Business
Cleantek Industries Inc. Announces Record 2022 Results and Grant of Annual Incentives
Calgary, Alberta--(Newsfile Corp. - April 28, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (" Cl...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces Record 2022 Results and Grant of Annual IncentivesCalgary, Alberta--(Newsfile Corp. - April 28, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to announce its 2022 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, \"It has been a tremendous year for Cleantek and we are pleased to announce we exceeded our 2022 revenue targets with record revenues and a 49% increase year over year. Our strategy to redeploy assets into new geographic areas throughout the United States combined with growing our fleet of HALO systems by an additional 20 units during the year has positioned us for an even stronger year in 2023.\" Highlights for the Fourth Quarter 2022Cleantek generated revenue of $3,483 for Q4 2022, an increase of $1,111 or 47%, from Q4 2021. On a year-to-date basis, Cleantek generated revenues of $13,146 for the year ended 2022, an increase of $4,327 or 49%, from 2021. The increased revenue in 2022 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 $2,248 or 65% of revenue for Q4 2022 and $7,822 or 59% of revenue for the year ended 2022 was inline with target and improved when compared with gross profits of $1,126 and 47% of revenue for Q4 2021 and $4,577 and 52% of revenue for 2021;Cleantek's Adjusted EBITDA was $1,155 for Q4 2022, an increase of $461 when compared to Q4 2021 primarily due to the increased revenue; On a year-to-date basis Adjusted EBITDA was $4,703, more than double the $1,939 in 2021 primarily due to the $4,327 increase in revenue; On November 21, 2022, the Company reached a settlement agreement on the patent litigation which has eliminated patent litigation spending going forward. Legal costs incurred in 2022 for the patent litigation totaled $3,430. Details can be found in the Litigation and Claims section below; Mobile ZeroE deployment peaked at 17 units operating in Q4 2022 when compared to just 10...