Cleantek Industries Inc. Reports Strong Second Quarter 2025 Results Driven by International Growth
Cleantek Industries (TSXV: CTEK) reported strong Q2 2025 financial results, with revenue increasing 39% to $3,352 compared to Q2 2024. The company maintained a consistent gross profit margin of 53%, while net loss improved to $457 from $511 in Q2 2024.
Key highlights include a significant 241% increase in Adjusted EBITDA to $778, driven by higher revenue despite a $456 non-cash foreign exchange loss. The company's performance was bolstered by strong equipment sales, growing rental demand, and expanding international presence. Cleantek continues to focus on equipment utilization, global market expansion, and R&D initiatives to enhance their evaporator solutions.
Cleantek Industries (TSXV: CTEK) ha riportato solidi risultati nel secondo trimestre 2025: i ricavi sono saliti del 39% a $3,352 rispetto al Q2 2024. L'azienda ha mantenuto un margine lordo stabile del 53%, mentre la perdita netta è migliorata a $457 (da $511 nel Q2 2024).
I punti salienti includono un significativo aumento del 241% dell'Adjusted EBITDA a $778, trainato da ricavi più elevati nonostante una perdita non monetaria per cambio di $456. Le performance sono state sostenute da solide vendite di impianti, una domanda di noleggio in crescita e un'espansione internazionale. Cleantek continua a concentrarsi sull'utilizzo degli impianti, sull'espansione dei mercati globali e sulle iniziative di R&D per potenziare le sue soluzioni evaporative.
Cleantek Industries (TSXV: CTEK) presentó sólidos resultados del segundo trimestre de 2025: los ingresos aumentaron un 39% hasta $3,352 respecto al Q2 2024. La compañía mantuvo un margen bruto constante del 53%, mientras que la pérdida neta mejoró a $457 (desde $511 en el Q2 2024).
Entre los aspectos destacados figura un notable aumento del 241% del EBITDA ajustado hasta $778, impulsado por mayores ingresos pese a una pérdida no monetaria por tipo de cambio de $456. El rendimiento se vio respaldado por fuertes ventas de equipos, una demanda de alquiler en crecimiento y una mayor presencia internacional. Cleantek sigue enfocada en la utilización de equipos, la expansión global y las iniciativas de I+D para mejorar sus soluciones de evaporadores.
Cleantek Industries (TSXV: CTEK)는 2025년 2분기에 견조한 실적을 보고했습니다. 매출은 2024년 2분기 대비 39% 증가해 $3,352를 기록했습니다. 회사는 53%의 안정적인 총이익률을 유지했으며, 순손실은 2024년 2분기의 $511에서 $457으로 개선되었습니다.
주요 내용으로는 매출 증가에 힘입어 조정 EBITDA가 241% 증가해 $778를 기록한 점이 있으며, 이는 $456의 비현금성 외환손실에도 불구하고 달성되었습니다. 실적은 견고한 장비 판매, 증가하는 렌탈 수요 및 국제적 진출 확대에 의해 뒷받침되었습니다. Cleantek은 장비 가동률 제고, 글로벌 시장 확장 및 증발기 솔루션 강화를 위한 연구개발에 계속 주력하고 있습니다.
Cleantek Industries (TSXV: CTEK) a annoncé de solides résultats pour le deuxième trimestre 2025 : le chiffre d'affaires a augmenté de 39% pour atteindre $3,352 par rapport au T2 2024. La société a maintenu une marge brute stable de 53%, tandis que la perte nette s'est améliorée à $457 (contre $511 au T2 2024).
Parmi les points clés figure une hausse significative de 241% de l'EBITDA ajusté à $778, portée par l'augmentation du chiffre d'affaires malgré une perte de change non monétaire de $456. Les résultats ont été soutenus par de solides ventes d'équipements, une demande locative croissante et un développement international. Cleantek poursuit son focus sur l'utilisation des équipements, l'expansion sur les marchés mondiaux et les initiatives de R&D pour améliorer ses solutions d'évaporateurs.
Cleantek Industries (TSXV: CTEK) meldete starke Ergebnisse für das zweite Quartal 2025: Der Umsatz stieg im Vergleich zum Q2 2024 um 39% auf $3,352. Das Unternehmen hielt eine konstante Bruttomarge von 53%, während der Nettoverlust sich von $511 im Q2 2024 auf $457 verbesserte.
Zu den wichtigsten Punkten gehört ein deutlicher Anstieg des bereinigten EBITDA um 241% auf $778, angetrieben durch höhere Umsätze trotz eines nicht zahlungswirksamen Fremdwährungsverlusts von $456. Die Leistung wurde durch starke Anlagenverkäufe, eine wachsende Mietnachfrage und eine zunehmende internationale Präsenz gestützt. Cleantek konzentriert sich weiterhin auf eine bessere Auslastung der Anlagen, die Expansion auf globale Märkte und F&E-Initiativen zur Verbesserung seiner Verdampferlösungen.
- Revenue growth of 39% year-over-year to $3,352
- Adjusted EBITDA increased 241% to $778
- Maintained strong gross profit margin at 53%
- Net loss improved by $54 compared to Q2 2024
- Working capital deficit improved by $697
- $456 non-cash foreign exchange loss impacted earnings
- Working capital remains in deficit position at -$1,242
- Non-current debt increased by $408 to $7,493
Calgary, Alberta--(Newsfile Corp. - August 14, 2025) - Cleantek Industries Inc. (TSXV: CTEK) ("Cleantek" or the "Company") a leading provider of patented clean technology solutions for wastewater management and industrial lighting sectors, is pleased to report its financial and operational results for the second quarter ended June 30, 2025.
Highlights for the Second Quarter 2025 (All amounts are in thousands of Canadian dollars unless otherwise indicated)
- Revenue increased
39% to$3,352 in Q2 2025, up from$2,411 in Q2 2024, driven by strong equipment sales and growing rental demand; - Gross profit increased by
39% to$1,782 , representing53% of revenue, consistent with Q2 2024 gross profit of53% ; - Net loss narrowed to
$457 in Q2 2025, an improvement of$54 compared to a net loss of$511 in Q2 2024, with the improvement driven by higher revenue and partially offset by a$456 non-cash foreign exchange loss; and, - Adjusted EBITDA(1) increased
241% to$778 for the quarter, compared to$228 in Q2 2024, primarily due to higher revenue.
"Q2 performance highlights the strength of our strategy, with meaningful top-line growth driven by our growing international presence and increased market share in North America. These results reflect the strength of our model and our ability to execute, even in a softer domestic environment," commented Riley Taggart, Cleantek's President and Chief Executive Officer.
Looking ahead to Q3, Cleantek will continue to prioritize higher equipment utilization, global market expansion, and balance sheet strength. The Company's lean cost structure and integrated team approach provide a solid foundation for scalable growth in a rapidly evolving industry.
Cleantek's research and development team continues to enhance the performance of our evaporator solutions by increasing salt and solids tolerance, while also pursuing manufacturing efficiencies aimed at improving long-term margins and innovation across Cleantek's solutions.
Results of Operations
| (Canadian | Three months ended June 30 | Six months ended June 30 | ||||||
| per share amounts and percentages) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||
| Revenue | 3,352 | 2,411 | 940 | 7,057 | 6,081 | 976 | ||
| Gross profit | 1,782 | 1,285 | 497 | 4,128 | 3,657 | 471 | ||
| Gross profit % | 53 | 53 | (0)% | 58 | 60 | (2)% | ||
| Net (loss) income | (457) | (511) | 54 | (7) | 11 | (18) | ||
| Net (loss) income per share - basic ($) | ||||||||
| Net (loss) income per share - diluted ($) | ||||||||
| EBITDA(1) | 278 | 310 | (32) | 1,472 | 1,716 | (244) | ||
| Adjusted EBITDA(1) | 778 | 228 | 550 | 2,044 | 1,435 | 609 | ||
| Capital expenditures | 134 | 80 | 54 | 819 | 231 | 589 | ||
| As at: | June 30, 2025 | December 31, 2024 | Change | |||||
| Total assets | 14,537 | 13,641 | 896 | |||||
| Working capital deficit(1) | (1,242) | (1,939) | 697 | |||||
| Non-current debt(1) | 7,493 | 7,085 | (408) | |||||
| Total non-current liabilities | 7,493 | 7,085 | (408) | |||||
(1) Management considers EBITDA and adjusted EBITDA key metrics in analyzing operational performance and the Company's ability to generate cashflow. EBITDA is measured as net income (loss) before interest, tax, depreciation and amortization. Adjusted EBITDA is measured as EBITDA adjusted for share-based compensation and unusual items not representative of ongoing business performance such as gains and losses on the sale of assets and the impact of unrealized foreign exchange gains and losses. Working capital (or also referred to as net current assets/liabilities) for Cleantek is calculated as current assets less current liabilities per the statement of financial position. Non-current debt includes the non-current portion of long-term debt and lease liabilities per the Non-Current Liabilities on the statement of financial position. These items are not defined and have no standardized meaning under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods' results. Please see "Non-IFRS Measurements" for further discussion of these items, and where applicable, reconciliations to measures calculated in accordance with IFRS.
About Cleantek Industries Inc.
Cleantek is a clean energy technology company focused on ESG-accretive solutions, providing specialized and fully integrated wastewater treatment, disposal equipment, and turnkey sustainable lighting rental solutions. By leveraging patented technology and industry expertise, Cleantek delivers tailored, cost-effective solutions to a diverse client base, including blue-chip exploration and production companies across North America. With a focus on sustainability, safety, and operational excellence, Cleantek is well-positioned to meet the rising water treatment and sustainable lighting market demand. Our proven track record and commitment to innovation drive long-term value creation in the clean technology sector.
Selected financial and operation information is outlined below and should be read in conjunction with Cleantek's unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2025 and the audited consolidated financial statements for the years ended December 31, 2024 and 2023, which are available on the Company's SEDAR profile at www.sedarplus.ca.
NON-IFRS MEASUREMENTS
Cleantek uses certain financial measures to quantify its results that are not prescribed by IFRS. The following terms: "EBITDA", "adjusted EBITDA", "working capital" and "non-current debt" are not recognized measures under IFRS and may not be comparable to that reported by other companies. Cleantek believes that, in addition to measures prepared in accordance with IFRS, the non-IFRS measurements provide useful information to evaluate the Company's performance and ability to generate cash, profitability and meet financial commitments.
These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA
Management considers EBITDA and adjusted EBITDA key metrics in analyzing operational performance and the Company's ability to generate cash flow. EBITDA is measured as net income (loss) before interest, tax, depreciation and amortization as differences in accounting treatments may distort our core business results. Adjusted EBITDA is measured as EBITDA adjusted for certain non-cash items, including share-based compensation, gains and losses on sale of assets, impact of unrealized foreign exchange gains and losses as well as unusual items not representative of ongoing business performance, such as litigation expense and settlements, and executive severance.
The following table provides a reconciliation of the non-IFRS measures, EBITDA, and adjusted EBITDA, to the applicable IFRS measurements for Cleantek:
| Three months ended June 30 | Six months ended June 30 | |||
| (Canadian | 2025 | 2024 | 2025 | 2024 |
| Net income (loss) | (457) | (511) | (7) | 11 |
| Tax expense | 22 | - | 44 | 36 |
| Depreciation and amortization | 488 | 576 | 995 | 1,169 |
| Finance costs | 225 | 245 | 440 | 500 |
| EBITDA | 278 | 310 | 1,472 | 1,716 |
| Share-based compensation | 44 | 21 | 70 | 50 |
| (Gain) loss on disposal of assets | - | (31) | 41 | (35) |
| Unrealized FX (gain) loss | 456 | (72) | 461 | (296) |
| Adjusted EBITDA | 778 | 228 | 2,044 | 1,435 |
Working capital
Working capital (or also referred to as net current assets/liabilities) for Cleantek is calculated as current assets less current liabilities per the statement of financial position. The following table provides a reconciliation of working capital, a non-IFRS measure, to the applicable IFRS measurements for the Company:
| June 30 | December 31 | |
| (Canadian | 2025 | 2024 |
| Current assets | 4,117 | 3,228 |
| Current liabilities | 5,359 | 5,167 |
| Working capital deficit | (1,242) | (1,939) |
Non-current debt
Management considers non-current debt in analyzing the Company's capital structure. Cleantek's capital structure consists of working capital, non-current debt and shareholders' equity. Non-current debt measures the long-term borrowings of the Company. Non-current debt for Cleantek is calculated as the non-current portions of long-term debt and lease liabilities. The following table provides a reconciliation of non-current debt, a non-IFRS measure, to the applicable IFRS measurements for the Company:
| June 30 | December 31 | |
| (Canadian | 2025 | 2024 |
| Long-term debt - non-current portion | 6,738 | 6,534 |
| Lease liabilities - non-current portion | 755 | 551 |
| Non-current debt | 7,493 | 7,085 |
Executive Departure
The Company wishes to announce that Orson Ross, Chief Financial Officer, will be leaving Cleantek in September 2025. Mr. Ross joined the Company in 2022. Since then, Orson has made significant contributions to the Company's success. The Company wishes to thank him for his service and wishes him well in his future endeavours.
For Further Information:
Riley Taggart, President & Chief Executive Officer
E-mail: rtaggart@cleantekinc.com
Tel: 403-567-8700
www.cleantekinc.com
LinkedIn
X
Forward-Looking Statements
This news release contains certain "forward looking statements" including, for example, statements relating to expected improved financial flexibility, additional growth, potential middle east expansion, expansion of Cleantek's fleet of sustainable lighting solutions and EcoSteam wastewater treatment assets, the expected deployment of Cleantek's assets, available liquidity, Cleantek's outlook for the future and near-term strategy. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, the ability of the Corporation to successfully manage the risks inherent in pursuing business opportunities in the oilfield services industry and outside the North American market, and the ability of the Corporation to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business. Any forward-looking statement reflects information available to Cleantek as of the date of this news release and, except as may be required by applicable securities laws, Cleantek disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262543
FAQ
What were Cleantek Industries' (TSXV: CTEK) Q2 2025 revenue and growth?
How much did Cleantek's Adjusted EBITDA grow in Q2 2025?
What was Cleantek's gross profit margin in Q2 2025?
What is Cleantek's current debt position as of Q2 2025?
What are Cleantek's strategic priorities for future growth?
