Connect with us

Technology

Progressive Planet announces record Q2 Net Income

Published

on

/NOT FOR DISTRIBUTION IN THE USA/

Progressive Planet reports gross margin of 38.6%, its highest everOperational income surged to $1.05 million in Q2, up from $257K in the same period last yearRising profitability allows recognition of deferred income tax assets on the balance sheet

KAMLOOPS, BC, Dec. 4, 2024 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”) is pleased to announce its financial results for its second quarter ending on October 31, 2024.

The Company’s implementation of its cost cutting plan beginning in late fiscal 2023, and its parallel focus on transitioning to higher-margin products, have contributed to a significant improvement in profitability during the second quarter, as compared to the prior year’s second quarter.

“In fiscal 2024, we focused on cost controls and positioning for long-term growth. This strategy paid off with a standout second quarter, driven by higher-margin products and disciplined execution. These record profits reflect our team’s dedication to delivering sustainable shareholder value. I couldn’t be prouder of what our team has achieved—and this is just the beginning.,” stated Steve Harpur, CEO.

Q2 Fiscal 2024 vs. Q2 Fiscal 2025:

Increased EBITDA1 by $697K, from $205K to $902KRevenue increased from $5.438 million to $5.468 millionGross profit increased by 32%, from $1.593 million to $2.110 millionGross margin2 increased from 29.3% to 38.6%Income from operations improved by $795K, from $257K in to $1.052 millionNet income improved from net loss of $(182K) to $623K net income

“Our record net income and the sale of under-utilized assets boosted our cash balance to over $2.9 million in Q2,” said Harpur. “As noted in September, our engineering team has been focused on enhancing productivity in our valve pack powder bagging and palletizing line. With engineering work nearly complete, we plan to begin equipment procurement in the first quarter of 2025 (January to March 2025). While our financial results were strong, they were impacted by a write-down on a private company investment.”

When Progressive Planet acquired Absorbent Products Ltd. in 2022, The Company inherited over $12 million in historical tax losses. At the time, these losses were not recorded as a future tax benefit on PLAN’s balance sheet due to a lack of profitability. However, with significant improvements in profitability over the past 18 months, Progressive Planet now expects to generate taxable income moving forward, unlocking the value of these historical tax assets.  After consulting with its auditors, Progressive Planet has added $486,000 as a deferred income tax asset3 to its balance sheet. This amount which represents the estimated income tax liability for the next 12 months, which can be offset using the historical tax losses.

“We have taken a measured approach to recognizing the value of deferred income assets. We will review, and adjust as necessary, the deferred income tax asset value on our balance sheet every quarter going forward,” stated Chris Halsey-Brandt, CFO.

EBITDA is a non-IFRS financial measure. This ratio expresses earnings before interest, income taxes, depreciation, and amortization. It assists in explaining the Company’s results from period to period. There is not directly comparable IFRS measure.Gross margin is a non-IFRS financial measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company’s results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.Deferred income tax asset is a IFRS measure which reflects the amount of income taxes recoverable in future periods in respect of deductible temporary differences; the carryforward of unused tax losses; and the carryforward of unused tax credits.

_________________________

Progressive Planet provides regular information for investors on its website:  progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

About Progressive Planet:

Progressive Planet, based in Kamloops, British Columbia, is redefining sustainability with our Products for a Healthy Planet™. By leveraging owned mineral assets and recycled materials, we develop patented and patent-pending innovations that promote a healthier planet.

Our C-Quester™ Centre of Sustainable Solutions leads advancements in low-carbon cement technologies, while our second on-site lab focuses on sustainable solutions for agriculture and animal care. Progressive Planet’s products are proudly available in over 10,000 retail locations across North America. For more information, visit progressiveplanet.com.

Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein including statements regarding the NCIB and the repurchases thereunder as well as the effect of those repurchases, statements regarding the future of the Bromley Creek Zeolite Mine and statements regarding the development of future products. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

Disclaimer:
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.

 

SOURCE Progressive Planet Solutions Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

World IP Day 2026: PitchMark launches Ideas.Exchange to help creators safeguard and license ideas in the age of AI

Published

on

By

SINGAPORE, April 26, 2026 /PRNewswire/ — To mark World IP Day 2026, PitchMark® today launched Ideas.Exchange, a first‑of‑its‑kind platform designed to help creators assert intellectual property rights, license ideas, and formalise creative conversations in an increasingly AI‑driven economy.

Unveiled at Safeguard Your IP in the Age of AI, a media briefing hosted by CNBC’s Sri Jegarajah, the platform responds to growing concern that ideas are routinely used, reused or absorbed without attribution, consent or compensation—often with limited legal or commercial recourse.

“AI has amplified both the reach and the risk for creators,” said Mark Laudi, Managing Partner of PitchMark LLP. “Ideas.Exchange gives creators a way to protect themselves while still participating confidently in the market for ideas.”

At its core, the platform focuses on three interventions for creators:

Asserting IP rights by establishing proof of authorship and precedenceLicensing ideas without giving them away for freeFormalising conversations so pitches and evaluations are governed rather than informal

Ideas.Exchange is powered by three proprietary resources developed by PitchMark. These include a blockchain‑driven clearing house where ideas and creative works can be listed and licensed; smart contracts that automate usage terms and reduce disputes; and an IP Governance Certification Program designed to signal responsible handling of ideas, particularly in enterprise and AI contexts.

The result, PitchMark says, is three concrete outcomes: deterrence of idea theft, new ways to monetise ideas through structured licensing and price discovery, and a more level playing field that allows creators to pitch to clients and platforms on equal terms.

The launch comes amid renewed scrutiny of how intellectual property is treated in the AI era. While idea theft is rarely reported, its impact is significant. Beyond visible financial losses, organisations and creators often absorb hidden costs through talent attrition, innovation suppression and abandoned market opportunities.

“Most idea theft occurs informally and never reaches the courts,” said Prof David Llewelyn, Professor Emeritus of Law at Singapore Management University. “Introducing governance, traceability and standards is a meaningful step toward addressing that gap.”

Spokespeople including Prof Llewelyn, technology lawyer Bryan Ghows, and Mark Laudi are available for interview.

About PitchMark

PitchMark® deters idea theft and enables creatives to get paid by providing a trusted way to share and license ideas with prospects and clients.

 

View original content:https://www.prnewswire.com/apac/news-releases/world-ip-day-2026-pitchmark-launches-ideasexchange-to-help-creators-safeguard-and-license-ideas-in-the-age-of-ai-302753571.html

SOURCE PitchMark

Continue Reading

Technology

SK hynix receives 2026 IEEE Corporate Innovation Award for Driving AI Computing Expansion with HBM

Published

on

By

SK hynix honored at the 2026 IEEE Awards for leading AI technology innovation with HBM Contributed to the global AI computing ecosystem via stable mass production across all HBM generationsCompany committed to becoming a premier leader in AI innovation through collaboration with global customers and partners

SEOUL, South Korea, April 25, 2026 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it received the Corporate Innovation Award at the ‘2026 IEEE1 Honors Ceremony’ held in New York on the 24th (local time).

IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Established more than a century ago, the IEEE Awards Program recognizes individuals and teams whose innovations have advanced technology and improved the human condition.

The IEEE Corporation Innovation Award, part of the Recognitions category, has been presented since 1986 to companies that have significantly contributed to the advancement of industry and society through innovative technology. This marks the first time SK hynix has received this honor.

SK hynix attributed the honor to its contribution to the global AI computing ecosystem by ensuring the stable mass production of all High Bandwidth Memory (HBM) generations. Looking ahead, the company aims to solidify its position as a trusted partner in the global AI market by providing memory solutions that are critical to overcoming the performance limitations of AI platforms.

The recognition highlights SK hynix’s achievements in driving the expansion of AI computing through HBM innovation and application. Central to this success was the company’s ability to preemptively offer innovative HBM solutions and respond timely to customer demands in the global AI market.

Industry observers also credit this achievement to the strategic direction of SK Group Chairman Chey Tae-won, who has long emphasized securing long-term technological competitiveness. Under his leadership, the company has consistently expanded its AI infrastructure partnerships with global Big Tech firms in the United States.

Ahn Hyun, President and Chief Development Officer (CDO), attended the ceremony as the company representative to accept the award.

“It is an honor to receive this award on behalf of our employees, who have tirelessly challenged the limits of technology,” said Ahn. “By collaborating closely with our global customers and partners, we will stay ahead in creating the value the market demands and continue to be a premier company leading AI innovation.”

About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world’s top-tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

About IEEE
IEEE is the world’s largest technical professional organization and a public charity dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice in a wide variety of areas ranging from aerospace systems, computers, and telecommunications to biomedical engineering, electric power, and consumer electronics. Learn more at https://www.ieee.org.

View original content:https://www.prnewswire.com/news-releases/sk-hynix-receives-2026-ieee-corporate-innovation-award-for-driving-ai-computing-expansion-with-hbm-302753615.html

SOURCE SK hynix Inc.

Continue Reading

Technology

NCL (Formerly Natural Cure Labs) Unveils New Brand Identity, Reinforcing Its Position as a Leading Monolaurin Supplement Company

Published

on

By

Natural Cure Labs, one of the most recognized monolaurin supplement brands in the United States, is officially transitioning to NCL – the same company, same formulations, and same science-backed standards, under a streamlined name.

ST. PETERSBURG, Fla., April 25, 2026 /PRNewswire-PRWeb/ — Natural Cure Labs, one of the most recognized monolaurin supplement brands in the United States, is officially transitioning to NCL. The company, founded in 2015, is adopting a streamlined brand identity while maintaining the same formulations, manufacturing standards, team, and commitment to quality its customers have trusted for more than a decade.

“NCL represents the quality, transparency, and innovation that our community expects from us. As we enter this new chapter, our commitment to our customers and our standards remains as strong as ever.”

NCL stands for Natural Cure Labs. The name change reflects how customers and the team already refer to the company. Over the past 10+ years, “NCL” has become the natural shorthand for Natural Cure Labs – and this transition formalizes that identity. This is a name change and visual evolution only. Ownership, leadership, formulations, and values remain unchanged.

Same Mission, Sharper Identity

This transition is not a departure from who the company is – it is a natural progression. The values that have guided NCL from the very beginning remain unchanged: clean-label quality, third-party testing, science-backed formulations, and an unwavering commitment to transparency. What is changing is how the company presents itself. In the months ahead, this rebrand will be accompanied by further updates across the brand experience – from visual identity and packaging to how NCL shows up across every channel and platform. Each of these changes will reflect the same standard of excellence customers have come to expect.

What is changing is how the company presents itself. In the months ahead, this rebrand will be accompanied by further updates across the brand experience – from visual identity and packaging to how NCL shows up across every channel and platform. Each of these changes will reflect the same standard of excellence customers have come to expect.

More Than 10 Years of Trust

This evolution comes at a time of significant momentum. Since 2015, NCL has grown from a small startup into an award-winning wellness brand available nationwide through Amazon, Walmart, Target+, TikTok Shop, eBay, and other major marketplaces. Along the way, the company has reached milestones that reflect the trust its community has placed in it:

200,000+ customers served worldwide35+ million capsules sold7,000+ verified customer reviewsRecognition in the 2025 Inc. 5000 list of fastest-growing private companiesMultiple Stevie Awards from the American Business AwardsNamed a 2025 and 2026 Gator100 HonoreeThree-time Global 100 winner for Best Health & Wellness Nutrition Manufacturer

“This rebrand isn’t about changing who we are – it’s about evolving how we present ourselves to match the brand our customers already know and trust,” said Damon Sununtnasuk, Founder & CEO.

What This Means for Customers

For existing customers, nothing changes about the products they know and trust. The same formulations, manufacturing facilities, quality controls, and customer support team remain in place. Products sold as Natural Cure Labs and products sold as NCL are from the same company. Customers can continue to find NCL products on the company’s website and through Amazon, Walmart, Target+, Kroger, eBay, and other major marketplaces.

NCL is grateful for every customer who has been part of this journey and is excited for what is to come.

Media Contact

NCL (Natural Cure Labs), NCL (Natural Cure Labs), 1 8003036214, press@naturalcurelabs.com, https://www.naturalcurelabs.com/

View original content to download multimedia:https://www.prweb.com/releases/ncl-formerly-natural-cure-labs-unveils-new-brand-identity-reinforcing-its-position-as-a-leading-monolaurin-supplement-company-302753477.html

SOURCE NCL (Natural Cure Labs)

Continue Reading

Trending