KAMLOOPS, BRITISH COLUMBIA – September 1, 2023 – Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”), a leader in developing CleanTech solutions for the planet, announces it has filed audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the fiscal year ending April 30, 2023 on SEDAR+. These documents are also available on the Company’s website.
“Fiscal 2023 was a foundational year for advancing Progressive Planet along its growth strategy,” says Progressive Planet CEO Steve Harpur.
Added Harpur: “We delivered four major milestones in the past fiscal year: (i) successfully integrated a strong base business with 50 employees to accelerate commercialization of our innovations, (ii) increased gross margin1 of the base business by 13.6% while growing revenues, (iii) established $3.6 million in available debt facilities that can be strategically used to fund growth, and (iv) developed major partnerships for commercializing our technologies – including the biggest cement company in Canada and major agricultural players.”
Fiscal 2023 highlights
- Revenue increased by 410% from $3.83 million in F2022 to $19.54 million in F2023
- Operating cash flow increased by $3.80 million from $2.19 million used in F2022 to $1.61 million generated from operations in F2023
- Gross margin1 increased from 12.6% in F2022 to 26.2% in F2023
- Net loss of $1.16 million in F2023 – includes $0.87 million in research and development expenditures
- Repayment in full of the line of credit balance of $1.48 million in F2023
- Repayment in full of two variable interest rate bank loans in F2023, related to the acquisition of our base business, of $0.97 million and $0.71 million, respectively
- Cash on hand was $0.70 million on April 30, 2023
- Investment of $0.87 million in research and development expenditures and $1.31 million in property, plant, and equipment both related to the development of industry-disrupting low carbon and carbon sequestering cement and agriculture products expected to position Progressive Planet for long term revenue growth and profitability
Subsequent to F2023
- June 2023 – Reduced fertilizer use by an estimated 50% on 617 acres with new, proprietary natural fertilizer under the brand CARBON PK™
- June 2023 – Finalized PozGlass™ 100G sales and purchase agreement with Lafarge Canada for a pilot plant anticipated to begin operations in 2024
- July 2023 – Received a reorder of pet brand, Wundercat®, which is expected to add $1.2 million in new annual revenues
- Gross margin is a non-IFRS financial measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company’s results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.