Sustainable Green Team Ltd Stock Price, News & Analysis

The Sustainable Green Team, LTD. (OTCQX: SGTM) reported significant growth in its audited fiscal 2022 results, with Net Revenue reaching $35,513,231, an 11.24% increase from 2021. Gross Profit soared to $8,000,152, marking a dramatic 505.54% rise. The company achieved a Net Income of $8,901,214, up 70.28% year-over-year. Total Assets increased to $120,365,084, an impressive 80.17% growth. Notably, Outstanding Shares decreased by 17.5% to 74,631,743.

SGTM has scheduled its first Annual Shareholder Meeting for May 12, 2023, at 9:00 AM ET, to discuss these results and the outlook for 2023.

The Sustainable Green Team, LTD. (SGTM) announced the appointment of Joshua R. Wethington as Chief Financial Officer, effective January 31, 2023. Wethington's background includes over 25 years in financial and operational management in the beauty industry. His leadership is anticipated to enhance SGTM's financial performance and operational capabilities as the company expands. Notable January achievements include amending their quarterly reports, improving the mulch colorant division, and acquiring raw materials for production. CEO Tony Raynor expressed confidence in Wethington's ability to support the company's growth initiatives.

The Sustainable Green Team (SGTM), a leader in environmentally friendly solutions, has partnered with VRM Biologik to initiate HumiSoil^® production in the U.S. Starting in February 2023, the process combines VRM's patented materials with SGTM's recycled inputs at four strategic facilities, including a sawmill in Homerville, GA, and three locations in Florida. This initiative aims to enhance SGTM's competitive edge and drive growth, with expectations for product distribution by Summer 2023. HumiSoil^®, designed to improve soil health without synthetic fertilizers, aligns with SGTM's 2023 corporate priorities.

The Sustainable Green Team, LTD. (SGTM) has announced an upgrade of its colorant division, Natures Reflection, to a new facility in Jacksonville, FL. This expansion allows NR to use 20,000 sq ft of a 75,000 sq ft space, doubling its inventory capacity in 2023. NR produces various mulch colors, rigorously tested for safety, achieving Category IV toxicity, the lowest level. This positions SGTM to become a key player in the mulch industry. General Manager Jeff Merlin emphasized their commitment to quality and customer service as part of their growth strategy.

The Sustainable Green Team, LTD. (SGTM) has filed a registration statement on Form 10 with the SEC to register its common stock, effective 60 days post-filing. This move subjects SGTM to the reporting requirements of the Exchange Act, necessitating annual and quarterly filings. CEO Tony Raynor highlighted the company's commitment to transparency, which is expected to enhance shareholder value and growth opportunities. SGTM is a leading manufacturer and supplier of wood-based products, including mulch and soil amendments, and offers environmental services across the southeastern U.S.

The Sustainable Green Team (SGTM), a leading wholesale manufacturer of wood-based products, amended its quarterly report for the period ending October 1, 2022. This restatement revealed significant adjustments, including a $6 million increase in total assets, raising them from $75.6 million to $81.7 million. Gross profit for Q3 2022 improved from a loss of $1.8 million to a profit of $4.3 million, while net income shifted from a loss of $4.6 million to a net gain of $1.2 million. The changes are linked to a new soil technology partnership with VRM Biologik Group, prompting adjustments in inventory valuation practices.