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Progressive Planet Reports Q3 Results: $422K EBITDA vs. $732K Last Year and $4.8M Cash on Hand as of January 31, 2025
Progressive Planet Reports Q3 Results: $422K EBITDA vs. $732K Last Year and $4.8M Cash on Hand as...
About this update from Progressive Planet Solutions Inc.
[{"type":"text","content":"\n\n\n\n Progressive Planet Reports Q3 Results: $422K EBITDA vs. $732K Last Year and $4.8M Cash on Hand as of January 31, 2025\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION IN THE\n \n USA\n \n /\n \n\n\n -  Progressive Planet reports highest cash on hand ever\n \n -  Receives\n \n $1.56 million\n \n of grant funding for pilot plant\n \n -  Gross margin impacted by several one-time expenses and events\n \n\n\n\n KAMLOOPS, BC\n \n\n ,\n \n\n March 13, 2025\n \n\n /CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF)\n \n (\"Progressive Planet\", \"PLAN\", or the \"Company\")\n \n is pleased to announce its financial results for its third quarter ending on\n \n January 31, 2025\n \n .\n \n\n\n\n\n\n\n\n\n The Company was profitable in the current quarter and continued to grow to its cash position from operational cash flow as well as from the receipt of grant funding. Gross margin was lower due to some higher costs along with taking a write down on a receivable from the bankruptcy of a Canadian chain of stores.\n \n\n\n Key Financial Results - Q3 Fiscal 2024 vs. Q3 Fiscal 2025:\n \n\n\n\n The Company's\n \n cash\n \n balance increased by\n \n $1,867,662\n \n during the current quarter, ending at\n \n $4,819,839\n \n on\n \n January 31, 2025\n \n . This included\n \n $1,555,682\n \n in grant funding received.\n \n\n\n Revenue\n \n decreased by 1% to\n \n $4,779,099\n \n compared to\n \n $4,812,604\n \n in Q3 F2024 (the comparable period in the prior fiscal year).\n \n\n Planned plant shutdown in quarter impacted production and revenues.\n \n\n\n Gross profit\n \n decreased 13% to\n \n $1,359,051\n \n compared to\n \n $1,566,847\n \n in Q3 F2024.\n \n\n\n Income\n \n from operations was\n \n $231,455\n \n compared to\n \n $549,255\n \n in Q3 F2024.\n \n\n\n Net income\n \n was\n \n $114,838\n \n compared to\n \n $348,689\n \n in Q3 F2024.\n \n\n Existing credit facilities remain unused with greater than\n \n $3,000,000\n \n in credit available at\n \n January 31, 2025\n \n .\n \n\n\n \"...