Earth Alive Clean Technologies Inc. announces 2023 Financial Results and foresees multiple digit sales growth for 2024

MONTREAL, April 30, 2024 (GLOBE NEWSWIRE) -- 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 developments
We 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 expansion
The 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 innovations
Development 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

Revenues
Earth 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 loss
The 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.