Flexible Solutions International Reports Q3 2024 Financial Results

Flexible Solutions International Inc. recently announced its financial results for the third quarter ending September 30, 2024. In a press release issued on November 14, 2024, the company highlighted various aspects of its performance during the quarter.

The company’s CEO, Dan O’Brien, hosted a conference call on November 15, 2024, discussing the financial results and providing additional insights into the company’s operations and future outlook.

A significant portion of Flexible Solutions International’s revenue, approximately 70%, is generated by its NanoChem division. This division produces thermal poly-aspartic acid (TPA), which is used in various applications such as agriculture to increase crop yield, oilfield water treatment to prevent scale, and as an ingredient in cleaning products.

Additionally, the company’s food division has made advancements with FDA certification and commercialized food products based on polyaspartates. The company has a pipeline of five products nearing final stages before potential purchase orders, indicating growth opportunities in the food sector.

The ENP division, another revenue contributor, focuses on sales in the greenhouse, turf, and golf markets. The company foresees continued growth in this segment into 2025.

A recent profitable investment in a Florida LLC demonstrated good margins, and the company plans to focus on international agriculture sales into multiple countries to capitalize on such opportunities.

Despite challenges posed by tariffs on imported raw materials from China, the company is actively working to recover these costs to mitigate negative impacts on its operations.

Flexible Solutions International is optimistic about sales growth in various sectors, with expectations of continued stability in oil, gas, and industrial sales of TPA throughout 2024 and the first half of 2025. The company also anticipates rapid growth in its food division, contingent on early orders and increased uptake of existing food products.

The company remains focused on cost management and revenue generation, as reflected in its sales increase of 7% to $9.31 million in Q3 2024 compared to the same period in 2023. Operating cash flow for the first nine months of 2024 improved significantly to $5.91 million, demonstrating notable progress from the previous year.

Flexible Solutions International continues to invest strategically, including acquiring additional factory space in Illinois, paying down long-term debt, and maintaining adequate working capital to support its operations and growth initiatives.

The full text of Dan O’Brien’s speech discussing the Q3 2024 results will soon be available on the SEC website, providing further details on the company’s performance and strategies moving forward. The company remains optimistic about its prospects in various market segments and is focused on sustained growth and profitability.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flexible Solutions International’s 8K filing here.

About Flexible Solutions International

Flexible Solutions International, Inc, together with its subsidiaries, develops, manufactures, and markets specialty chemicals that slow the evaporation of water in Canada, the United States, and internationally. The company operates in two segments, Energy and Water Conservation Products, and Biodegradable Polymers.