Earth Alive Announces 34% Year over Year Sales Increase During its Third Quarter
MONTRÉAL, Canada, November 27, 2023 – Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or the “Company”), a leader in the development, production and distribution of technological solutions that allow the industry to move from the chemical era to the organic era, announces today its financial results for the quarter ended September 30, 2023.
- 34% revenue increase Year over Year for the three months period ended September 30, 2023.
- Important sales of Soil ActivatorTM to a new customer in western Canada, with recurrent orders expected.
- Efforts to continue implementation of our microbial dust suppressant ea1TM by reinforcing the sales team in Québec
- First commercial shipment of Soil Activator in Europe during the Quarter.
Third Quarter 2023 financial highlights
- Sales for the second quarter stood at $663k, a $168k increase compared to the third quarter of 2022.
- Agriculture sales were up $277k compared to Q2 2023, an increase of 157%, mainly due to a new client in western Canada and good performances of our Big Blue™ Management sees greater diversity and strengthening of our customer base in the Agriculture segment.
- Gross margin stood at 29.6% for the third quarter of 2023. Improvement comes from both higher agriculture volume and continuous work on reducing production costs.
- The Company invested $134k in R&D during the quarter, a 15% increase over Q3 2022. Earth Alive is developing new formulations to optimize existing products for dust control in challenging weather conditions.
- As of September 30, 2023, Earth Alive had working capital of $6,723k confirming the strength of its balance sheet and its capacity to achieve its development plan.
- Total net loss of $905k compared to $712k Q3 2022.
“Earth Alive’s reorganization started at the end of 2021 and today we are having a first real look at what our future will be. Feedback from our clients is positive, we are reducing our prices while increasing our margins as a result of our on-going R&D efforts. As we are entering the European market, Earth Alive’s adventure is starting a new chapter and I am thrilled to be leading it” said Mr. Nikolaos Sofronis, Earth Alive’s President and Chief Executive Officer.
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the three-month period ended June 30, 2023 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
About Earth Alive Clean Technologies
Earth Alive is a soil health company and an industry leader in microorganisms based technologies. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and environment friendly.
Forward-Looking Information: This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as “recurrent”, “expected”, “continue”, “future”, “development plan”, “on-going” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to obtain recurrent orders from a new customer in western Canada, the ability to achieve our development plan, the ability of our on-going R&D efforts to increase our margins and other risks described in Earth Alive’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these risks and other risks in Earth Alive’s 2022 Annual MD&A, as updated in Earth Alive’s 2023 First, Second and Third Quarter MD&As, and other filings made with Canadian securities regulatory authorities available at https://sedarplus.ca. These documents are also available on our website at https://earthalivect.com/. Earth Alive disclaims any obligation to update or revise these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|For information, please contact:
Nikolaos Sofronis, President and CEO
438 333-1680; 514-462-1628