MONTREAL, April 30, 2024 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC - "Earth Alive" or the "Company"), a leader in the development, manufacture, and distribution of state-of-the-art, environmentally friendly microbial solutions and products, is pleased to announce today its financial results for the fourth quarter and the full year of 2023.
2023 Highlights
Stability and resilience: Despite challenges in the Infrastructure & Maintenance sector, primarily in Latin America and the US, Earth Alive saw a 48% revenue increase in the agricultural sector, thanks to adding significant new clients in Canada and successfully entering the European markets. Globally, Earth Alive maintained a stable revenue level throughout the year, despite challenging economic conditions, demonstrating the robustness and adaptability of its business model.
Strategic developments
We laid the groundwork for the acquisition of Interlube, a specialist in biodegradable lubricants, which will expand Earth Alive's product offerings and also vertically integrate some of its supply chains to better control costs and improve operational efficiency.
Strategic expansion
The Company successfully expanded its operations in Europe through its Madrid office and strengthened its international presence, with promising initial sales in Spain positioning Earth Alive for significant growth.
Product innovations
Development of an innovative dust control product tailored for extreme weather conditions, and the launch of an ecological de-icing product, position Earth Alive as a leader in providing sustainable solutions for demanding industries such as mining and infrastructure maintenance.
Financial highlights for 2023
Revenues
Earth Alive recorded revenues of $199,749 for the fourth quarter of 2023, marking a year-on-year decrease due to order delays. Despite this decrease, revenues reached $2,314,417 for the year 2023, reflecting the stability of sales through market diversification and product innovation. In 2023, the Company diversified its client base, expended into new markets and improved customer retention efforts.
Net loss
The net loss increased to $1,492,294 in the fourth quarter and $4,474,644 for the year, reflecting strategic investment in R&D and marketing, but also strengthening the team by hiring experienced sales representatives in Europe and North America to better respond to market demands and accelerate sales growth in these strategic regions in 2024.
R&D investments
Earth Alive invested over $655,911 during the year ($170,125 in Q4) in research and development to enhance and expand its portfolio of ecological products.
Outlook for 2024
Strategic investments in 2023 are expected to generate a significant increase in sales. Through the acquisition of Interlube and thanks to European expansion and the commercialization of new products, we hope to triple our sales in 2024.
A word from our CEO, Nikolaos Sofronis: "2023 was a year marked by strong strategic investments that will strengthen Earth Alive's worldwide growth potential. Our R&D initiatives and geographic expansion are bearing fruit, and we are optimistic about realizing our vision for 2024."
Earth Alive continues to position itself at the forefront of ecological microbial technology, with an ongoing commitment to innovation and sustainability. Earth Alive's consolidated financial statements and management's discussion and analysis for the financial year ending December 31, 2023, are available on SEDAR+ at www.sedarplus.ca and on our website at www.earthalivect.com.
About Earth Alive Clean Technologies Inc.
Earth Alive is a leader in the microbial-based technology industry. Earth Alive's innovative products contribute to regenerative agriculture, natural dust suppression with minimal water consumption, and eco-friendly and human-friendly industrial cleaning. For more information, please visit: https://earthalivect.com/.
Forward-Looking Information: Certain information in this news release may be forward-looking information and forward-looking statements, which reflect the current view of management with respect to the Company's objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. Wherever used, words or expressions such as "foresees", "will", "expand", "improve", "promising", "positioning", "growth", "accelerate", "outlook", "expected", "generate", "increase", "hope", "potential", "optimistic" and similar words or expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be regarded as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. Factors that could impact or impair the achievements of such events, performance or results include the ability to (i) grow sales by multiple digits in 2024; (ii) improve operational efficiency; (iii) significantly grow our sales; (iv) triple our sales in 2024; (v) realize our vision in 2024 and other risks described in Earth Alive's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these risks and other risks in Earth Alive's 2023 Annual MD&A and other filings made with Canadian securities regulatory authorities available at https://sedarplus.ca. These documents are also available on our website at https://earthalivect.com/. Earth Alive disclaims any obligation to update or revise these forward-looking statements except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Nikolaos Sofronis, CEO
CA 438 333-1680; 514 462-1628
EU +352 621 395 338
