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ALUULA Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Wednesday, February 28, 2024Company Profile | Follow Company
Victoria, BC, February 28, 2024--(T-Net)--ALUULA Composites Inc. (TSXV: AUUA) today reported its financial results for the fourth quarter ("Q4 2023") and year ended October 31, 2023 ("FY2023").
All currency amounts are listed in Canadian dollars.
Richard Myerscough, CEO and Director, ALUULA
"Reflecting on FY2023, ALUULA saw significant growth, with sales increasing by 168% compared to fiscal year 2022, due to a combination of acquisition activity and organic growth," said Richard Myerscough, CEO and director of ALUULA. "The past year was not just about numbers; it proved our commitment to building a solid foundation that is setting us up for great success. At the same time, we also expanded into new sales pipelines and commercialized multiple windsport products, proudly maintaining our position as a leader in windsport innovation."
During FY2023, ALUULA made the decision to diversify into additional markets, including the outdoor, aerospace, and sailing industries. The decision was due to increased demand for the Company's high-performing and recyclable materials.
"Our collaboration with Arc'teryx is noteworthy for two reasons; It highlights the progress that ALUULA has made selling in these new verticals and it proves that great products are possible when an innovative material meets product design expertise," said Myerscough.
Last quarter, ALUULA focused on the continuous innovation of its products and manufacturing processes. This included finalizing the specifications for its ALUULA Durlyte and ALUULA Graflyte™ materials, developed specifically for the demands of its new vertical markets. Additionally, no-sew seams were introduced, as the result of new manufacturing techniques. These seams will continue to increase the Company's product development efficiency and cost-effectiveness.
"As we embark on 2024, ALUULA is well-positioned to capitalize on sales opportunities in our strong non-windsport sales pipeline, particularly in the outdoor industry, while remaining dedicated to excellence and growth," said Myerscough.
Key FY2023 Highlights:
Key Q4 2023 Highlights:
Fiscal 2024 Outlook
The Company says it is focused on continuing to work with its growing list of brand partners to develop and deliver innovative and high-performing products across industries.
Windsport will continue to be the largest vertical for the Company and a gradual rebound in end-user demand is expected in 2024. Larger market opportunities include developing outdoor recreation products with ALUULA materials, including backpacks, tents, and sailing gear. These developments will also contribute to revenue for the Company during fiscal 2024. Market opportunities in industrial and commercial applications, which are currently in the early stages of development, also offer substantial growth potential.
The Company will continue to grow its line of innovative composite materials based on the market need for materials that are high-performing and recyclable. Ongoing innovation in the Company's products and patented manufacturing processes will ensure their products appeal to a broader range of customers and future brand partners.
Financial Statements & Management's Discussion and Analysis
This earnings press release should be read in conjunction with ALUULA's interim financial statements for the three and twelve months ended October 31, 2023 (the "Financial Statements ") and the related management's discussion & analysis (the "MD&A "), which can be found on ALUULA's issuer profile on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at www.sedarplus.ca.
ALUULA's Brand Partners
The term "brand partners" does not refer to formal partnerships with our customers. The term refers to marketing relationships with our customers who use ALUULA's technology as a brand ingredient in their products.
About ALUULA Composites
ALUULA Composites Inc. (TSXV: AUUA) is a leader in textile innovation. Partnering with world-class brands, ALUULA is quickly becoming the top choice for product developers seeking to set a new standard of performance and design.
Ready to perform in every situation, ALUULA's mono-polymer materials are ultra-lightweight, durable, UV-resistant, and waterproof. ALUULA is opening up the world of product design with exciting, no-sew construction possibilities thanks to their material's unique ability to bond to itself and to be heat molded, allowing for fabrication into a multitude of products across industries.
ALUULA is a Canadian company founded by a team of highly experienced chemists and engineers who share a passion for sustainability. Because ALUULA textiles are mono-polymers and made without adhesives, they can be recycled at the end of their useful life. Visit aluula.com to learn more about the possibilities of ALUULA.
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