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"Progressive Planet reported record quarterly revenues and income from operations in Q2 2024," says Progressive Planet CEO
Added Harpur: "With two credit facilities totalling
- Operating cash flow increased to
$0.67 million in the six months endedOctober 31, 2023 , from negative$0.11 million for the six months endedOctober 31, 2022 - Income from operations was
$0.26 million for the current quarter, a 111% increase from the income from operations realized in the quarter endedOctober 31, 2022 , and the highest amount ever achieved by Progressive Planet - Revenue increased to
$5.44 million in Q2 2024, an increase of 3.0% from the$5.28 million reported during the comparable quarter endedOctober 31, 2022 , and an increase of 9.3% from Q1 2024 - Increased gross margin1 by 2.7% to 29.3% from Q1 2024
- Selling expenses decreased by 12.3% during Q2 2024 from Q2 2023, due to operational improvements
- Net loss of
$0.18 million in Q2 2024 includes a$0.44 million write-off of the Company's Heffley Creek Metals and Pozzolan property as well as$0.13 in research and development expenditures - Existing credit facilities remain unused with
$3.21 million in available credit at the end of Q2 2024 - Cash on hand was
$0.69 million onOctober 31, 2023 , compared to$0.37 million onJuly 31, 2023 , and$0.70 million onApril 30, 2023 . Accordingly, Progressive Planet generated cash of$0.32 million during the current quarter and has only consumed$0.01 million fiscal year-to-date
During Q2 2024, Progressive Planet implemented cost cutting initiatives to save
1. | 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. |
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Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester™ Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.
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.
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