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Cleantek Industries Inc. Announces Record 2023 Q1 Results, Appointment of COO and Expansion of the Company's Product Portfolio
Calgary, Alberta--(Newsfile Corp. - May 18, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (" Clea...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces Record 2023 Q1 Results, Appointment of COO and Expansion of the Company's Product PortfolioCalgary, Alberta--(Newsfile Corp. - May 18, 2023) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to announce its record first 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, \"It has been a tremendous start to 2023 for Cleantek. We are pleased to announce positive earnings and record revenues along with the launch of two new product and service offerings that will add depth to our portfolio of ESG accretive technology. In line with our growth strategy is building a strong team, and promoting an experienced individual in Chris Murray to COO will serve to accelerate our growth and capabilities as an organization.\" Highlights for the First Quarter 2023Cleantek generated revenue of $3,833 for Q1 2023, an increase of $686 or 22%, from Q1 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 $2,317 or 60% of revenue for Q1 2023 was in line with target and improved substantially when compared with gross profit of $1,836 and 58% of revenue for Q1 2022;Cleantek's net income of $180 for Q1 2023 was a $914 improvement from the net loss of $734 for Q1 2022; and,Cleantek's Adjusted EBITDA was $1,184 for Q1 2023, an increase of $24 when compared to Q1 2022 primarily due to the increased revenue. 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 Q1 2023, the Company launched two new growth initiatives, including SecureTek, Clea...