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Flexible Solutions International Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, including its two main segments: energy and water conservation products and biodegradable polymers. The company reported total sales of $38,234,860 for the year, with significant contributions from its biodegradable polymers segment.
The company experienced a decrease in cost of sales to $24,994,961 from $27,881,721 in the previous year, resulting in a gross profit of $13,239,899. This improvement is attributed to a decline in raw material costs.
Operating expenses increased to $7,724,493, with notable rises in insurance, office expenses, and consulting fees. The company also reported increased research expenditures related to new product development.
Net income for the year was $4,101,589, compared to $3,755,985 in the previous year. After accounting for non-controlling interests, net income attributable to the company was $3,038,529.
Flexible Solutions reported cash provided by operating activities of $5,568,346. The company also engaged in capital expenditures of $4,964,736 during the year.
The company declared a special dividend of $0.10 per share, paid on May 16, 2024, to shareholders of record on April 30, 2024.
Flexible Solutions continues to focus on its core products, including thermal polyaspartates and nitrogen conservation products, while expanding its market presence in the United States and abroad.
The filing also outlines various risks, including fluctuations in raw material costs, dependence on a few large customers, and potential impacts of foreign currency exchange rates.
Flexible Solutions' management identified a material weakness in its internal controls over financial reporting, which they plan to address with new procedures in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flexible Solutions International Inc. (CDA) annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.