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An announcement from Progressive Planet Solutions Inc ( (TSE:PLAN) ) is now available.
Progressive Planet reported record third-quarter revenue of $5.82 million, up 22% year over year, and a 47% increase in gross profit with margins rising to 34%, marking its strongest Q3 since acquiring Absorbent Products. Despite a swing to negative EBITDA due to one-time charges, the company’s adjusted EBITDA climbed 46% and it retains over $3 million in unused credit plus cash reserves.
The quarter’s earnings were weighed down by a strategic slotting fee to secure placement of three new SKUs across more than 2,400 U.S. retail locations and by a write-down of its Z1 Zeolite Quarry, reflecting a shift to superior SCM and soil-amendment assets. Progressive Planet also accelerated investment in its PozGlass SCM pilot plant and Planet LCD Cement development and has since received over $1.38 million in government grant funding, underscoring its push to scale low-carbon cement technologies.
The most recent analyst rating on (TSE:PLAN) stock is a Hold with a C$0.40 price target. To see the full list of analyst forecasts on Progressive Planet Solutions Inc stock, see the TSE:PLAN Stock Forecast page.
Spark’s Take on TSE:PLAN Stock
According to Spark, TipRanks’ AI Analyst, TSE:PLAN is a Outperform.
Progressive Planet Solutions Inc is on a positive trajectory with strong financial performance and technical indicators. The stock’s valuation is reasonable, supporting its potential for growth. However, the company needs to address revenue and cash flow challenges to sustain long-term growth.
To see Spark’s full report on TSE:PLAN stock, click here.
More about Progressive Planet Solutions Inc
Progressive Planet Solutions Inc. is a Canadian cleantech and materials company focused on producing low-carbon cement and supplementary cementing materials, as well as absorbent and agricultural products. Following its acquisition of Absorbent Products and the Ferguson Creek Pozzolan Property, the company targets construction and agri-product markets in North America with a growing portfolio of sustainable, value-added SKUs.
Average Trading Volume: 169,677
Technical Sentiment Signal: Buy
Current Market Cap: C$37.32M
Find detailed analytics on PLAN stock on TipRanks’ Stock Analysis page.