Flexible Solutions International, Inc. Announces Revenue Results for the Fourth Quarter and Full Year of 2023
January 22, 2024 at 04:05 pm EST
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Flexible Solutions International, Inc. announced revenue results for the fourth quarter and full year of 2023. Sales were lower in fourth quarter of 2023 compared to fourth quarter of 2022. Flexible Solutions? top line revenue decreased from $12.20 million (fourth quarter of 2022) to $9.22 million (fourth quarter of 2023), down approximately 24% year over year.
Full year revenue decreased from $45.8 million in 2022 to $38.1 million in 2023, a full year decrease of 17%.
Flexible Solutions International, Inc. is engaged in manufacturing and marketing biodegradable polymers which are used in the oil, gas and agricultural industries. The Company also develops, manufactures and markets specialty chemicals that slow the evaporation of water. Its products include HEATSAVR and WATERSAVR. Its segments include Energy and water conservation products (EWCP), and Biodegradable polymers (TPAs). Its EWCP segment consists of liquid swimming pool blankets which save energy and water by inhibiting evaporation from the pool surface, and a food-safe powdered form of the active ingredient within the liquid blankets and which are designed to be used in still or slow-moving drinking water sources. Its TPA segment is used by the petroleum, chemical, utility and mining industries to prevent corrosion and scaling in water piping. This product can also be used in detergents to increase biodegradability and in agriculture to increase crop yields by enhancing fertilizer uptake.