Progressive Planet Announces Record Q3 Revenue

Executive Summary

• Progressive Planet reported record Q3 revenue of $5.82 million, a 22% increase year‑over‑year and the highest Q3 since acquiring Absorbent Products.
• Adjusted EBITDA rose 46% to $624,115 versus $428,453 in Q3 2025, while GAAP EBITDA turned negative (-$499,643) due to one‑time slotting fees and a write‑down of the Z1 Zeolite Quarry.
• The company received a second tranche of grant funding totaling $1,381,224 for its PozGlass™ SCM Pilot Plant after quarter‑end.

Key Details

• Revenue: $5,816,709 (↑22% YoY).
• Gross Profit: $1,991,301 (↑47% YoY); gross margin improved to 34% from 28%.
• Operating Income: $157,443 (↓32% YoY) – impacted by a significant promotional expense and R&D costs for the PozGlass™ pilot plant.
• EBITDA: -$499,643 (vs. +$421,959 in Q3 2025). Negative result driven by:
• One‑time slotting fee investment to place three new SKUs in >2,400 U.S. retail locations.
• Write‑down of the Z1 Zeolite Quarry asset (spent < $8,000 since acquisition).
• Adjusted EBITDA: $624,115 (↑46% YoY), excluding the above non‑recurring charges.
• Credit Facilities: Unused credit > $3 million; cash on hand $2.14 million before additional grant proceeds.
• Subsequent Event – Grant Funding Received:
• Federal program: $1,112,508.81
• Provincial program: $268,715.40
• Management Commentary: CEO Steve Harpur highlighted the strategic nature of the slotting fee investment and ongoing R&D for PozGlass™ SCM Pilot Plant and Planet LCD Cement™.
• Investor Webinar: CEO Stephen Harpur and CFO Chris Halsey‑Brandt to present results on March 17, 2026 (4:30 PM ET / 1:30 PM PT).

Notable Quotes

“Our third quarter saw a major investment in R&D with funds spent on the PozGlass Pilot Plant… 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…” – Steve Harpur, CEO

Materiality Assessment: Material – Positive** (Revenue and adjusted EBITDA improvements are material to investors; despite negative GAAP EBITDA, the overall financial trajectory is favorable.)