(via TheNewswire)
Revenue in fiscal Q1 2023 of
$0.628M , 2x greater than Q4 2022 as recovery in flame retardant textiles commenced1Positive sales trend continued in Q2 2023 indicating 2.4X increase over Q1 2023 and about 5X increase over Q4, 2022.
Gross margin improvement for the 1stquarter to
$0.168M compared to a loss of -$0.497M in Q1 2022 a gain of$0.665M as commodity prices returned to historical levels.Under IFRS guidance the Company’s long-term debt was classified as current at the end of the reporting period due to a breached covenant which was officially waived by its lender on
July 4, 2023 , which will allow the Company to reclassify it back to a long-term debt in its 3rd Quarter reporting period.
The Company’s revenues of
The positive trend at FRX continued in Q2 with indications of a 2.4X increase in revenue compared to Q1 2023 and 5X increase in revenue compared to Q4, 2022. This is attributed to continued recovery of the flame-retardant textile sector. To a lesser extent, but important for forward quarters, FRX received first orders related to new project starts which includes an initial launch order in electronic display applications in a new polycarbonate formulation. FRX also received the first order for a specialty textile application and received repeat orders in a new bromine-free replacement project in the industrial sector.
After managing through a challenging market in 2022, FRX is strategically positioned to take advantage of several important market factors driving change in the flame-retardant industry globally, including increasing regulatory actions towards PFAS-free and bromine-free products such as Nofia. Many key industry players view FRX’s patented Nofia flame retardants as a cornerstone solution for a polymer system that was previously exclusively flame retarded with brominated flame retardants. Regulations banning the use of brominated flame retardants in plastics on the outside of many televisions and monitors will be effective as of
FRX is in commercial production at its fully permitted facility in
Neither
#PFAS, #PFSfree, #ForeverChemical, #SustainableFR
For more information, visit www.frx-innovations.com.
About
Nofia® is a registered trademark of FRX. Nofia® products are manufactured at its manufacturing facility on the
Cautionary Note Regarding Forward-Looking Statements and Reader Advisory
Certain statements contained in this news release, including, but not limited to, statements with respect to the Offering, the completion of the Offering, the size, amount and type of securities issued under the Offering, participation in the Offering by related parties and the amount of such participation, among other things, and statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward- looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable based on information available to it, but no assurance can be given that these expectations will prove to be correct.
Contact Information:
Mark Lotz CFO
+1 604-880-6546
mlotz@frxpolymers.com
Mike Goode CCO
+1 765-838-9018
mgoode@frxpolymers.com
FRX Innovations Investor Relations and Media Inquiries
Investor Relations
Carl Desjardins
+1 514-818-0447
Jean-
+1 514-951-2730
+41 76 335 4402
+1 978-505-1275
ir@frx-innovations.com
Media Inquiries
+1 413-684-2463
joe@jgrandecommunications.com
1 Please refer to FRXI press release dated
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