01:50 PM EST, 12/04/2024 (MT Newswires) -- Progressive Planet (PLAN.V) on Wednesday reported a fiscal second-quarter swing to profit which it attributes to its cost-cutting initiatives and shift to higher margin products.

The company reported second quarter profit of $0.6 million, or $0.01 per share, compared with a loss of $0.2 million, or $nil,e, last year.

Revenue was relatively constant at $5.4 million.

"In fiscal 2024, we focused on cost controls and positioning for long-term growth. This strategy paid off with a standout second quarter, driven by higher-margin products and disciplined execution," said chief executive Steve Harpur.

The company's shares were last seen down $0.02 to $0.18 on the TSX Venture Exchange.

Price: 0.18, Change: -0.02, Percent Change: -7.69