/NOT FOR DISTRIBUTION IN THE USA/
– Progressive Planet achieves record cash position
– Secures $1.56 million in grant funding for pilot plant
– Gross margin influenced by one-time expenses
KAMLOOPS, BC, March 13, 2025 /CNW/ – Progressive Planet Solutions Inc. PLAN ASHXF (“Progressive Planet”, “PLAN”, or the “Company”) has announced its financial results for the third quarter that ended on January 31, 2025.
During this quarter, the Company generated profits and strengthened its cash position through operational cash flow and grant funding. However, its gross margin decreased due to rising costs and the impact of a receivable write-down linked to the bankruptcy of a Canadian retail chain.
Key Financial Results – Q3 Fiscal 2024 vs. Q3 Fiscal 2025:
- The Company’s cash balance rose by $1,867,662 to reach $4,819,839 as of January 31, 2025, which includes $1,555,682 in grant funding.
- Revenue experienced a 1% decline, totaling $4,779,099 compared to $4,812,604 in Q3 F2024.
- A planned plant shutdown during the quarter affected production levels and revenues.
- Gross profit decreased by 13% to $1,359,051, down from $1,566,847 in Q3 F2024.
- Income from operations was $231,455, compared to $549,255 in Q3 F2024.
- Net income totaled $114,838, a decrease from $348,689 in Q3 F2024.
- The Company holds unused credit facilities with over $3,000,000 in credit available as of January 31, 2025.
“Despite being profitable and increasing our cash reserves, Q3 was challenging due to a receivable write-down linked to the bankruptcy of a farm supply store chain. Additionally, we encountered a scheduled shutdown that resulted in a one-week production loss and an uptick in operating costs, especially in freight,” explained Harpur. “Though we started investing in robotics this quarter, we do not anticipate cost savings from these variable production investments until Q3 of next year when the new systems will be operational,” added Harpur.
- EBITDA is a non-IFRS financial metric indicating earnings before interest, taxes, depreciation, and amortization to provide insight into the Company’s performance.
- Gross margin is a non-IFRS financial measure, which shows gross profit as a percentage of revenue for specific periods. It helps assess the Company’s profitability trends.
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Progressive Planet offers regular updates for investors on its official website: progressiveplanet.com/investors/, where press releases and information regarding financial performance, patents, and corporate governance are available. For further inquiries or investor relations questions, please contact:
Steve Harpur, CEO
1 (800) 910-3072
[email protected]
The TSX Venture Exchange and its Regulation Services Provider (as defined in TSX Venture Exchange policies) do not assume responsibility for the adequacy or accuracy of this release.
About Progressive Planet:
Headquartered in Kamloops, British Columbia, Progressive Planet is committed to sustainability through its Products for a Healthy Planet™. The Company utilizes its owned mineral resources and recycled materials to innovate patented and patent-pending solutions that contribute to environmental health.
Our C-Quester™ Centre of Sustainable Solutions drives advancements in low-carbon cement technology, while our additional lab focuses on sustainable options for agriculture and animal care.
# Progressive Planet Expands Retail Presence Across North America
Products from Progressive Planet Solutions Inc. are now available in over 10,000 retail locations throughout North America. For further details, please visit progressiveplanet.com.
## Forward-Looking Statements
Forward-Looking Statements:
Certain statements in this release are classified as forward-looking, reflecting management’s expectations regarding the matters described herein. These statements extend beyond purely historical information and include beliefs, plans, expectations, or intentions for the future. However, such statements carry inherent risks and uncertainties that could result in actual outcomes, performance, or developments diverging significantly from the anticipations expressed. There is no guarantee that any expected events will occur, nor what benefits, if any, the Company may realize from them. These forward-looking comments represent management’s current outlook and rely on specific expectations, estimates, and assumptions that may ultimately prove inaccurate. A variety of factors beyond the Company’s control could lead to a substantial difference between anticipated results and actual performance.
## Disclaimer
Disclaimer:
This news release, mandated by Canadian laws, does not represent an offer of securities and is not intended for distribution or dissemination outside Canada.
SOURCE: Progressive Planet Solutions Inc.
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