Redishred Capital Corp. Announces Q1 2024 Results

MISSISSAUGA, ON / ACCESSWIRE / May 28, 2024 / Redishred Capital Corp. reported its Q1 2024 results, showcasing sustained growth despite challenges in the paper recycling market. The company's EBITDA reached $4.0 million CAD, a 15% decline from the previous year due to lower recycling revenues.

CEO Jeffrey Hasham highlighted a 12% growth in shredding revenue and a 47% increase in revenue from Proscan, their digital imaging business. Consolidated EBITDA excluding net recycling revenue rose by 31% to $2.3 million CAD, demonstrating operational improvements.

The company generated $17.2 million CAD in revenue, with shredding revenue increasing by $1.5 million CAD. However, free cash flow decreased by 64% to $0.9 million CAD, largely due to lower paper prices and capital expenditures on shredding trucks.

Redishred’s acquisition of MDK Recycling LLC for $1 million CAD in January 2024 expanded its footprint in Michigan. The company ended Q1 2024 with $1.5 million CAD in cash and significant available credit facilities.

Community initiatives included numerous shredding events, supporting local causes, and the annual Shred Cancer event which raised funds for cancer research.