A sharp increase in revenue was not enough to push Ottawa-based water infrastructure company Clearford into the black during its most recent fiscal year.
The company reported revenue of $1,308,804 during the year that ended on Dec. 31. That’s up from $887,045 during previous year.
Despite the increase in revenue the company’s losses grew to $3.96 million in fiscal 2013 from $3.45 million the year before.
OBJ360 (Sponsored)
How the uOttawa faculty of engineering instills an ‘entrepreneurial mindset’ in students
A decade ago, Terrafixing chief operating officer Vida Gabriel was a chemistry-loving student in high school with little to no interest in business or entrepreneurship. “I didn’t like the sales
Progress can create unlikely allies
There was a time when mining exploration and the environment were like oil and water. Several years ago, I attended social impact investing conferences in America and the U.K. with
While the company says it reduced “sales, marketing, general and administrative expenses,” it’s loss before financing costs was up to $3.28 million from $3.26 million last year. Financing costs were up to $668,566 from $301,706 last year.
The company says it spent $741,569 on research and development last year as the company worked to develop its Smart Digester, a device to help break down solids that make its small bore sewer systems more difficult to operate.
The company says the digester will be part of a larger product it plans to launch within the next couple months.
“This has been a year of growth for Clearford as we continued to establish a base in the Indian market and signed and launched our first full project in Colombia,” said Kevin Loiselle, president and CEO of Clearford, in a press release.
“Once this site is commissioned in the spring of this year, Clearford will have a fully functional end to end solution which will validate the efficiency and effectiveness of our solution and introduce the system in the dynamic Colombia market.”
