Business
Blue Earth Resources Reports 298% Growth to $85.5 Million Revenue for its Fiscal Year Ended February 28, 2023
Blue Earth Resources Reports 298% Growth to $85.5 Million Revenue for its Fiscal Year Ended February 28, 2023.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"Adjusted EBITDA Loss Decreased 22% to $0.8 MillionKNOXVILLE, TN / ACCESSWIRE / June 5, 2023 / Blue Earth Resources, Inc. (the "Company," "we," "our," or "us") (OTC:BERI) and its wholly-owned subsidiaries, Fuel Trader Supply and Fuel Trader Resource Management, is pleased to announce its audited financial and operational results for the fiscal year ended February 28, 2023. Blue Earth Resources filed its Annual Report on OTC Markets on May 28, 2023.Key Financial Highlights for Fiscal Year Ended February 28, 2023 Compared to Prior Year PeriodRevenue increased 298% to $85.5 millionGross profit increased 1,220% to $2.8 millionGross margin on delivered fuel increased 248 basis points to 3.28%Operating loss increased 19% to $1.5 millionNet loss increased 389% to $5.0 million (including $3.4 million of interest expense)Adjusted EBITDA loss decreased 22% to $0.8 millionBusiness Highlights for the Fiscal Year Ended February 28, 2023Acquired Fuel Trader Supply and Fuel Trader Resource ManagementEntered Branded Jobber Contract with BP AmocoLaunched BluePetro Branded Fuel Offering for Southeast U.S. Convenience StoresManagement CommentaryScott M. Boruff, Chief Executive Officer of Blue Earth Resources, commented, "We are thrilled with our finish to the calendar year 2022, which has carried through so far in 2023. Our team did a tremendous job successfully integrating our acquisitions of Fuel Trader Supply and Fuel Trader Resource Management, which closed in September. All of our data points are trending positively, highlighted by growth in our volumes and customers, both leading to an increase in revenue."Boruff, continued, "We continue to focus on utilizing technology and high customer service as differentiators from the larger markets players in our industry. As our financial results indicate, our nimbleness and efficiencies are paying off, and we will maintain our focus on accelerating revenue growth with an eye on achieving profitability by the end of calendar 2023. We continue to explore and identify additional strategic opportunities, including acquisitions of other assets or entities that are synergistic to our business, which we believe will increase shareholder value. Additionally, we are in discussions with lenders to replace the high interest debt used for the Fuel Trader acqu...