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Flexible Solutions International Inc. (NYSE:FSI) has reached an all-time high, with its stock price soaring to $6.79. According to InvestingPro, analysts have set a $9 price target for the stock, while the company maintains a "GREAT" overall financial health score of 3.1 out of 5. This milestone underscores a period of significant growth for the company, reflecting investor confidence and a positive market reception to its strategic initiatives. Over the past year, FSI has witnessed an impressive 250% change in its stock value, supported by an EBITDA of $8.06 million and a healthy current ratio of 3.17. The company operates with a moderate debt-to-equity ratio of 0.25, demonstrating prudent financial management. InvestingPro subscribers can access 11 additional expert tips about FSI's performance and outlook. The surge to record levels marks a pivotal moment for FSI, as it continues to capitalize on market opportunities and strengthen its position within the industry. InvestingPro's detailed research report provides comprehensive analysis of FSI's market position among 1,400+ top US stocks.
In other recent news, Flexible Solutions International Inc. has seen a series of significant developments. The company recently entered into a manufacturing agreement with a U.S.-based firm to produce food-grade products. This five-year contract, which includes automatic renewal for successive five-year terms, could potentially generate annual revenues between $15 million and $30 million. This revenue stream is anticipated to commence within six months following a planned expansion of the company's clean room space and installation of necessary manufacturing equipment.
In addition, Flexible Solutions' shareholders have recently re-elected its board of directors and approved the compensation of the company's executive officers. The company also reported a change in its independent registered public accounting firm, with Assure CPA, LLC taking over from Smythe LLP.
Furthermore, the company's third quarter 2024 earnings report showed a 7% increase in sales, reaching $9.31 million. The company recorded profits of $612,000, marking a significant improvement from the previous year. The NanoChem division, which represents 70% of the company's revenue, is nearing the commercialization of five food products expected to significantly boost revenue by early 2025. These are the recent developments for Flexible Solutions International Inc.
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