BOULDER CITY, Nev.—Amerityre, which makes polyurethane tires for farm, leisure and warehouse use, generated sales of $4.8 million in 2021, an increase of 23 percent from 2020.
Gross profit across the business rose 18.2 percent and reached $1.3 million in 2021.
The company said price discipline helped to maintain sales and profitability.
Lawn and garden tire applications based on low-density formulations grew in 2020. The company said it expects agricultural tire sales to increase in the coming quarters as increases in the price of in farm commodity crops such as corn and soybeans should result in more disposable income for farmers.
Amerityre also won agreements for large OEMs to trial its tires in their equipment in 2021 and is optimistic some of these will convert into contracts. It said the Elatothane 500 formulation was helping win interest because of its abrasion resistance. In a separate development, Amerityre said it had carried on the work started in 2020 and evaluated formulations and tires for e-bike applications too.
Finally, polyurethane elastomer tires made by the company are still struggling against lower priced rubber press-on tires. The PU elastomer tire business accounted for about 0.1 percent of sales in 2021, Amerityre said.