Q3: "Sustainable Green Team (SGTM) Announces Q3 Fiscal Results, Provides Update on Circle K Contract"
- Sustainable Green Team Ltd reported its financial results for 3 months ending Sept. 30, 2020
- Company reported 3Q20 revenues of $5.9 million, gross profit of $422 thousand, taking 9M20 revenues to $24.5 million and gross profit to $5.5 million
- SGTM also provided status update regarding its retailing tie-up with Circle K convenience stores, the geographical scope of which has now increased to include fourth region
Sustainable Green Team (OTC: SGTM), a leading provider of environmentally beneficial solutions for tree and storm waste disposal, has recently published its financial results for the third quarter of 2020. The company has seen its fiscal revenues rise to total $24.5 million over the first nine months of 2020.
For the fiscal quarter ending September 30, 2020, SGTM reported $5,907,155 in revenue, $422,133 in gross profit and $36,140,923 in total assets, with a strong position of $5,936,798 in cash and liquid investments. In aggregate, that took the company’s total revenues for the first nine months of the year to $24,544,820 while recording $5,503,905 in gross profit (https://ibn.fm/aBJQN).
The company also seized the opportunity to expand on its numerous achievements over the course of past three months:
- Completion of company name and trading symbol change as of July 21, 2020
- SGTM awarded IPEMA certification to recycle tree and storm waste into public playground surfacing material on July 23, 2020, providing the company with access to a $4 billion market
- Completion of the dual line mulch bagger and fully automated electric grinding screening operation at Waste Management’s Apopka, Florida-based facility, increasing its mulch manufacturing capability by 4 million bags per year
- Addition of new grapple hauling trucks to the Company’s fleet, with each truck capable of hauling 1,250 loads per annum, equivalent to $400 thousand in gross revenue
- Obtaining a permit to accept debris and manufacture mulch at the company’s state-of-the-art, 100,000 square foot Jacksonville facility
“I am proud of our team and the progress we have made this year in achieving these key milestones,” commented Sustainable Green Team’s CEO and Director Tony Raynor in reference to the results. “We plan to proceed in a similar manner during the remaining quarter and end 2020 on a strong note. In keeping with that aim, we have already completed our two-year audit to commence our Form 10 process, which will enable us to begin 2021 as a fully reporting company and uplist accordingly.”
Separately, the company also took the opportunity to announce that it had signed a new mulch contract for 2021 with Circle K convenience stores, a subsidiary of Alimentation Couche-Tard, Inc (OTC: ANCUF). The original agreement with Circle K, signed in October 2020, was modified to add an additional region to the initial three regions in which SGTM’s mulch products would be marketed, thereby increasing the potential revenue potential from the tie-up (https://ibn.fm/ya2nW).
To learn more about Sustainable Green Team Ltd., view the investor presentation at https://ibn.fm/vtjJ2.
NOTE TO INVESTORS: The latest news and updates relating to SGTM are available in the company’s newsroom at http://ibn.fm/SGTM