production. “Our focus this quarter was to streamline our costs, fortify our balance sheet and enhance our operational efficiencies, while preparing the production launch of the Nova Scotia facility and investigating additional opportunities to materially increase capacity to hit our target of 500,000 tons over the next couple of years. Our customer base is growing worldwide as demand for clean, inexpensive alternative fuel continues to be at the forefront of global public policy. Particularly in light of the recent ROC banding announcement by the UK government, large European utilities are actively making their plans by 2013 and beyond. It is our plan to be at the forefront of the industry, ready with supply,” stated Christopher Robertson, CEO of Viridis Energy. Viridis Energy Inc. is a publicly traded, "Cleantech" alternative energy company specializing in the agricultural and wood waste biomass.