Progressive Planet Solutions Inc (TSX-V:PLAN) increased its revenue and gross margins in 3Q, thanks to all-time high blue sky product sales.
The Kamloops-based company said revenue rose to C$5,421,843 from $5,177,709 in the previous quarter. The company said it continued to increase R&D spending and reported a net income of $81,315 for the quarter.
Progressive Planet (PLAN) COO Ian Grant said using the cash flow from the company’s improved manufacturing operations continued to allow it to invest heavily in a pioneering portfolio of blue sky products that de-carbonize concrete production and restore health to the soil.
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"The pace of adoption has been rapid, with gross R&D spending increasing by $126,000 versus 1Q. In addition, we invested $345,000 in new equipment, compared to $183,000 in the previous quarter, all with the goal of producing new products with low carbon footprints and high gross margins," Grant said in a statement.
PLAN CEO Stephen Harpur said October’s quarter results reflect the company’s focus on improving cash flow and profitability of legacy operations to enable it to develop innovative new products.
"We head into 3Q and 4Q with a commitment to fund growth from cash flow and we anticipate introducing multiple new products in the next six months, now that both our cement lab and our AgTech lab are fully equipped and functioning," Harpur said.
PLAN said it elected to discontinue earning an interest in the Z2 Zeolite property as the company focuses on disruptive innovation and the commercialization of fully permitted properties and blue sky products in its portfolio.
Additionally, PLAN said it has accelerated exploration on the Heffley Creek Metals and Pozzolan property, incurring $275,000 in exploration ahead of schedule with less than $60,000 remaining to earn a 100% interest in this property.
Contact the author at susie@proactiveinvestors.com