CO2 GRO Inc (TSX-V:GROW, OTCQB:BLONF) has announced its third-quarter financial results, and CEO John Archibald outlined the Toronto-based company’s path to more growth into 2023.
"Our Q3 had stronger revenue growth,” Archibald said in a statement. “Currently the company is negotiating with a number of greenhouse growers to finalize sales orders. For 2023, our 200 million square foot plus sales order pipeline should translate to sharply increased sales orders in comparison to 2022."
For the three months ended September 30, CO2 GRO posted revenue of $167,000 and cash on hand of $1.3 million.
READ: CO2 GRO says it is on track to hit contracted sales target of $1.5M to $2.5M
The company also had most of its signed technology trials installed and ongoing with a number of them completed. Several growers have extended their trials for a second year/cycle, the company said. The vast majority of CO2 GRO’s sales pipeline is in vegetables (80%), flowers (10%) and other crops (10%).
Its largest potential customer with 100 million square feet of grow facilities proceeded with a second trial, at double the size of its first trial, the company said.
The company added that it is prioritizing finalizing sales orders in North and Central America over expanding into new geographies. Soaring natural gas and CO2 costs and double-digit greenhouse input cost inflation support the economics for growers to purchase CO2 Delivery Solutions, the company said.
CO2 GRO is a precision ag-tech, clean-tech company with a focus on people, the planet and prosperity.
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