KAMLOOPS, BC, Sept. 24, 2026 /CNW/ — Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”) is proud to provide highlights for the first quarter ended July 31, 2026.
Financial Highlights include the following:
Revenue increased by 23% to $7,296,702 – the highest quarterly revenue achieved by the Company since inception.Gross profit increased by 10% to $2,497,757.Gross margin decreased to 34% compared to 39% for Q1 F2026.Income from operations increased by 29% to $924,124.EBITDA decreased to $1,350,097, compared to $1,444,559 for Q1 F2026 (a 7% decrease).Adjusted EBITDA increased to $1,481,334, compared to $1,400,127 for Q1 F2026 (a 6% increase).Net income decreased 31% to $1,109,931.
Capital investment: During the three-month period ended July 31, 2026, the Company invested $654,335 in property, plant and equipment assets, including $391,104 for a building extension and equipment to be utilized in the PozGlass™ pilot plant. Grant proceeds of $189,685 were recognized in relation to these pilot plant acquisitions, thereby reducing the cash outlay required by the Company.
Pilot Plant development: During the current quarter, in addition to the building and equipment expenditures noted above, the Company incurred $469,679 of non-capital costs toward the development of the PozGlass™ pilot plant. Grant proceeds of $234,182 were recognized in relation to these expenditures, which reduced the cost incurred by the Company.
The Company will continue to invest significantly to finish four capital projects by the end of the current fiscal year which will end on April 30, 2027. The capital projects that are currently underway and are anticipated to be completed by fiscal year end include the following:
PozGlass Phase 2 – Major capex completed by Dec 31, 2026.Lightweight Cat Litter – Installation of line to be completed by Dec 31, 2026.Automated Valve Pack Line – Expected completion by Feb 28, 2027.Fine Grinding Line – Expected completion by Feb 28, 2027.
“I am pleased that Progressive Planet set another quarterly revenue record and still maintained gross margins of 34% despite being faced with major cost increases for trucking due to the rising cost of diesel. We continued to invest significant sums in the PozGlass Pilot Plant. The end is in sight for near term major capital projects,” stated CEO, Steve Harpur.
BDC Pivot to Grow Financing: Subsequent to the end of the quarter, Progressive Planet accepted a letter of offer from the Business Development Bank of Canada (“BDC”) for a $4,000,000 term loan under BDC’s Pivot to Grow Program. Pivot to Grow is part of the Government of Canada’s response to U.S. tariffs and provides financing at preferential rates to help Canadian businesses that export to the U.S. protect cash flow, invest in productivity and equipment, and diversify their markets. The loan will be used to finance equipment purchases for the Company’s capital projects for increased productivity. It bears interest at BDC’s floating base rate less 2.00%, resulting in an initial rate of 4.55% as at the date of the offer, with interest-only payments for the first 24 months followed by a 10-year repayment period.
An earnings call has been scheduled with Radius Research for 1:15 p.m. Pacific on October 6, 2026. Register for our upcoming webinar with Radius Research on October 6, 2026: https://bit.ly/PLAN-webinar
Certain information provided in this news release is extracted from the condensed interim consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the three-month period ended July 31, 2026, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR+.
This news release contains financial measures not prepared in accordance with IFRS® Accounting Standards. EBITDA and Adjusted EBITDA are non-IFRS financial measures, and gross margin (gross profit divided by revenue) is a supplementary financial measure. These measures do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The Company’s management believes these measures provide investors with additional information for the analysis of the Company’s results of operations, particularly in evaluating performance from one period to another. The Company’s management uses non-IFRS financial measures to make operating decisions, as they facilitate additional internal comparisons of the Company’s performance to historical results and to competitors’ results. A reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable IFRS measure, is provided in the “Non-IFRS and Other Financial Measures” section of the MD&A, which is incorporated by reference into this news release.
EBITDA: EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, is an alternative measure of performance utilized by management to evaluate and analyze the Company’s results. EBITDA is net income (or loss) excluding interest (finance costs), current and deferred income tax expense, amortization and depreciation expense, and depletion expense.
Adjusted EBITDA: Adjusted EBITDA is an alternative measure of performance utilized by management to evaluate and analyze the Company’s results. Adjusted EBITDA is EBITDA excluding non-recurring or irregular revenues and expenses that, in the opinion of management, make the period-over-period comparison of results from operations less meaningful. Specifically, Adjusted EBITDA excludes gains and losses on disposal of property, plant and equipment; gains or losses on investment in a private company; gains or losses on investments in public companies; and gains and losses on modification or settlement of lease liabilities.
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 two C-Quester™ Centres of Sustainable Solutions lead advancements in low-carbon cement technologies in both Kamloops, BC and Calgary, Alberta. Progressive Planet’s products are proudly available in over 10,000 retail locations across North America. For more information, visit progressiveplanet.com.
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.
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 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.
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