03:01 PM EST, 03/08/2024 (MT Newswires) -- Up 15%, Progressive Planet Solutions Inc. ( ASHXF ) , Friday provided its financial results for the third quarter ending Jan. 31, 2024.

The financial results for the three months ending Jan. 31, 2024, as compared to the three months ending Jan. 31, 2023, show revenue increased by 9.5% to $4.8 million; gross profit increased by 54.1% to $1.5 million; the gross margin increased to 32.6% compared to 23.1% in the prior period; and the income from operations increased to $549,255 compared to a loss of $420,896 in the prior Q3.

Net income increased to $348,689 compared to a loss of $533,345 for the prior period, and general and administrative expenses decreased by 17.7%

"As discussed in prior news releases, Progressive Planet initiated a series of cost cutting measures. The Q3 results show the effects of these measures, including reductions in G&A and R&D costs with a corresponding increase in gross margin," said Steve Harpur, CEO, in a statement.

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