Progressive Planet Announces Record Q3 Revenue
MWN-AI** Summary
Progressive Planet (TSXV: PLAN, OTCQB: ASHXF) announced record revenue for the third quarter ending January 31, 2026, reporting a 22% increase year-over-year to $5,816,709, marking the highest Q3 revenue since its acquisition of Absorbent Products. The company saw a gross profit boost of 47%, rising to $1,991,301, lifting the gross margin to 34% compared to 28% in Q3 2025. However, income from operations fell by 32% to $157,443 due to significant one-time promotional and research expenses tied to the development of its PozGlass™ Supplementary Cementing Material (SCM) Pilot Plant.
Despite the downturn in earnings before interest, taxes, depreciation, and amortization (EBITDA), which fell to negative $499,643, the adjusted EBITDA climbed 46% to $624,115 compared to the previous year. The negative EBITDA was attributed to two major one-time charges: a slotting fee for new product placements in 2,400 retail locations across the U.S., and a write-down of the Z1 Zeolite Quarry, following the acquisition of more favorable assets for producing SCMs and agricultural products.
CEO Steve Harpur emphasized that the investments in research and development, particularly for the PozGlass Pilot Plant and its strategic retail expansions, are expected to deliver long-term benefits. The company also reported over $3 million in unused credit facilities and $2.14 million in cash available as of January 31, 2026. Following the quarter, Progressive Planet received additional grant funding, reaffirming their financial outlook.
For further insights, Harpur and CFO Chris Halsey-Brandt will host a live webinar on March 17, 2026, to delve deeper into their Q3 results.
MWN-AI** Analysis
Progressive Planet (TSXV: PLAN) has reported a commendable financial performance for Q3 2026, showcasing a 22% increase in revenue year-over-year, reaching $5.82 million. This performance strengthens Progressive Planet's narrative of growth and bolstered its position in the sustainable materials sector. However, investors should take note of some nuances within these results.
The increase in revenue and a significant 47% boost in gross profit to $1.99 million, which enhanced the gross margin to 34%, underscores the effectiveness of Progressive Planet’s strategic initiatives post-acquisition of Absorbent Products. Nonetheless, the decline in operating income by 32% to $157,443 and a negative EBITDA of $499,643 signal that while top-line growth is promising, underlying operational costs have impacted profitability. These results were heavily influenced by one-time expenses that are not expected to recur, such as substantial promotional costs associated with expanding retail partnerships and R&D investments.
Strategically, the decision to invest in Slotting fees allowing placement in over 2,400 retail locations is expected to pave the way for long-term sales growth, suggesting an aggressive, albeit risky, approach towards market expansion in the U.S. Furthermore, the positive adjusted EBITDA of $624,115 reflects operational health excluding these irregular expenses, indicating future profitability potential.
Additionally, Progressive Planet enjoys a robust liquidity position, with over $3 million in available credit and a subsequent grant intake of approximately $1.38 million post-quarter end, further bolstering their financial capacity for continued R&D.
In conclusion, while immediate profitability is impacted by strategic investments, the potential for growth in retail distribution and advancements in new products may prove fruitful. Investors should monitor future quarters closely to assess if these investments yield the expected returns while considering potential volatility in operational expenses. The growth narrative remains intact, but prudent investment timing is advised.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
KAMLOOPS, BC, March 12, 2026 /CNW/ - Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company") is proud to provide highlights for the third quarter ended Jan 31, 2026.
Financial Highlights include the following when compared to the third quarter of the prior year:
- Revenue increased by 22% to $5,816,709 – the second highest quarterly revenue and the highest Q3 revenue since the acquisition of Absorbent Products
- Gross profit increased by 47% to $1,991,301, and gross margin increased to 34% compared to 28% for Q3 of 2025
- Income from operations decreased by 32% to $157,443, as the Company incurred a significant one-time promotional expense in the current quarter as well as significant research and development costs associated with the development of its PozGlass™ SCM Pilot Plant
- EBITDA decreased to negative $499,643, compared to positive $421,959 for 2025
- Adjusted EBITDA increased to $624,115, compared to $428,453 for 2025 (a 46% increase)
- Existing credit facilities remain unused with greater than $3,000,000 in credit available as at January 31, 2026, and $2.14 million in cash before receipt of further grant funds as a subsequent event after the end of Q3
The negative EBITDA was the result of two one-time charges that were taken in the quarter. The first charge was an investment for a slotting fee to one of our largest US accounts whereby we obtained placement in over 2,400 retail locations for three new SKUs which doubled our total SKU count in these stores to six SKUs. Progressive Planet has not incurred any other slotting fees since the acquisition of Absorbent Products in February of 2022. This was a strategic investment in retail distribution and is not expected to recur as a normal part of operations.
The second one-time charge resulted from the write down of the Z1 Zeolite Quarry as announced on December 18, 2025. This write down decision was made due to Progressive Planet obtaining superior assets for the production of Supplementary Cementing Materials (SCMs), and agricultural soil amendment products with the acquisition of Absorbent Products in 2022 and the Ferguson Creek Pozzolan Property in 2025.
The Company notes that less than $8,000 was spent on the Z1 Zeolite Quarry from the date of acquisition of Absorbent Products Ltd. in February 2022 up to the date that the decision was made to write down the asset.
"Our third quarter saw a major investment in R&D with funds spent on the PozGlass Pilot Plant and in the many trials conducted to develop Planet LCD CementTM." stated Steve Harpur, CEO. "In addition, we made the decision to pay for placement of three new SKUs with a large long-term US customer. While we took the entire charge for this investment in Q3, I am confident that we will reap the benefits for many years to come as we now have three new SKUs of product where the material comes from the USA and is sold in the USA," further stated Harpur.
Subsequent Event
Subsequent to the end of the quarter, Progressive Planet received the second tranche of annual grant payments from both the previously announced federal and provincial funding programs supporting the PozGlass™ SCM Pilot Plant. The amounts received were $1,112,508.81 and $268,715.40, respectively.
Certain information provided in this news release is extracted from the consolidated financial statements (the "Financial Statements") and Management's Discussion & Analysis ("MD&A") of the Company for the three-month period ended January 31, 2025, 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. These measures, EBITDA and Adjusted EBITDA are referred to as "non-IFRS" measures and are defined below. The Company's management believes these non-IFRS 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.
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 future 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 investment in a public company; gains on debt forgiveness; gains and losses on modification or settlement of lease liabilities; write-offs of exploration and evaluation assets; and losses on dispositions of exploration and evaluation assets.
Progressive Planet CEO Stephen Harpur and CFO Chris Halsey-Brandt will participate in a live webinar hosted by Radius Research on Tuesday, March 17 at 4:30 PM ET / 1:30 PM PT to review the Company's Q3 financial results and provide a corporate update. Investors and interested participants can register to attend the webinar here:
https://us02web.zoom.us/webinar/register/6017730906847/WN_2zg1oEKDQgONWLDga7cM7A#/registration
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. 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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FAQ**
What specific strategies led to Progressive Planet Solutions Inc ASHXF achieving a 22% increase in revenue for Q3, especially in relation to the significant investments in R&D for the PozGlass™ SCM Pilot Plant?
How does the one-time promotional expense impact Progressive Planet Solutions Inc ASHXF's long-term profitability, and what measures are in place to ensure that such expenses do not affect future operational income?
With the negative EBITDA reported for Qwhat is Progressive Planet Solutions Inc ASHXF's plan to improve this figure in future quarters, especially given the focus on strategic investments in retail and R&D?
Can you elaborate on the significance of receiving the subsequent grant funds in the context of Progressive Planet Solutions Inc ASHXF's long-term growth plans and initiatives, particularly in the development of low-carbon cement technologies?
**MWN-AI FAQ is based on asking OpenAI questions about Progressive Planet Solutions Inc (OTC: ASHXF).
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