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 developmentsWe 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 expansionThe 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 innovationsDevelopment
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
RevenuesEarth 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 lossThe 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 investmentsEarth 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 2024Strategic
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, CEOCA 438 333-1680; 514 462-1628EU +352 621 395 338