FSI ANNOUNCES FIRST QUARTER 2023 REVENUE

Rhea-AI Summary

Flexible Solutions International (FSI) announced its first quarter 2023 revenue results, reporting a decrease in sales compared to the same period last year. Q1 2023 revenue fell to $9.883 million, down approximately 8% from $10.783 million in Q1 2022. CEO Dan O’Brien attributed this decline to weaker agricultural market sales, potentially linked to weather conditions and distribution order practices. The company expects a recovery in agricultural sales during Q2. Detailed financial results will be disclosed on May 15, 2023, alongside SEC filings. A conference call is tentatively set for May 16, 2023.

Positive

• None.

Negative

• Q1 2023 revenue decreased by approximately 8% year-over-year.
• Sales in agricultural markets were weaker compared to the previous year.

VICTORIA, BRITISH COLUMBIA, April 13, 2023 (GLOBE NEWSWIRE) -- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE- AMERICAN: FSI), 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 top line revenue for first quarter (Q1), 2023.

Sales were lower in Q1, 2023 compared to Q1, 2022. Flexible Solutions’ top line revenue decreased from $10.783 million (Q1, 2022) to $9.883 million (Q1, 2023), down approximately 8% year over year

Mr. Dan O’Brien, CEO, comments, "Sales into agriculture markets were not as strong as last year, possibly due to weather and more just in time ordering by distribution compared to other years. We expect agricultural sales to resume growth in Q2."

Complete financial results will be available on Monday, May 15, 2023 concurrent with the Company’s SEC first quarter filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Standard Time, the following business day, Tuesday, May 16, 2023. See the FSI May 15, 2023 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: 403.223.2905
Email: info@flexiblesolutions.com

To find out more information about Flexible Solutions and our products please visit www.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

FAQ

What were Flexible Solutions International's Q1 2023 revenue figures?

Flexible Solutions International reported Q1 2023 revenue of $9.883 million, a decrease from $10.783 million in Q1 2022.

Why did Flexible Solutions International's sales decline in Q1 2023?

The decline in sales was attributed to weaker agricultural market sales, possibly due to weather conditions and distribution practices.

When will Flexible Solutions International announce complete financial results?

Complete financial results will be announced on May 15, 2023.

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

The conference call is scheduled for May 16, 2023, at 8:00 am Pacific Time.