Business
Cleantek Industries Inc. Announces Third Quarter 2022 Results and Successful Resolution of Intellectual Property Litigation
Calgary, Alberta--(Newsfile Corp. - November 21, 2022) - Cleantek Industries Inc. (TSXV: CTEK)...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Announces Third Quarter 2022 Results and Successful Resolution of Intellectual Property LitigationCalgary, Alberta--(Newsfile Corp. - November 21, 2022) - Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to announce its Q3 2022 financial and operational results and the successful resolution of its previously disclosed intellectual property litigation. 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, \"It has been a transformative year for Cleantek and we are happy to be on track to exceed our 2022 revenue targets of revenue growth in excess of 40% year over year. This strong revenue growth, along with resolving the complex litigation process that we have been involved in over the last year, is setting us up for a strong finish to 2022. As a company focused on protecting the sustainable technologies we have developed, we are confident that our intellectual property will continue to solidify our position in the market. With these litigation expenses behind us, we are well positioned to grow our business and generate a positive return for our shareholders.\" Highlights for the Third Quarter 2022Cleantek generated revenue of $3,391 for Q3 2022, an increase of $1,346 or 66%, from Q3 2021 and an increase of $266 or 9% from Q2 2022. On a year-to-date basis, Cleantek generated revenues of $9,663 in the nine months ended 2022, an increase of $3,216 or 50%, from the same period in 2021. The increased revenue in 2022 is 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 $2,031 or 60% for Q3 2022 and $5,574 or 58% of revenue for the nine months ended 2022 when compared with gross profits of $1,100 and 54% for Q3 2021 and $3,451 and 54% for the same period in 2021;Cleantek's Adjusted EBITDA was $52 for Q3 2022, a decrease of $106 when compared to Q3 2021, as the increased revenue was more than offset by $1,500 of expenses associated with the patent litigation in the current quarter. On a year-to-date basis Adjusted EBITDA was $560, a decrease of $384 from the same perio...