Phoslock's quarterly financial update

Phoslock Environmental Technologies (ASX:PET) has released its quarterly activities report for September 2024. The company reported improved cash outflows from operating activities, totaling $357,000. Customer receipts saw a significant increase, boosting the company's cash position to $7.9 million as of September 30. However, sales remained low at 29 tonnes due to market delays in the USA and Brazil.

Phoslock's strategic outlook and challenges

Phoslock Environmental Technologies’ September 2024 report highlights a reduction in cash outflows and an increase in customer receipts, indicating financial improvement. Despite low sales due to international market delays, the company expects a rise in sales in the next quarter, especially in Europe and Brazil. Significant corporate changes include the appointment of Graeme Newing as CEO. While the company faces ongoing legal and compliance challenges, it is working towards resuming trading on the ASX, focusing on resolving these issues and enhancing its market presence.

Executive insights on financial performance

The improvement in our cash outflows is mainly due to increased customer receipts, particularly from Hydro Science. We remain focused on addressing the challenges in our markets and anticipate a boost in sales in the upcoming quarter.