Redishred Capital Corp. reports strong growth in Q3 2024 earnings
- Redishred Capital Corp. reported strong financial results for Q3 2024, with a consolidated EBITDA of $2.7 million CAD.
- The company achieved a 17% increase in corporate location revenue and a 19% rise in EBITDA driven by shredding sales.
- Overall, Redishred's financial metrics indicate substantial growth, reflecting its effective operational strategies.
In recent financial developments, Redishred Capital Corp., based in Mississauga, Ontario, announced robust results for Q3 2024. During this quarter, the company generated consolidated EBITDA, excluding the impact of net recycling revenue, of $2.7 million CAD, marking a significant growth of 60% compared to Q3 2023. Corporate location revenue rose by 17% year-over-year, reaching $17.3 million CAD, while the EBITDA for these locations showed a 19% increase, driven largely by rising shredding sales. The fiscal performance over the year-to-date (YTD) is equally impressive, with consolidated EBITDA, excluding net recycling effects, growing by 41% to $7.9 million CAD, and free cash flow increasing by 17% to $5.8 million CAD. This financial upswing is attributed to the company’s ongoing commitment to expanding its operational efficiency and market penetration. However, noteworthy is the announcement of a definitive agreement made on November 22, 2024, between Redishred and VRC, wherein VRC will acquire all outstanding common shares of Redishred. This agreement underscores a significant shift in management and ownership for the company. Investors are advised to monitor the progress of this transaction closely, as it is subject to various approvals and conditions that could affect its finalization. The company’s financial reports and additional insights can be accessed on their official websites and via their public files, ensuring transparency in their operations and future strategies.