Earth Alive Reports Highest Second Quarter Revenues in Company’s History
MONTREAL, August 12, 2021 — Earth Alive Clean Technologies Inc. (TSXV: EAC) (“Earth Alive” or the “Company”), a Canadian soil health company that develops and manufactures advanced microbial technology products, this morning reported results for the three-month and six month periods ended June 30, 2021. All financial information herein is in Canadian dollars unless otherwise noted.
Business Highlights
- Newly elected/appointed Board members, Mr. Nikolaos Sofronis and Mrs. Paula Caldwell St-Onge bring extensive business experience and vast international network of contacts to help support the Company’s global growth efforts.
- Further follow-on US$500,000 purchase order for the ea1TM dust suppressant (“ea1”) announced on June 30, 2021, the fifth consecutive order since November 2018 by this customer for its mine located in Mexico.
Financial highlights
- Quarterly revenues continued on a positive trend, increasing to $1,020,657 in the second quarter up from $666,336 in second quarter 2021.
- Six-month revenues of $1,963,796 for the period ended June 30, 2021 were 3% higher than in the same period of 2020 (7.5% excluding a discontinued non-proprietary product line in our Agriculture segment).
- Gross margin for the first six months of 2021 was 27.8%, compared to 29.9% in the same period last year due to additional costs incurred in preparation for future revenue growth.
- Total operating expenses for the six-month period ended June 30, 2021 were $1,144,616, lower than $1,197,974 in 2020 due to lower travel and travel-related expenses and the internalisation of functions that were previously outsourced, partly offset by higher salaries.
“A positive quarter over quarter trend in our revenues began in fourth quarter 2020 after the significant disruptions to our customers’ operations during the onset of the COVID pandemic subsided, and I am pleased to report that quoting activity with our current and prospective ea1 customers remains strong”, said Michael Warren, President and Chief Executive Officer. “We expect our upcoming third quarter revenues to be well above last year’s levels and we are hard at work setting up our supply chain and logistics capacity for what we expect will be strong revenue growth over the coming years.”
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the second quarter ended June 30, 2021 are available on SEDAR at www.sedar.com and on our website at https://earthalivect.com/.
About Earth Alive Clean Technologies
Earth Alive is a soil health company and an industry leader in microbial technologies. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly. For additional information, please visit: https://earthalivect.com/.
Forward-Looking Information: Certain information in this press release contains forward-looking information and forward-looking statements, which reflect the current view of management with respect to the Company’s objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. Wherever used, the words «may», «will”, «anticipate», «intend», «estimate», «expect», «plan», «believe» and similar expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be regarded as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. All of the information in this press release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
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.
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Earth Alive Clean Technologies Inc.,
9641 Rue Clement
Lasalle, Québec Canada
H8R 4B4
For information, please contact:
Mr. Michael Warren
(e) mwarren@earthalivect.com
(p) 438 333-1680