CLEVELAND, OHIO, May 31, 2023 (GLOBE NEWSWIRE) -- MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”), a public company focused on improving the health and wellness of people and the planet, reported its results for the quarter ended March 31, 2023. Malachite’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 was filed with the Securities and Exchange Commission on May 15, 2023 and is available for viewing at https://malachiteinnovations.com/investors/. Since the information provided in this press release is limited to selected financial and operational information, investors and interested parties are encouraged to read Malachite’s full Form 10-Q available on its website. Michael Cavanaugh, Malachite’s CEO, commented, “I am proud to report that the dedication and commitment of our new mission-driven team is beginning to be reflected in our financial results.” Cavanaugh continued, “With our 1Q 2023 results, Malachite has now posted its third consecutive quarter of record sales and has achieved positive Adjusted EBITDA and cash flow from operations over the last 12-month period, which is a major accomplishment given the dire state of the company when our current management team took over in May 2019. Our team remains laser-focused on executing our new impact investing strategy by building valuable core competencies within our various operating businesses and targeting segments in the environmental services marketplace where we have differentiated and sustainable competitive advantages. We remain steadfast in our vision of making today better than yesterday, and tomorrow better than today.” First Quarter 2023 Financial Highlights | | ? | Revenue | $3,014,887 in 1Q 2023 versus $0 in 1Q 2022, an increase of $3,014,887, and $7,847,165 in the last 12-month (“LTM”) period ending March 31, 2023 versus $0 in the LTM period ending March 31, 2022, an increase of $7,847,165. | | | | | | | ? | Gross Profit | $649,002 in 1Q 2023 versus $0 in 1Q 2022, an increase of $649,002, and $2,042,254 in the LTM period ending March 31, 2023 versus $0 in the LTM period ending March 31, 2022, an increase of $2,042,254. | | | | | | | ? | Operating Income (Loss) | ($183,223) in 1Q 2023 versus ($443,671) in 1Q 2022, an improvement of $260,448, and ($839,985) in the LTM period ending March 31, 2023 versus ($2,156,370) in the LTM period ending March 31, 2022, an improvement of $1,316,385. | | | | | | | ? | Net Income (Loss) | ($226,860) in 1Q 2023 versus ($447,974) in 1Q 2022, an improvement of $221,114, and ($851,062) in the LTM period ending March 31, 2023 versus ($2,160,943) in the LTM period ending March 31, 2022, an improvement of $1,309,881. | | | | | | | ? | Adjusted EBITDA | $170,961 in 1Q 2023 versus ($443,671) in 1Q 2022, an improvement of $614,632, and $412,437 in the LTM period ending March 31, 2023 versus ($1,858,656) in the LTM period ending March 31, 2022, an improvement of $2,271,093. | | | | | | | ? | Cash Flow from Operations | $675,796 in 1Q 2023 versus ($394,181) in 1Q 2022, an improvement of $1,069,977, and $466,199 in the LTM period ending March 31, 2023 versus ($1,759,925) in the LTM period ending March 31, 2022, an improvement of $2,226,124. |
First Quarter 2023 Consolidated Financial Highlights | | | 1Q 2022 | | | 1Q 2023 | | | 1Q 2022 LTM | | | 1Q 2023 LTM | | | Revenue | | $ | - | | | $ | 3,014,887 | | | $ | - | | | $ | 7,847,165 | | | Cost of Goods Sold | | | - | | | | 2,365,885 | | | | - | | | | 5,804,911 | | | Gross Profit | | | - | | | | 649,002 | | | | - | | | | 2,042,254 | | | Operating Expenses | | | 443,671 | | | | 832,225 | | | | 2,156,370 | | | | 2,882,239 | | | Operating Income (Loss) | | | (443,671 | ) | | | (183,223 | ) | | | (2,156,370 | ) | | | (839,985 | ) | | Other Income | | | (4,303 | ) | | | (43,637 | ) | | | (4,573 | ) | | | (11,077 | ) | | Net Income (Loss) | | | (447,974 | ) | | | (226,860 | ) | | | (2,160,943 | ) | | | (851,062 | ) | | Non-Cash Expenses | | | - | | | | 354,184 | | | | 297,984 | | | | 1,142,987 | | | Working Capital Changes | | | 53,793 | | | | 548,472 | | | | 103,034 | | | | 174,274 | | | Cash Flow from Operations | | $ | (394,181 | ) | | $ | 675,796 | | | $ | (1,759,925 | ) | | $ | 466,199 | | | Gross Profit Margin % | | | 0.0 | % | | | 21.5 | % | | | 0.0 | % | | | 26.0 | % | | Operating Profit Margin % | | | 0.0 | % | | | -6.1 | % | | | 0.0 | % | | | -10.7 | % | | Net Income Margin % | | | 0.0 | % | | | -7.5 | % | | | 0.0 | % | | | -10.8 | % | | Cash Flow from Operations Margin % | | | 0.0 | % | | | 22.4 | % | | | 0.0 | % | | | 5.9 | % |
First Quarter 2023 Segmented Financial Highlights | | | 1Q 2022 | | | 1Q 2023 | | | 1Q 2022 LTM | | | 1Q 2023 LTM | | | Revenue | | | | | | | | | | | | | | | | | | Environmental | | $ | - | | | $ | 2,988,487 | | | $ | - | | | $ | 7,820,765 | | | Biochar | | | - | | | | - | | | | - | | | | - | | | Mitigation Banking | | | - | | | | - | | | | - | | | | - | | | Security | | | - | | | | 26,400 | | | | - | | | | 26,400 | | | Drug Development | | | - | | | | - | | | | - | | | | - | | | Corporate | | | - | | | | - | | | | - | | | | - | | | Total Revenue | | $ | - | | | $ | 3,014,887 | | | $ | - | | | $ | 7,847,165 | | | | | | | | | | | | | | | | | | | | | Gross Profit | | | | | | | | | | | | | | | | | | Environmental | | $ | - | | | $ | 638,579 | | | $ | - | | | $ | 2,031,831 | | | Biochar | | | - | | | | - | | | | - | | | | - | | | Mitigation Banking | | | - | | | | - | | | | - | | | | - | | | Security | | | - | | | | 10,423 | | | | - | | | | 10,423 | | | Drug Development | | | - | | | | - | | | | - | | | | - | | | Corporate | | | - | | | | - | | | | - | | | | - | | | Total Gross Profit | | $ | - | | | $ | 649,002 | | | $ | - | | | $ | 2,042,254 | | | | | | | | | | | | | | | | | | | | | Net Income (Loss) | | | | | | | | | | | | | | | | | | Environmental | | $ | (20,717 | ) | | $ | 186,643 | | | $ | (38,201 | ) | | $ | 1,023,829 | | | Biochar | | | - | | | | (19,164 | ) | | | - | | | | (19,164 | ) | | Mitigation Banking | | | - | | | | - | | | | - | | | | - | | | Security | | | - | | | | (17,105 | ) | | | - | | | | (17,105 | ) | | Drug Development | | | (125,730 | ) | | | (106,177 | ) | | | (424,655 | ) | | | (451,250 | ) | | Corporate | | | (301,527 | ) | | | (271,057 | ) | | | (1,698,087 | ) | | | (1,387,372 | ) | | Total Net Income (Loss) | | $ | (447,974 | ) | | $ | (226,860 | ) | | $ | (2,160,943 | ) | | $ | (851,062 | ) | | | | | | | | | | | | | | | | | | | | Adjusted EBITDA | | | | | | | | | | | | | | | | | | Environmental | | $ | (20,717 | ) | | $ | 582,149 | | | $ | (38,201 | ) | | $ | 1,869,280 | | | Biochar | | | - | | | | (19,164 | ) | | | - | | | | (19,164 | ) | | Mitigation Banking | | | - | | | | - | | | | - | | | | - | | | Security | | | - | | | | (15,677 | ) | | | - | | | | (15,677 | ) | | Drug Development | | | (125,730 | ) | | | (106,177 | ) | | | (424,655 | ) | | | (451,250 | ) | | Corporate | | | (297,224 | ) | | | (270,170 | ) | | | (1,395,800 | ) | | | (970,752 | ) | | Total Adjusted EBITDA | | $ | (443,671 | ) | | $ | 170,961 | | | $ | (1,858,656 | ) | | $ | 412,437 | |
First Quarter 2023 Reconciliation of Net Income (Loss) to Adjusted EBITDA | | | 1Q 2022 | | | 1Q 2023 | | | 1Q 2022 LTM | | | 1Q 2023 LTM | | | Net Income (Loss) | | | | | | | | | | | | | | | | | | Environmental | | $ | (20,717 | ) | | $ | 186,643 | | | $ | (38,201 | ) | | $ | 1,023,829 | | |
|
|
|
|
Copyright 2023 GlobeNewswire
| Back to overview list |
|
