Forward Water Technologies Corp (TSX-V:FWTC) reported a significant increase in revenue and reduction in net loss for the fiscal year ended March 31, 2024 amid operational advancements and strategic partnerships that boosted its commercial and technological capabilities.
The company, which specializes in advanced water treatment solutions, reported a revenue of C$71,056 for the fiscal year 2024, marking a 79% increase from C$39,726 in the previous year.
Throughout the year, the company closed in on completing a mobile demonstration unit for customer trials and raised C$462,000 through a private placement. It also secured an advisory contract with CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF), licensed technology from FUJIFILM Corporation, and formed a potential partnership with Mead & Hunt to enhance its capabilities.
Additionally, FWTC announced a business combination with Fraser Mackenzie Accelerator Corp. and initiated new wastewater handling projects in the food and beverage sector.
Howie Honeyman, the company’s CEO, hailed the company’s commercial advances, particularly Clean Tech Lithium's brine processing, which has led to a pre-commercial field trial.
“Not only is this trial expected to affirm the commercial readiness of our water treatment process, but key data sets are expected to be generated and allow us to illustrate how the company's technology can be successfully applied to a wide array of other sectors,” Honeyman said in a statement.
“We have also had successful inroads made in the food and beverage sector that we look to develop in the near future.”
Forward Water Technologies reported a net loss of C$2.2 million, a 4% reduction compared to the prior period. Basic and diluted loss per share remained consistent at C$0.02.