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 second quarter ended June 30, 2020.
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 second quarter ended June 30, 2020. All financial information is in Canadian dollars unless otherwise noted.
Highlights of the Second Quarter Ended June 30, 2020
- Revenues increased to $666,336, compared to $258,539 for the same period in 2019, while gross margin increased to 26.3%, compared to 23.8% in second quarter 2019.
- During the first six months of 2020, revenues more than tripled to $1,920,158, compared to $258,539 for the same period in 2019 and gross margin increased to 29.9%, compared to 24.8% in second quarter 2019.
- During the second quarter the Infrastructure & Maintenance division received a number of new orders for its proprietary EA1™ dust suppressant from various customers, including orders for trials in Brazil and Chile – these trials follow a successful test in South Africa in 2019 and are part of the validation process to become a multi-site dust suppressant solution provider for this global mining group.
- In June 2020, Earth Alive announced an order representing the first commercial application of EA1™ on an industrial site and the technology’s first commercial application in Europe.
- The agriculture division increased its gross margin to 36,5% during the quarter, compared to 22.8% in the same quarter of 2019.
- As at June 30, 2020, Earth Alive had $1,990,544 in working capital with a cash balance of $1,745,530, compared to $2,480,449, and $2,302,106 as at December 31, 2019.
“Earth Alive stayed the course in the second quarter as we continued to build on positive market penetration momentum in our Infrastructure & Maintenance division and preserved recent gross margin gains in Agriculture” said Michael Warren, President and Chief Executive Officer. “Notwithstanding the difficult operating environment of the past few months, I am happy to report that we continued to make progress towards our business development objectives. We also maintained shipments to customers throughout the second quarter despite delays in some trials and projects, related to the ongoing global pandemic.”
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the second quarter ended June 30, 2020 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
About Earth Alive Clean Technologies
Earth Alive is a soil health company and 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. For additional information, please visit: www.earthalivect.com.
Forward-Looking Information: Certain information in this press release contains 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, the words “may”, “will”, “anticipate”, “intend”, “estimate”, “expect”, “plan”, “believe” and similar 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. All of the information in this press release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
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.
Earth Alive Clean Technologies Inc.
9641 rue Clement
Lasalle, Québec Canada
Tel.: +1 (438) 333-1680
For more information contact:
Mr. Michael Warren
Tel: +1 (514) 941-7350