Q1 out this morning - a slowly unfolding leaf MONTREAL, May 27, 2021 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC) (“Earth Alive” or the “Company”), a Canadian soil health company that develops and manufactures advanced microbial technology products, this morning reported results for the three-month period ended March 31, 2021. All financial information herein is in Canadian dollars unless otherwise noted.
Business Highlights
- $5 million non-brokered private placement completed on February 26, 2021 with net proceeds to be used to grow the size of the team, to fund operational projects including R&D as well as and the growth of the business, and for general corporate purposes.
- US$500,000 purchase order for the ea1TM dust suppressant (“ea1”) announced on March 30, 2021, the fourth consecutive order since November 2018 by this customer for its mine located in Mexico.
First Quarter 2021 Financial highlights
- Revenues continued on a positive trend, increasing to $943,139 up from $667,271 in Q4-2020 and $192,473 in Q3-2020. This compares to $1,253,822 for the same period in 2020.
- First quarter 2021 gross margin in percentage terms was the highest in more than two years, at 34.0%, compared to 31.8% in the same period last year.
- Total operating expenses for the quarter were $499,945 compared to $621,210 in Q1-2020 due to a more efficient operational structure, the internalization of certain processes that were previously outsourced and, to a lesser extent, the lower travel and travel-related expenses caused by restrictions related to the COVID pandemic.
“Our customers operations and global transportation and logistics remain affected by the pandemic, but we are confident in our current sales pipeline with the various mining groups we are working with”, said Michael Warren, President and Chief Executive Officer. “The financing completed in February has given us the ability to add much needed sales resources to the company and we are moving forward with new hires to increase and support our expanding sales network.”