CALGARY, AB, November 29, 2022 /CNW/ – EarthRenew Inc. (CSE: ERTH) (OTCQB: VVIVF) (“EarthRenew” or the “Company”), along with its wholly-owned subsidiary, Replenish Nutrients Ltd. (“Replenish”), are pleased to report the financial results for the 3 and 9 months ended September 30, 2022.
• Increased revenues by $0.4 million and $9.0 million for the 3 and 9 months ended September 30, 2020, to $2.7 million and $12.6 million, compared to the same period in the prior year
• Increased sales volumes by 1,261 and 13,460 metrics tons to 7,305 and 24,009 metric tons for the 3 and 9 months ended September 30, 2022
• Maintained positive and improving gross margins of $0.4 million and $1.4 million for the 3 and 9 months ended September 30, 2022, in spite of the volatile and elevated input costs related to ongoing global geopolitical tensions
• Reduced operating loss to $1.6 million and $3.5 million for the 3 and 9 months ended September 30, 2022, an improvement of $0.2 million and $0.5 million, respectively
• Reduced net loss per share to $0.01 and $0.03 for the 3 and 9 months ended September 30, 2022, an improvement of $0.02 and $0.03 per share, respectively
EarthRenew continues to be encouraged by the strong demand for its regenerative fertilizer products that provide a strong return on investment for growers while promoting a healthy and bioactive soil environment. While the third quarter is a typical transition quarter in the fertilizer business leading into a busier fourth quarter, the Company’s third quarter results demonstrate a continued commitment to building a foundation of steady growth and cost discipline moving forward.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of net proceeds of the Offering; the closing, timing, and size of the Offering, including the satisfaction and timing of the receipt of all required regulatory approvals; and satisfaction or waiver of other conditions to closing of the Offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; other risks of the energy and fertilizer industries and other risk factors disclosed in our public disclosure which can be found under our profile on SEDAR at www.sedar.com. Readers are cautioned that these risk factors should not be construed as exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.