CO2 GRO Inc has reported that its third-quarter revenue increased 391% year-over-year to $122,103 as it commercializes its CO2 Delivery Solutions platform. Revenue also rose 33% quarter-over-quarter.
Backed with such momentum, CO2 GRO said it is now forecasting a 2022 revenue haul of between $1.5 million to $2.5 million.
"While COVID did and is still hampering the pace of our commercial development in some regions, we have shown continuous progress in 2021 and in the first month of 2022 with more growers around the world adopting our technology,” said CO2 GRO CEO John Archibald in a statement.
READ: CO2 GRO announces CO2 Delivery Solutions commercial technology purchase by US-based greenhouse grower
“Our 2022 revenue forecast is between $1.5M-$2.5M which we are confident of achieving through the successful completion of on-going and new Technology Trials and subsequent Commercial Technology Purchases such as with Hidroexpo in 2021, as well as accelerating our direct Commercial Technology Purchases such as the US$127,750 sale announced on January 26, 2022," Archibald added.
The company’s technology creates a dissolved CO2 solution that when misted onto plants provides growers that cannot gas with CO2 the opportunity to increase plant yields by up to 30% and profits by up to 100%. Applying dissolved CO2 also suppresses the development of pathogens such as E.coli and powdery mildew, helping to reduce crop losses.
CO2 GRO is rapidly expanding its international marketing partner relationships into Mexico, Spain, the EU, the UK, South Africa, the Middle East, Israel, South East Asia, and Latin America as well as in its North American base.
The company said it achieved 10 CO2 Delivery Solutions Commercial Technology Purchases (sales) in 2021. And 17 Technology Trials were announced last year.
CO2 GRO noted that it has been able to grow with help from the Canadian Trade Commissioner office as well as through numerous trade missions and trade conferences.
"We have seen a continuous improvement each quarter in Technology Trials with the support of both our North American sales force and our international marketing partners,” Archibald said. The support of Canadian Trade Commissioners in various key markets has been instrumental in accelerating introductions to potential key customers.”
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