KAMLOOPS, BC, Sept. 24, 2026 /CNW/ -- Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company") is proud to provide highlights for the first quarter ended July 31, 2026.
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Financial Highlights include the following:
Revenue increased by 23% to $7,296,702 – the highest quarterly revenue achieved by the Company since inception.
Gross profit increased by 10% to $2,497,757.
Gross margin decreased to 34% compared to 39% for Q1 F2026.
Income from operations increased by 29% to $924,124.
EBITDA decreased to $1,350,097, compared to $1,444,559 for Q1 F2026 (a 7% decrease).
Adjusted EBITDA increased to $1,481,334, compared to $1,400,127 for Q1 F2026 (a 6% increase).
Net income decreased 31% to $1,109,931.
Capital investment: During the three-month period ended July 31, 2026, the Company invested $654,335 in property, plant and equipment assets, including $391,104 for a building extension and equipment to be utilized in the PozGlass™ pilot plant. Grant proceeds of $189,685 were recognized in relation to these pilot plant acquisitions, thereby reducing the cash outlay required by the Company.
Pilot Plant development: During the current quarter, in addition to the building and equipment expenditures noted above, the Company incurred $469,679 of non-capital costs toward the development of the PozGlass™ pilot plant. Grant proceeds of $234,182 were recognized in relation to these expenditures, which reduced the cost incurred by the Company.
The Company will continue to invest significantly to finish four capital projects by the end of the current fiscal year which will end on April 30, 2027. The capital projects that are currently underway and are anticipated to be completed by fiscal year end include the following:
PozGlass Phase 2 – Major capex completed by Dec 31, 2026.
Lightweight Cat Litter – Installation of line to be completed by Dec 31, 2026.
Automated Valve Pack Line – Expected completion by Feb 28, 2027.
Fine Grinding Line – Expected completion by Feb 28, 2027.
"I am pleased that Progressive Planet set another quarterly revenue record and still maintained gross margins of 34% despite being faced with major cost increases for trucking due to the rising cost of diesel. We continued to invest significant sums in the PozGlass Pilot Plant. The end is in sight for near term major capital projects," stated CEO, Steve Harpur.
BDC Pivot to Grow Financing: Subsequent to the end of the quarter, Progressive Planet accepted a letter of offer from the Business Development Bank of Canada ("BDC") for a $4,000,000 term loan under BDC's Pivot to Grow Program. Pivot to Grow is part of the Government of Canada's response to U.S. tariffs and provides financing at preferential rates to help Canadian businesses that export to the U.S. protect cash flow, invest in productivity and equipment, and diversify their markets. The loan will be used to finance equipment purchases for the Company's capital projects for increased productivity. It bears interest at BDC's floating base rate less 2.00%, resulting in an initial rate of 4.55% as at the date of the offer, with interest-only payments for the first 24 months followed by a 10-year repayment period.