Mr. Steve Harpur reports

PROGRESSIVE PLANET REPORTS Q3 RESULTS: $422K EBITDA VS. $732K LAST YEAR AND $4.8M CASH ON HAND AS OF JANUARY 31, 2025

Progressive Planet Solutions Inc. has released its financial results for its third quarter ending on Jan. 31, 2025.

The company was profitable in the current quarter and continued to grow to its cash position from operational cash flow as well as from the receipt of grant funding. Gross margin was lower due to some higher costs along with taking a write down on a receivable from the bankruptcy of a Canadian chain of stores.

Key financial results -- Q3 fiscal 2024 versus Q3 fiscal 2025

• The company's cash balance increased by $1,867,662 during the current quarter, ending at $4,819,839 on Jan. 31, 2025. This included $1,555,682 in grant funding received.
• Revenue decreased by 1 per cent to $4,779,099 compared with $4,812,604 in Q3 fiscal 2024 (the comparable period in the prior fiscal year).
• Planned plant shutdown in quarter impacted production and revenues.
• Gross profit decreased 13 per cent to $1,359,051 compared with $1,566,847 in Q3 fiscal 2024.
• Income from operations was $231,455 compared with $549,255 in Q3 fiscal 2024.
• Net income was $114,838 compared with $348,689 in Q3 fiscal 2024.
• Existing credit facilities remain unused with greater than $3-million in credit available at Jan. 31, 2025.

"While we remain profitable and continue to grow our cash on hand, Q3 had its challenges including the write down of a receivable associated with a rural chain of farm supply stores which went bankrupt. We also went though a scheduled shutdown in the quarter where we lost one week of production. We saw increases in operating costs in several areas including freight," said Mr. Harpur. "While we commenced investment in robotics in the quarter, we will not see savings on variable production costs until Q3 of next year, when our new robotic investments will be installed and operational," continued Mr. Harpur.

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

About Progressive Planet Solutions Inc.

Progressive Planet, based in Kamloops, B.C., is redefining sustainability with its products for a healthy planet. By leveraging owned mineral assets and recycled materials, Progressive Planet develops patented and patent-pending innovations that promote a healthier planet.

Progressive Planet's C-Quester Centre of Sustainable Solutions leads advancements in low-carbon cement technologies while the company's 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.

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