KAMLOOPS – CleanTech and manufacturing company Progressive Planet released financial results that showed a 410 percent increase in revenue for fiscal 2023.
Revenue rose to $19.54 million, up from $3.83 million, and operating cash flow increased by $3.8 million for the company, which develops low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials and has its products in over 10,000 retail stores across North America.
“Fiscal 2023 was a foundational year for advancing Progressive Planet along its growth strategy,” says Progressive Planet CEO Steve Harpur. “We delivered four major milestones in the past fiscal year: Successfully integrated a strong base business with 50 employees to accelerate commercialization of our innovations, increased gross margin of the base business by 13.6 per cent while growing revenues, established $3.6 million in available debt facilities that can be strategically used to fund growth, and developed major partnerships for commercializing our technologies – including the biggest cement company in Canada and major agricultural players.”
Progressive Planet’s net loss of $1.5 million in fiscal 2023 includes $.87 million in research and development expenditures and $1.31 million in property, plant, and equipment for long term revenue growth and profitability.
The company also reduced fertilizer use by an estimated 50 per cent on 617 acres with new, proprietary natural fertilizer under the brand CARBON PK™, finalized PozGlass™ 100G sales and purchase agreement with Lafarge Canada for a pilot plant anticipated to begin operations in 2024, and received a re-order of pet brand Wundercat®, which is expected to add $1.2 million in new annual revenues.
Business Examiner Staff