By Connor Hart
Shares of Flexible Solutions International jumped to an all-time high after the company said it inked a manufacturing deal that could generate $15 million to $30 million in revenue annually.
The stock climbed 44% on Thursday afternoon, to $5.30, having retreated slightly from its high of $5.98 earlier in the day. Shares, which are on pace for their largest percent increase since October 2022, have more than tripled in the last year, up 205%.
The Canadian environmental-technology company said it will manufacture food-grade products for an undisclosed U.S. company on a non-exclusive basis under the contract, which has a term of five years and will automatically renew unless terminated by either party.
Flexible Solutions said it expects to begin generating revenue from the deal in about six months once it expands its facility and installs new equipment.
Chief Executive Dan O'Brien said the contract was not easy to obtain and is very significant, seeing as it is expected to provide revenue for many years. "It is confirmation that our decision to enter the food grade market was correct and it is a strong base to build on as we work to obtain more business selling food grade products to U.S. customers," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 16, 2025 14:24 ET (19:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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