Cleantek Industries Reports Strong Third Quarter 2026 Financial Results

Rhea-AI Summary

Cleantek Industries (GLKFF) reported record third-quarter 2026 revenue of C$5.187 million, supported by HALO deliveries and rental and service growth. Revenue rose 58% year over year; net income increased to C$1.265 million from C$352,000, with basic and diluted earnings of C$0.04 per share versus C$0.01. Adjusted EBITDA rose 116% to C$2.126 million.

Operating cash flow reached C$2.217 million, and the bank operating line was fully repaid during the quarter. Working capital was C$4.022 million at September 30, versus a C$482,000 deficit at December 31, 2025. Nine-month revenue reached C$13.827 million, while gross margin slipped to 57% from 58%. HALO deliveries reached 36 of up to 60 contracted units by November 13. Cleantek is pursuing a South American follow-on phase that could add up to 15 unit sales, subject to project timing and customer demand.

20 points · 0 major

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0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue rose 58% to C$5.187 million from C$3.282 million a year earlier.
• Moderate pointQ3 net income increased to C$1.265 million from C$352,000 a year earlier.
• Moderate pointQ3 adjusted EBITDA increased 116% to C$2.126 million from C$984,000 a year earlier.
• Moderate pointQ3 gross profit rose to C$3.145 million from C$1.889 million; margin increased to 61% from 58%.
• Moderate pointQ3 operating cash flow increased to C$2.217 million from C$968,000 a year earlier.
• Moderate pointWorking capital reached C$4.022 million at September 30, 2026, versus a C$482,000 deficit at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.South American follow-on phase being pursued could result in up to 15 additional unit sales.

13 minor points

• Minor pointQ3 basic and diluted earnings per share rose to C$0.04 from C$0.01 a year earlier.
• Minor pointQ3 EBITDA increased to C$2.024 million from C$1.134 million a year earlier.
• Minor pointQ3 equipment sales increased to C$1.753 million from C$212,000, primarily driven by HALO International Program deliveries.
• Minor pointQ3 rental and service revenue increased 12% year over year to C$3.434 million.
• Minor pointBank operating line was fully repaid during Q3 2026.
• Minor pointNine-month revenue increased to C$13.827 million from C$10.339 million a year earlier.
• Minor pointNine-month net income increased to C$2 million from C$340,000 a year earlier.
• Minor pointNine-month basic earnings per share reached C$0.07 and diluted C$0.06, versus C$0.01 each a year earlier.
• Minor pointNine-month EBITDA increased to C$4.303 million from C$2.601 million a year earlier.
• Minor pointNine-month adjusted EBITDA increased to C$4.553 million from C$3.030 million a year earlier.
• Minor pointHALO deliveries reached 36 of up to 60 contracted units, including 12 in Q3 and four in October.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cleantek plans to expand internationally and grow its recurring rental and service business.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cleantek plans to evaluate acquisitions to expand its fleet and diversify revenue.

Negative

• Minor pointNine-month gross margin fell to 57% from 58%, despite gross profit rising to C$7.835 million from C$6.014 million.
• Minor pointQ3 capital expenditures increased to C$484,000 from C$268,000 a year earlier.
• Minor pointNine-month capital expenditures increased to C$1.296 million from C$1.161 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential South American follow-on sales remain subject to project timing and customer demand.

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Calgary, Alberta--(Newsfile Corp. - November 13, 2026) - Cleantek Industries Inc. (TSXV: CTEK) ("Cleantek" or the "Company") today announced its financial results for the three and nine months ended September 30, 2026.

Cleantek achieved record third-quarter revenue of $5.187 million, up 58% over the same quarter of last year. Net income rose to $1.265 million from $352,000, while Adjusted EBITDA more than doubled to $2.126 million. The results reflect continued HALO International Program deliveries and a 12% increase in rental and service revenue.

"Our third quarter results show the value of our business diversification efforts," said Riley Taggart, President and Chief Executive Officer of Cleantek Industries. "We set another revenue record, more than doubled Adjusted EBITDA and generated enough cash from operations to fully repay our operating line."

Q3 2026 HIGHLIGHTS (Canadian $000s) 

• Record quarterly revenue of $5,187, an increase of 58% from $3,282 in the third quarter of 2025.

• Equipment sales of $1,753, up from $212 in the prior year quarter, primarily driven by the deliveries under the HALO International Program.

• Rental and service revenue of $3,434, an increase of 12% over the prior-year quarter.

• Net income of $1,265, or $0.04 per share (basic and diluted), compared to $352, or $0.01 per share.

• Adjusted EBITDA of $2,126, an increase of 116% from $984 in the prior-year quarter.

• Cash provided by operating activities of $2,217 (2025 - $968), with the bank operating line fully repaid during the quarter.

• Delivered 12 HALO SE Crown Mount lighting systems under the HALO International Program in the quarter, bringing total deliveries to 32 at September 30, 2026, with a further 4 units delivered in October 2026.

• Working capital of $4,022 at September 30, 2026, compared to a deficit of $482 at December 31, 2025.

SELECTED FINANCIAL INFORMATION

(Canadian $000's, unaudited, except per share amounts)

	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Revenue	5,187	3,282	13,827	10,339
Gross profit	3,145	1,889	7,835	6,014
Gross profit %	61%	58%	57%	58%
Net income	1,265	352	2,000	340
Net income per share - basic	$0.04	$0.01	$0.07	$0.01
Net income per share - diluted	$0.04	$0.01	$0.06	$0.01
EBITDA¹	2,024	1,134	4,303	2,601
Adjusted EBITDA¹	2,126	984	4,553	3,030
Capital expenditures¹	484	268	1,296	1,161

 

¹ EBITDA, Adjusted EBITDA, capital expenditures and working capital are non-GAAP financial measures that do not have standardized meanings under IFRS Accounting Standards. See the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2026 for definitions and reconciliations to the most directly comparable IFRS measures.

OUTLOOK

Cleantek will continue to focus on expanding its international presence, growing its recurring rental and service business, and evaluating acquisitions that would expand its fleet and diversify revenue. As of the date of this release, 36 of up to 60 contracted units have been delivered under the HALO International Program.

Following its first commercial sale into South America in the second quarter, the Company continues to pursue a follow-on phase that could result in the sale of up to 15 additional units, subject to project timing and customer demand.

ABOUT CLEANTEK INDUSTRIES INC.

Cleantek Industries Inc. (www.cleantekinc.com) is a Canadian technology company providing equipment rental, field services, and proprietary industrial technology solutions to the oil and gas, mining and construction industries across North America and international markets. The Company's HALO lighting systems and EcoSteam wastewater and heating solutions help improve operational efficiency and reduce operating costs across industrial operations. Cleantek's common shares trade on the TSX Venture Exchange under the symbol "CTEK".

FOR FURTHER INFORMATION
Riley Taggart, President and Chief Executive Officer
Email: rtaggart@cleantekinc.com | Tel: 403-567-8700

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, including statements relating to the delivery of remaining units under the HALO International Program, the potential deployment of additional units in the South American market, the growth of the Company's rental and service business, and the evaluation of acquisition opportunities. These statements are based on assumptions management believes are reasonable, including continued customer demand, the timely collection of receivables, stable industry activity levels, and the availability of financing on acceptable terms. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including fluctuations in oil and gas industry activity levels, customer concentration, the timing of international contract deliveries and related collections, foreign exchange movements, tariffs and trade policy, access to capital, and general economic conditions. Additional risks are described in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2026, available on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements.

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/323902

FAQ

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What were Cleantek Industries' Q3 2026 revenue and earnings?

Cleantek reported C$5.187 million in revenue and C$1.265 million in net income for the quarter ended September 30, 2026. Revenue increased 58% from a year earlier. Basic and diluted earnings per share were C$0.04, compared with C$0.01.

How many HALO International Program units has Cleantek delivered?

Cleantek had delivered 36 of up to 60 contracted units as of November 13, 2026. It delivered 12 HALO SE Crown Mount lighting systems during the third quarter, bringing deliveries to 32 at September 30, followed by four more in October.

Are Cleantek's adjusted EBITDA and working capital measures standardized under IFRS?

Adjusted EBITDA and working capital are non-GAAP measures without standardized meanings under IFRS Accounting Standards. The same applies to EBITDA and capital expenditures. Definitions and reconciliations to the most directly comparable IFRS measures are available in Cleantek's management discussion and analysis for the three and nine months ended September 30, 2026.