Calgary, Alberta – (Newsfile Corp. – August 18, 2022) – Cleantek Industries Inc. (TSXV: CTEK) (“Cleantek” or the “company”) (formerly Raise Production Inc. (“Raise”)) is pleased to announce that it has released its financial results for the three and six months ended June 30, 2022 and 2021. Selected financial and operating information is set forth below and should be read in conjunction with Cleantek’s Unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2022 and 2021, which are available on SEDAR at www.sedar.com.
Cleantek is an innovative provider of patented clean technology solutions focused on reducing both cost and carbon intensity in wastewater management and industrial lighting across North America. Cleantek is a public company listed on the TSX Venture Exchange (the “TSXV”) under the trading symbol “CTEK”.
Highlights for the second quarter of 2022
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Cleantek reported revenue of $3.1 million for the second quarter of 2022, an increase of $1.2 million or 61% over the second quarter of 2021 and in line with the first quarter of 2022, despite a seasonal slowdown in drilling activity in Canada. On an annual basis, Cleantek generated revenue of $6.3 million for the first half of 2022, an increase of $1.9 million or 42% over the first half of 2021. The increase in revenue in 2022 is due to an increase in rental activity and increased rental prices in both sustainable lighting solutions and ZeroE dehydration;
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Cleantek’s gross profit of $1.7 million, or 55%, for the second quarter of 2022 and $3.5 million, or 56% of sales, for the first half of 2022 were on target and improved compared to the gross profits of $0.9 million and 47% for the second quarter of 2021 and $2.4 million and 53% for the first half of 2021;
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Cleantek’s EBITDA was $(0.2) million for the second quarter of 2022, a decrease of $0.7 million compared to the second quarter of 2021 as the increased revenue was offset by $0.9 million of expenses -dollars more than compensated…
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