FSI Announces First Quarter, 2022 Revenue

Rhea-AI Summary

Flexible Solutions International (NYSE-AMERICAN: FSI) announced a year-over-year revenue increase of approximately 41% for Q1 2022, with sales rising from $7.625 million in Q1 2021 to $10.783 million in Q1 2022. CEO Dan O'Brien noted that most of this increase comes from new business ventures, with the prior year’s delays also contributing to the growth. The complete financial results are expected on May 16, 2022, with a conference call scheduled for May 17, 2022.

Positive

• Revenue increased by approximately 41% year over year, from $7.625 million in Q1 2021 to $10.783 million in Q1 2022.
• Most revenue growth attributed to new business ventures, indicating strong market demand.

Negative

• None.

VICTORIA, BRITISH COLUMBIA, April 21, 2022 (GLOBE NEWSWIRE) -- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces a year over year increase in revenues for first quarter (Q1), 2022.

Sales were higher in Q1, 2022 compared to Q1, 2021. Flexible Solutions’ top line revenue increased from $7.625 million (Q1, 2021) to $10.783million (Q1, 2022), up approximately 41% year over year.

Dan O’Brien, CEO, states, “Most of the increase represents new business, however, increased prices are a small part and in the 2021 period we had shipments ready that were delayed into Q2.” Mr. O’Brien continues, “Q1 2022 did not pull significant revenue from either Q4 2021 or Q2 2022 so we expect the next quarter to be strong too.”

Complete financial results will be available on May 16, 2022 concurrent with the Company’s SEC quarterly filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Standard Time, Tuesday, May 17. See the FSI May 16, 2022 financials news release for the dial in numbers.

About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company’s NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. Along with TPA, this division started producing other crop enhancement products as well. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world. FSI is the developer and manufacturer of WaterSavr^TM, the world’s first commercially viable water evaporation retardant. WaterSavr^TM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr^TM, a “liquid blanket” evaporation retardant for the commercial swimming pool and spa markets, reduces energy costs by 15% to 40% and can result in reduced indoor pool humidity.

Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.

Flexible Solutions International
6001 54^th Ave, Taber, Alberta, CANADA T1G 1X4

Company Contacts
Jason Bloom
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: info@flexiblesolutions.com

If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com
To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com

FAQ

What were Flexible Solutions International's revenue figures for Q1 2022?

Flexible Solutions International reported revenue of $10.783 million for Q1 2022, up from $7.625 million in Q1 2021.

When will Flexible Solutions International release complete financial results?

Complete financial results will be available on May 16, 2022.

What is the percentage increase in revenue for Flexible Solutions International in Q1 2022?

The revenue increased by approximately 41% year over year in Q1 2022.

What date is the conference call for Flexible Solutions International scheduled?

The conference call is scheduled for May 17, 2022, at 8:00 AM Pacific Time.