Q3 News Release 2022-11-28 19:30 ET - News Release
Mr. Nikolaos Sofronis reports
EARTH ALIVE REPORTS Q3 2022 RESULTS
Earth Alive Clean Technologies Inc. has released its consolidated financial statements for the third quarter ended Sept. 30, 2022. All amounts are in Canadian dollars unless otherwise indicated.
Third quarter overview:
- Sales totalled $495,472 in Q3 2022, compared with $828,697 in Q3 2021.
- The total net loss was $711,760, compared with $764,196 in Q3 2021.
- Total operating expenses were $872,352, compared with $1,064,773 in Q3 2021.
- Total research and development (R&D) expenses totalled $117,057, compared with $17,883 in Q3 2021.
"This was a very busy quarter for the Earth Alive team as we continued to reorganize our business to better manage global investments and market demands. Building growth remains our primary focus and we believe that the quality and depth of our pipeline of projects for 2023 is a testament to our success in this regard," said Nikolaos Sofronis, president and chief executive officer. "We trust that the numerous proposals and tests already on our books represents a form of reassurance for shareholders and attests to our unrelenting commitment to increase sales."
Earth Alive consolidated financial statements and management's discussion and analysis for the third quarter ended Sept. 30, 2022, are available on SEDAR and on the company's website.
Pipeline:
- ea1:
- Earth Alive has received a $437,000 (U.S.) purchase order (PO) from an open-pit copper mine in Arizona, representing applications through April, 2023, covering an area of 528,000 square feet;
- Two confirmations of orders renewal received and in preparation to make presentations on new proposals to two current customers;
- The company issued nine new quotes and are preparing two more to be presented;
- Engaged in communications with 30 mines that have indicated interest to apply the company's solution;
- Agriculture:
- Six customers for total sales of $200,000 before year-end;
- Earth Alive opened an office in Madrid with a view to identify and attract new clients in both Southern Europe and Morocco. The company expects to generate sales out of this new office as early as the first quarter of 2023;
- Research and development:
- Increased testing activities during this quarter with the objective to improve the competitiveness of the ea1 and Soil Activator products;
- Completed preliminary engineering plans aimed at improving the ea1 blending protocols to ultimately decrease price and increase margin;
- Identified new potential products aimed at reinforcing the Ag portfolio in early 2023;
- Developing bio insecticides and bio fungicides to add to the product portfolio in 2023.
Recently, Earth Alive inaugurated new installations in Montreal. An expense of approximately $550,000 in this regard will be recorded in the company's financial statements for the year ended Dec. 31, 2022.
About Earth Alive Clean Technologies Inc.
Earth Alive is an industry leader in microbial technologies. Earth Alive's innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use, and industrial cleaning that is ecological and human friendly.
We seek Safe Harbor.