Business
Cleantek Industries Inc. Announces 2023 Q2 Results
Calgary, Alberta--(Newsfile Corp. - August 3, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (" Cl...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces 2023 Q2 ResultsCalgary, Alberta--(Newsfile Corp. - August 3, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to announce its second quarter 2023 financial and operational results. Cleantek is an innovative provider of patented, clean technology solutions focused on reducing both cost and carbon intensity in the wastewater management and industrial lighting sectors across North America. All amounts are in thousands of Canadian dollars unless otherwise indicated. Cleantek Chief Executive Officer, Matt Gowanlock, commented, \"While the second quarter has historically been our softest quarter, due in large part to the Canadian spring weather, our strategy of deploying assets to the United States is working and our revenues improved compared to the second quarter of 2022. Revenues are starting to see the benefits of our new product and service offering in SecureTek and GZeroE is on track for our first unit to be deployed in the third quarter that will add depth to our portfolio of ESG accretive technology. In addition to these new product and service offerings we are pleased to announce that Cleantek sold its first HALOTM lighting system into an area of North America we do not currently service, as a way to maximize our revenue potential. We are exploring further potential HALOTM sales targeting new geographic locations.\" Highlights for the Second Quarter 2023Cleantek generated revenue of $3,397 for Q2 2023, an increase of $271 or 9%, from Q2 2022. The increased revenue in 2023 is primarily due to a ramp up in rental activity and increased rental prices in both sustainable lighting solutions and ZeroE dehydration;Cleantek's gross profit of $2,084 or 61% of revenue for Q2 2023 was inline with target and improved when compared with gross profit of $1,706 and 55% of revenue for Q2 2022;Cleantek's net loss of $687 for Q2 2023 was a $756 improvement from the net loss of $1,443 for Q2 2022; and,Cleantek's Adjusted EBITDA(1) was $586 for Q2 2023, an decrease of $246 when compared to Q2 2022 as the increased revenue was offset by increased foreign exchange loss.Expansion and OutlookCleantek's strategy focuses on delivering innovative and cost-effective solutions that reduce the carbon intensity as well as the capital and operating costs of industrial operations. B...