EBITDA improves to $1.355 million from $308,000 and operating cash flow increases to $2.57 million from $1.61 million
/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Aug. 28, 2024 /CNW/ - After a year of rebuilding, Progressive Planet Solutions Inc. (TSXV:PLAN) (OTCQB:ASHXF) ("Progressive Planet", "PLAN", or the "Company") announces its audited financial results for the year ending April 30, 2024.
"Fiscal 2024 was a year of implementing cost controls while preparing for long term growth. Our year-over-year increase in gross margin, coupled with significant reductions in selling and administrative expenses, are a strong testament to our desire to deliver long term shareholder value through positive cash flow from operations," stated Steve Harpur, CEO. "While we experienced a small net loss for the year, this includes significant non-cash expenses such as depreciation, stock option issuances, and deferred income tax. The changes made in fiscal 2024 have set us up for a strong fiscal 2025."
Fiscal 2024 highlights versus 2023
Achieved EBITDA1 of $1.355 million versus $308,000
Revenue increased to $19.63 million from $19.54 million.
Operating cash flow increased to $2.57 million from $1.61 million
Gross margin2 increased to 30.6% from 26.2%
Selling expenses decreased to $1.32 million from
