Business
Cleantek Industries Inc. Announces 2023 Q3 Results
Calgary, Alberta--(Newsfile Corp. - November 16, 2023) - Cleantek Industries Inc. (TSXV: CTEK) ("...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces 2023 Q3 ResultsCalgary, Alberta--(Newsfile Corp. - November 16, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to announce its third 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. Cleantek Chief Executive Officer Matt Gowanlock commented, \"The third quarter saw the Company grow revenues by another 6% compared to the same period last year demonstrating the effectiveness of our geographic focus and expanded asset fleet. The execution on our near-term strategy is resulting in positive net income and we are well positioned to finish the year with strong results.\" Highlights for the Third Quarter 2023 (All amounts are in thousands of Canadian dollars unless otherwise indicated)Cleantek generated revenue of $3,588 for Q3 2023, an increase of $199 or 6%, from Q3 2022. The increased revenue in 2023 is primarily due to increased HALO fleet size combined with increased rental prices as well as the first sale of a HALO lighting unit;Cleantek's gross profit of $2,284 or 64% of revenue for Q3 2023 was inline with target and improved when compared with gross profit of $2,029 and 60% of revenue for Q3 2022;Cleantek's net income of $245 for Q3 2023 was a $1,268 improvement from the net loss of ($1,023) for Q3 2022; and,Cleantek's EBITDA(1) was $1,193 for Q3 2023, a increase of $1,217 when compared to Q3 2022 due to the increased net income.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. By focusing on expanding the market awareness and adoption of its sustainable lighting solutions and wastewater treatment assets, Cleantek continues to experience increased utilization of these high-margin product lines. In 2023, the Company launched two new growth initiatives, including SecureTek, Cleantek's line of remote security services, as well as the company's newest addition to the ZeroE line of wastewater treatment products, the mobile waste gas fired GZeroE. Both growth initiatives will utilize the Company's exis...