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Verde AgriTech reports increase in revenue

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World Fertilizer,

Verde AgriTech has announced its financial results for the first quarter ended 31 March 2020.

1Q20 financial highlights

  • Revenue increased by 230% to CAN$509 532, compared to CAN$154 279 in 1Q19.
  • Production increased by 32% with a total of 6375 t, compared to 4825 t in 1Q19.
  • Sales increased by 830% with a total of 10 170 t compared to 1093 t in 1Q19.
  • Net loss reduced by 9% to CAN$792 195, compared to CAN$872 506 in 1Q19.

“We are encouraged by our continued exponential growth. The first quarter of a calendar year is naturally its weakest for fertilizer demand because of the climate seasonality in the agricultural cycle. Most of our sales are expected to take place between June and September, period which therefore has a greater impact on Q2 and Q3 financial results. Despite the Covid-19 pandemic, we are on track to reach our 2020 growth target of 76%”, said Cristiano Veloso, Verde’s founder, President and CEO.

In 1Q20 the company sold 10 170 t of its multinutrient potassium fertilizer, marketed and sold in Brazil under the K Forte® brand and internationally as Super Greensand®, an increase of 830% in comparison to 1093 t for 1Q19. The revenue for 1Q20 increased by 230% with a total of CAN$509 532, compared to CAN$154 279 in 1Q19. The gross margin for 1Q20 was 35% and the operating loss before non-cash events was CAN$663 958.

The sales target for 2020 is set at R$32 million (CAN$9.6 million).

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