Progressive Planet, 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
