Flexible Solutions International Inc. reported significant financial improvements for the nine months ended September 30, 2024, compared to the same period in 2023. Total revenue reached $29.1 million, a slight increase from $28.9 million in the prior year. The company experienced a notable rise in gross profit, which increased to $10.6 million from $7.6 million, attributed to a decline in raw material costs and higher customer orders for its specialty chemical products, including HEATSAVR® and WATERSAVR®.

For the three months ended September 30, 2024, sales amounted to $9.3 million, up from $8.7 million in the same quarter of 2023. Gross profit for this quarter surged to $3.8 million, compared to $1.5 million in the previous year. Operating income also improved significantly, reaching $1.8 million, reversing a loss of $386,673 in the third quarter of 2023. Net income attributable to controlling interest for the quarter was $611,858, a recovery from a loss of $718,161 in the prior year.

The company’s total assets increased to $57.8 million as of September 30, 2024, up from $55.5 million at the end of 2023. Cash reserves more than doubled, rising to $10.6 million from $5.0 million. Total stockholders’ equity also grew, reaching $40.3 million compared to $38.3 million at the end of 2023.

Strategically, Flexible Solutions has focused on enhancing its operational efficiency. The company reduced reliance on full-time employees, opting for consultants, which contributed to a decrease in wages. Administrative salaries were also lowered due to a one-time salary reduction for a key executive. However, consulting and research expenses increased as the company invested in new product development.

The company declared a special dividend of $0.10 per share, totaling $1.3 million, paid on May 16, 2024, compared to a $0.05 per share dividend in the previous year. Additionally, the company reported a one-time loss from the sale of a 30.1% stake in a Florida-based LLC, which impacted its financial results.

Overall, Flexible Solutions International Inc. demonstrated a strong recovery in profitability and operational performance, driven by strategic decisions and favorable market conditions for its product lines.