The Brazil-based company reported C$509,532 in revenue, a 230% increase from the C$154,279 it reported during the year-ago quarter.
Production and sales were both higher than last year’s quarter, with production up 32% at 6,375 tons and sales increasing by 830% to 10,170 tons.
READ: Verde AgriTech sees triple-digit revenue growth in 4Q driven by strong sales of its potassium fertilizer
Verde’s multi-nutrient potassium fertilizer is marketed and sold in Brazil under the K Forte brand and internationally as Super Greensand.
CEO Cristiano Veloso said the firm was “encouraged” by its continued exponential growth.
“The first quarter of a calendar year is naturally its weakest for fertilizer demand because of the climate seasonality in the agricultural cycle,” Veloso said in a statement. “Most of our sales are expected to take place between the June and September period, which therefore has a greater impact on Q2 and Q3 financial results.”
The group's net loss came in at C$792,195, a 9% reduction over comparable figures from the year-ago quarter.
Verde hit a number of milestones during its first quarter ended March 31, 2020, including the approval of a 25 million ton per year feasibility study for Mine Pit 2 by the National Mining Agency. In addition, the company filed an environmental license application for a 2.5 million ton per year installation for the second pit in March as well as a mining concession application for Mine Pit 3.
The company is fully permitted to produce a total of 199,800 tons per year and has applications pending for an additional 2,733,000 tons per year.
Veloso also told shareholders that the company is on track to reach its 2020 growth target of 76% despite the coronavirus (COVID-19) pandemic. The Brazilian Ministry of Agriculture has deemed fertilizer production as an essential activity during the pandemic and Verde is operating under its own COVID-19 action plan, with employees working from home where possible and social distancing enforced at its plant.
Verde Agritech shares added 7.14% in Toronto to C$0.45 each.
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