The following is a summary of the Flexible Solutions International, Inc. (FSI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FSI's sales decreased by 6% to $9.2 million compared to $9.8 million in Q1 2023.

• The company reported a Q1 2024 profit of $457,000, a decrease from a profit of $884,000 in Q1 2023.

• For Q1 2024, operating cash flow was $1.34 million, down from $1.73 million in Q1 2023.

• The company continues to pay down long-term debt according to loan terms.

Business Progress:

• Despite weak sales in Q1 2024, order predictions for full-year 2024 from one of their food product customers are anticipated to exceed full year 2023.

• FSI expects growth to resume in sales, cash flow, and profit for the rest of 2024 because of streamlined operations, price increases, and new opportunities in the food market.

• Their ENP division is anticipated to have revenue growth in 2024, concentrated in Q3 and Q4.

• FSI expects to receive purchase orders for at least two of the five products in the food division pipeline, each with seven-figure revenue potential in 2024.

• FSI predicts most growth in 2024 will be international, following the focus of their profitable investment, Florida LLC.

• FSI continues to combat 25% tariffs on several imported raw materials from China, which has negatively impacted cost of goods, cash flow, and profits, but they are seeking export rebates to recover tariffs incurred.

More details: Flexible Solutions IR

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