Redishred Capital Corp. Announces Strong Q2 2023 Results

Quarterly Highlights:

Consolidated Highlights:

• The Company generated revenue of $16.8 million CAD, growing $2.2 million CAD, or 15% versus Q2 2022.
• Shredding sales for Q2 2023 were $12.5 million CAD, growing 28% versus Q2 2022.
• Consolidated EBITDA for Q2 2023 was $4.5 million CAD, decreasing 1% versus Q2 2022.
• Consolidated EBITDA excluding the impact of net recycling revenue was $2.2 million CAD for Q2 2023, growing 28% versus Q2 2022.

Corporate Locations Highlights:

• Corporate location revenue for Q2 2023 grew 15% versus Q2 2022 to $16.2 million CAD (10% constant currency growth – US Dollars is the constant currency).
• Corporate location EBITDA grew 8% versus Q2 2022 to $6.2 million CAD (3% constant currency growth).
• Same corporate location EBITDA was $5.4 million CAD, decreasing 5% versus Q2 2022 (10% constant currency decrease), driven by lower net recycling revenue due to lower commodity paper prices.

Capital Management:

• The Company generated $2.7 million CAD in cash from operations during Q2 2023.
• As at June 30, 2023, the Company has $5.4 million CAD in cash, $1 million CAD available on its operating line of credit, and $4.8 million CAD available on its non-revolving re-advanceable term loan.