Cleantek Industries Inc Stock Price, News & Analysis

Cleantek Industries (TSXV: CTEK) has secured a new contract for five HALO SE Crown Mount lighting systems, following a successful initial deployment in Q4 2024. The systems, awarded through competitive bidding, will be delivered and installed in Q2 2025, designed to enhance nighttime rig moving operations.

The contract represents market validation for Cleantek's HALO SE technology as the company expands internationally. The lighting systems align with global sustainability initiatives by providing near zero-emission lighting solutions that improve operational efficiency and safety in the energy sector.

Cleantek Industries announced a change in its auditing firm, with KPMG LLP not seeking reappointment for the 2025 fiscal year audit. The company has appointed MNP LLP as its new auditor, effective April 30, 2025.

The transition comes with a clean handover, as KPMG's previous audit reports contained no reservations for the two most recent fiscal years. Additionally, there were no reportable events, disagreements, consultations, or unresolved issues between Cleantek and KPMG as defined in National Instrument 51-102.

The change has received full approval from both Cleantek's audit committee and Board of Directors. All relevant documentation, including the notice of change and letters from both auditing firms, has been reviewed by the company's governance bodies and is available on www.sedarplus.ca.

Cleantek Industries Inc. (TSXV: CTEK), a clean technology solutions provider specializing in wastewater management and industrial lighting, has announced the approval of stock option grants by its board of directors. The company has granted 780,000 incentive stock options to directors and officers at an exercise price of $0.28 per share, effective April 10, 2025.

The options, granted under the company's rolling 10% omnibus equity incentive plan, will vest in three equal tranches: 1/3 vesting on April 10, 2026 (expiring 2028), 1/3 on April 10, 2027 (expiring 2029), and 1/3 on April 10, 2028 (expiring 2030). The exercise price corresponds to CTEK's closing share price on the TSX Venture Exchange on April 10, 2025.

Cleantek Industries (TSXV: CTEK) reported its Q4 2024 financial results, showing mixed performance. Revenue decreased 8% to $2,927 compared to Q4 2023, primarily due to lower fleet utilization. However, gross profit improved to 63% of revenue ($1,835) versus 54% in Q4 2023.

The company achieved a significant turnaround with net income of $1,466 in Q4 2024, compared to a loss of $1,562 in Q4 2023. Adjusted EBITDA increased to $1,762, up from $558 in Q4 2023.

Strategic initiatives include the launch of EcoSteam with plans to deploy 25 units in 2025, international expansion of HALO™ technology, DZeroE waste heat water evaporation technology development, and the SecureTek remote security services integration. The company maintains focus on sustainable lighting solutions and wastewater treatment assets expansion.

Cleantek Industries (TSXV: CTEK) has announced additional sales of its HaloSE lighting units in the Middle Eastern market, marking a key milestone in the company's global expansion strategy. The HaloSE, manufactured in Canada, represents an advanced lighting solution featuring rugged, low-maintenance design based on Cleantek's patented Halo Crown Mount rental lighting systems.

The HaloSE units offer several advantages including:

• Highest output in most compact and lightweight configuration globally
• Replacement of diesel-powered mobile lighting systems
• Reduced emissions and elimination of site blind spots
• Enhanced safety through trusted patented technology
• Efficient installation through pre-calculation and lightweight design

Cleantek Industries (TSXV: CTEK) has released its fiscal 2025 guidance, projecting significant growth across key metrics. The company forecasts revenue growth of 20-30% to reach $14.5M-$15.5M, driven by increased fleet utilization, EcoSteam unit conversions, and strong product sales opportunities in the Middle East.

The company expects annual EBITDA of $4.0M-$4.75M, reflecting its focus on operational efficiency and cost management. Capital expenditure is budgeted at $0.65M-$0.95M, with flexibility to expand based on opportunities. Cleantek plans to optimize its portfolio through potential non-core asset divestment and debt reduction. The company positions itself as an attractive platform for mergers or acquisitions, leveraging its public listing, tax pools, and high-grade assets.

Cleantek Industries (TSXV: CTEK) has announced a significant debt reduction through a negotiated debt forgiveness agreement. The company successfully eliminated $518,000 of its long-term debt, representing approximately 7.6% of total long-term obligations. This debt, originally established in 2020 for water evaporation technology development, was settled following the program's completion in November 2024.

The debt relief will result in annual cash savings of about $65,000 due to eliminated interest payments at a 13.5% rate. The company states that insights gained from the project will support ongoing development of their DZeroE and EcoSteam technologies.

Cleantek Industries Inc. (TSXV: CTEK) has issued an update regarding the impact of the national strike of Canadian Union of Postal Workers on the delivery of their Q3 2024 interim financial statements and management's discussion and analysis. The company confirms that while physical mailing is affected, the Documents have been filed on SEDAR+ and are available digitally on the company's website. Shareholders who previously requested paper copies can contact the company for alternate delivery arrangements between 9:00 a.m. and 5:00 p.m. MT by calling 403-567-8700.

Cleantek Industries (TSXV: CTEK) announces successful field trial of its EcoSteam technology, a mobile evaporation platform using natural gas for wastewater volume reduction. The company plans to convert its fleet of diesel-powered CleanSteam units to EcoSteam, targeting 25 units by Spring 2025. The trial exceeded customer expectations in water evaporation rates, with the first customer requesting a second unit. Five additional units are being re-manufactured at the Crossfield facility. The initiative allows redeployment of idle assets with minimal conversion costs, promising high return on investment and quick payback.