06:56 AM EDT, 09/23/2024 (MT Newswires) -- Progressive Planet Solutions ( ASHXF ) on Monday reported a swing to net income in the fiscal first quarter of 2025 as EBITDA also improved.

Fiscal first-quarter net income amounted to $373,364, compared with a loss of $487,870. EBITDA improved to $743,000 from negative $113,000.

Revenue decreased to $4.7 million from $4.9 million, primarily due to the company no longer selling a low-margin mineral formerly sourced from a U.S. third-party supplier.

Changes in operations and product offerings resulted in a 19% increase in gross profit, Progressive Planet said.

"The first quarter of FY 2025 demonstrated our continued commitment to cost control and to selling higher margin products, resulting in our first profitable Q1 since the acquisition of Absorbent Products in February 2022," said Steve Harpur, CEO of Progressive Planet.

The company implemented a cost-cutting plan in late fiscal 2023.