Progressive Planet Solutions Inc (TSX-V:PLAN) has reported record quarterly revenues and income from operations for the fiscal second quarter of 2024.
The Kamloops, British Columbia-based CleanTech and manufacturing company reported a 3% year-over-year increase in revenue to $5.44 million for the quarter ended October 31, 2023.
Income from operations was $0.26 million, up 111% from the year-ago quarter.
It also improved its gross margin by 2.7% to 29.3% from fiscal 1Q.
The company’s net loss was $0.18 million which included a $0.44 million write-off of the company’s Heffley Creek Metals and Pozzolan property as well as $0.13 million in research and development expenditures.
It exited the quarter with cash on hand of $0.69 million, compared to $0.37 million on July 31.
"With two credit facilities totalling $3.21 million remaining unused at quarter ended October 31, 2023, and with cash on hand increasing by $0.32 million since quarter ended July 31, 2023, we are funding growth with operating cash flow without raising new equity,” Progressive Planet CEO Steve Harpur said in a statement.
Shares of Progressive Planet had added 8.3% at $0.13 following its 2Q earnings release.
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