Flexible Solutions International (FSI) research, news, and more from GeoInvesting

Company description

Wed, 30 Jul 2008 04:00:00 GMT

Flexible Solutions International is an environmental technology company involved in research, development and manufacturing of products that save water and energy. Their original research into mono-molecular films and evaporation retardation has led to products able to conserve up to 45% of water loss from open water storage and transport systems. Furthermore, modifications of the same technology allow their swimming pool products to save up to 45% of a pool's energy use on top of the water savings.

Research

Tue, 21 Apr 2026 14:44:19 GMT

FSI ($6.77; $85.9M market cap) announced Q1 2026 revenue:

Q1 sales of $8.3 million vs. $7.5 million in the prior year, below analyst estimates of $13.8 million

Management Commentary:

“New revenue from the August 2025 food grade contract more than made up for weakness in legacy products.”

“We anticipate that Q2, Q3 and Q4 2026 will be much stronger than Q1.”

Our Quick Take:

One of our concerns was literally just eased right now. We previously thought that weakness in the legacy products could potentially obfuscate the growth from the new food contracts, but it appears that this is no longer the case.

Management explicitly stating that the following quarters will be much stronger suggests that there will be no further delays in scaling the January contract ($15M–$30M/year). As a reminder, the January contract and the August contract ($6.5M–$13M/year, with provisions up to $25M/year) could double FSI’s revenue base.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Thu, 16 Apr 2026 14:56:20 GMT

Flexible Solutions Internationa (NYSE:FSI) ($5.29; $67.1M market cap) announced Q4 and full-year 2025 results:

Q4 sales of $9.1 million vs. $9.2 in the prior year, in line with analyst estimates of $9.1 million
Q4 2025 adjusted loss of $0.03 vs. EPS of $0.05 in the prior year, below analyst estimates of $0.02
Full-year sales of $38.5M vs. $38.2M in the prior year, in line with analyst estimates of $38.5 million
Full-year adjusted EPS: $0.06 vs $0.24 in the prior year, below analyst estimates of $0.11
Illinois facility was refurbished to support new food-grade production contracts
New Panama facility completed to expand agriculture and industrial production capacity

Management Commentary:

"In 2025 we completely refurbished our Illinois factory to facilitate production of our two new major food grade contracts. We accomplished this while maintaining revenue and remaining profitable."

"In addition, we completed our new international agriculture and industrial product factory in Panama which will allow Illinois the space to focus on growth in the food space."

"I can’t compliment the FSI group employees highly enough; to achieve what they have in the last 15 months without needing equity or debt capital and staying profitable is amazing. Congratulations everyone."

Our Quick Take:

Nothing new to report here, although the Q4 release did not mention Q4 revenue contribution from the new food division contracts, which was kind of implied would happen in the Q3 earnings call. The CEO will likely address this on the Q4 call.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Mon, 26 Jan 2026 19:25:10 GMT

Flexible Solutions International (NYSE:FSI) ($6.06; $76.9M market cap) announced international production transition and Panama facility launch:

Management Commentary:

"The Panama factory has started production of agricultural and polymer products. We estimate that nearly all international sales will be produced in Panama by the end of Q1."

"Transition of international production to Panama will free space in our Illinois factory for increases in food grade products as well as potentially allowing international sales to rise." — CEO Dan O'Brien

Our Quick Take:

This move took a little longer than expected, but now the company can concentrate on stabilizing the legacy business margins and sales volatility and on growing its high-margin and more predictable food-grade business.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Fri, 23 Jan 2026 18:30:59 GMT

Flexible Solutions International (NYSE:FSI) ($6.17; $78.3M market cap) announced Q4 2025 preliminary sales:

Q4 2025 sales of $9.1 million vs $8.8 million in the prior year, below analyst estimates of $11.7 million
Full year 2025 sales of $38.5 million vs $38.2 million in the prior year, below analyst estimates of $41.0 million

Management Commentary:

Mr. Dan O’Brien, CEO, comments “The 2025 year was one of transition as our Panama factory was built and our Illinois factory was retooled for our new contracts. Agriculture was difficult all year in all geographies. This obscured the excellent forward progress in food grade products.” Mr. O’Brien continues, “We anticipate that the opposite will be true in 2026 provided that food grade production reaches the much higher revenue we hope for.”

Our Quick Take:

Q4 2025 sales fell short of expectations. We anticipated approximately $11.4M, including $2.4M from new food contracts. Even though management reported strong progress on these contracts, the shortfall was probably driven by a decline in the legacy segment (potentially linked to delays at the Panama facility?) More importantly, the food contracts remain the key growth driver. In their Q3 2025 CC, management stated they expect these contracts to ramp significantly throughout 2026–2027, projecting a potential $50–$60M run-rate revenue from the food business alone.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Mon, 17 Nov 2025 15:43:46 GMT

Flexible Solutions International (NYSE:FSI) ($8.07; $102.3M market cap) announced Q3 2025 results:

Q3 2025 sales: $10.6 million vs. $9.3 million in the prior year, slightly above analyst estimates of $10.3 million
Q3 2025 loss per share: ($0.04) vs. EPS of $0.05 in the prior year, below analyst estimates of $0.04
Q3 loss driven by higher cost of goods, tariffs, and startup expenses for the new food contract (recognized in Q3 though shipping began in Q4)
Some CAPEX costs in Illinois and Panama were expensed against current income
NanoChem division and ENP subsidiary remain primary revenue and cash flow contributors
Food and nutrition supplement manufacturing opportunities emerging
Q4 revenue uplift implied from delayed shipping tied to the food contract startup

Management Commentary:

"This quarter included the start up of full production for the second food grade contract including hiring and training 4 shifts of new employees and backup personnel. In Panama we were installing equipment and doing leasehold improvements all quarter. While it would have been wonderful to achieve all this without a net loss for the quarter, it was not possible.

In Q4, substantial revenue from the food contract has been generated and Panama has finished improvements leaving only final equipment installation and testing prior to startup later this year…

…Opportunities continue to unfold in detergent, water treatment, oil field extraction, turf, ornamental and agricultural use to further increase sales of these products. Most recently, opportunities in the food and nutrition supplement manufacturing markets have emerged.” CEO Daniel B. O’Brien

Our Quick Take:

We will be on the conference call at 11 AM ET today to see if management offers any information arbitrage on the call regarding:

The timing of when new contracts will start translating into revenue.
The margins of these contracts.
New contract pipeline.
The potential stabilizing of margins of the legacy business due to a facility move.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Fri, 15 Aug 2025 04:00:00 GMT

Flexible Solutions International (NYSE:FSI) ($7.55; $95.5M market cap) announced Q2 2025 results:

Q2 2025 adjusted sales of $8.9 million vs. $10.5 million in the prior year, below analyst estimates of $11.6 million
Q2 2025 adjusted EPS: $0.02 vs. $0.10 in the prior year, below analyst estimates of $0.06
Reported Q2 2025 sales is $11.4 million and reported Q2 EPS is $0.16
Q2 earnings benefited from R&D revenue and timing of expense recognition
New contract announced August 11, 2025 tied to R&D client
Continued buildout of Panama production facility
Expansion into food and nutrition supplement manufacturing markets

"This was an unusual quarter due to the R&D revenue which only occurs intermittently. It is also important to know that the contract announced Aug 11 was with the same company that we did the R&D with."

"Q2 had headwinds in the form of tariff increases and soft sales but the Company made strong progress toward our goal of moving our legacy production to Panama for international customers while building our food grade business in IL to serve Americans."

—

Our Quick Take:

When the company had pre-announced Q2 sales back in mid July, we had mentioned then that the company was counting the $2.5 million payment from a customer to upgrade its food grade product production plant as revenue, which we feel should have been classified as “other income”.

Earlier this week the company announced its second large contract in the food grade product line, which we highlighted here. As we previously stated:

“The significance here isn’t just the size of the win, it’s that this is the second multi-year contract in FSI’s newer food division, a business line with higher margins and steadier revenue than its legacy operations. This deal, combined with January’s, could push food-grade revenue potential beyond $50M annually by 2027 without added capex, giving FSI greater earnings visibility and accelerating its shift toward a more profitable, predictable growth profile.”

We will be on today's conference call at 11AM to see if management offers any InfoArb on these contracts or anything else.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Tue, 12 Aug 2025 16:53:05 GMT

Flexible Solutions International (NYSE:FSI) ($5.51; $69.7M market cap) announced it has signed a second significant food grade contract for its Illinois plant, with estimated revenue between $6.5 million and $13 million per year:

Key highlights:

Five-year term contract with optional expansion to over $25 million in annual revenue.
Includes tariff and inflation protection provisions.
Limited production to begin immediately; no new equipment or capital improvements required.
Redacted contract to be filed with the SEC upon mutual approval.

"This contract, combined with the one announced in January, have the potential to bring our new food grade production to more than $50 million per year by the 2027 year."
"Added to our legacy business, which is moving to Panama and our ENP business in IL, we believe it is possible to double our revenue in the next 18 months. I know every person in the FSI group is excited to try and achieve this." – Dan O'Brien, CEO.

Our Quick Take:

The significance here isn’t just the size of the win, it’s that this is the second multi-year contract in FSI’s newer food division, a business line with higher margins and steadier revenue than its legacy operations. This deal, combined with January’s, could push food-grade revenue potential beyond $50M annually by 2027 without added capex, giving FSI greater earnings visibility and accelerating its shift toward a more profitable, predictable growth profile.

See more of our original thoughts on FSI in our Reasons For Tracking (RFT) piece here.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Thu, 17 Jul 2025 14:53:50 GMT

Flexible Solutions International (NYSE:FSI) ($5.82; $73.6M market cap) announced Q2 2025 revenue:

Q2 2025 sales of $11.2 million vs. $10.5 million in the prior year
Complete financial results to be released August 14, 2025

Mr. Dan O’Brien, CEO, comments, “The $2.5 million payment for food grade product development moved our Q2 revenue from poor to good. We saw weakness from several historic customers in the quarter most likely related to general business conditions, tariff uncertainty and inventory reduction.” Mr. O’Brien continues, “Volatility in our base business reinforces our decision to emphasize food grade operations but, it does not change our opinion that the second half of 2025 will see growth unless economic conditions decay further.”

Our Quick Take:

In our opinion (regardless of auditor opinions), the $2.5 million payment would be better represented as “other income” and not revenues, on the income statement. Without that payment, revenue for the quarter would have been $8.7 vs $10.5 million.

In our article from January, we mentioned the unpredictability of legacy business could suppress expansion. The new food grade line does have substantial upside and we knew this was more a late second half story, so we will continue to monitor the progress of this new development for the company.

If you’re following the story, it’s important to consider what might happen if the legacy business performs badly moving forward, partially offsetting some of the very positive contributions that we anticipate to occur from the large food grade contract announced in January 2025.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products

Research

Wed, 02 Jul 2025 15:38:06 GMT

Flexible Solutions International, Inc. (NYSE:FSI) ($5.15; $62.0M market cap) announced it has received payment of $2.5 million for assisting in developing a new food grade product.

"We are pleased that our R&D support for a potential customer has generated this revenue." Mr. O'Brien continues, " Since FSI is a food grade manufacturer and we focus on building long-term production relationships, we hope that we can book orders to make the product now that it is fully developed."

Key Takeaway:

We view this as a significant step as it shows the customer is investing in the company. This likely means things are moving forward with the large contract win FSI announced in January, which could double the size of the company. See more on that in our RFT here.

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Thu, 08 May 2025 20:40:16 GMT

Flexible Solutions International, Inc. (NYSE:FSI) ($3.60; $45.5M market cap) announced a special dividend:

Declared a $0.10 per share special dividend
Payable on May 28, 2025 to shareholders of record as of May 19, 2025
Our Quick take: This could be an indication that everything is progressing smoothly towards making sure things are in place to execute on its large contract FSI won in January that could double the size of the company. See more on that in our RFT here.

"We are pleased that our current financial condition and expectations of continued profitability allows us to dividend profits to shareholders at this time. However, this is a special dividend; not a regular dividend,” said Dan O’Brien, CEO of FSI. “The FSI Board and management will continue to monitor retained earnings and capital needs in order to execute the goals of growing the Company and declaring dividends when appropriate.”

Flexible Solutions International, Inc. develops and sells specialty chemicals aimed at conserving water and improving efficiency in agriculture, industry, and consumer products.

Research

Thu, 17 Apr 2025 19:58:23 GMT

Flexible Solutions International, Inc. (NYSE:FSI) ($3.82; $48.25M market cap) pre-announced Q1 2025 revenue:

Q1 sales of $7.4 million vs. $9.2 million in the prior year, down approximately 20.0% year over year

“Mr. Dan O’Brien, CEO, comments, “Two significant customers adjusted inventory downward in the quarter, temporarily reducing sales. Our ENP division also experienced reduced sales; likely due to early buys in Q4 2024. It is rare for FSI to have several items coincide like this and we do not believe it changes our expectations for growth over FY 2025.”

It’s extremely important to remember that our bullishness on FSI’s story currently revolves around the company’s big contract win we mentioned in our January 21, 2025 note. Until then, we have to deal with some of the lumpiness and gross margin variability associated with the legacy business

FSI is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry

Research

Tue, 01 Apr 2025 15:03:59 GMT

Flexible Solutions International (NYSE:FSI) (5.05; 62.9M market cap) announced Q4 and full year 2024 results: (the company had pre announced sales data for Q4 in January)

Q4 sales of $9.2 million vs $9.4 million in the prior year
Q4 EPS of $0.05 vs $0.14 in the prior year
Full year sales of $38.2 million vs $38.3 million in the prior year
Full year EPS of $0.24 vs $0.22

“During 2024, we progressed toward potential purchase orders that could increase our revenue by Q4 2025 and could increase our 2026 revenue significantly. We have also taken concrete steps to limit the effects of tariffs on our international sales, which we hope will generate growth in the next two years and we increased our efforts to recover the rebates of previously paid tariffs that are due to us.”

You can see our reasons for tracking note from late January here, as well as the presentation from the CEO at the MS Microcap Virtual Conference in early March.

We will be on the conference today at 11 AM EST to see if management offers any InfoArb on the call.

FSI is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry.

Reasons For Tracking

Tue, 21 Jan 2025 17:47:13 GMT

A recent development has positioned a little-known company for what could be a significant transformation. With a new customer that has the potential to double the size of the business and improve margins, the company is entering a new market with broad growth opportunities. However, we found commentary about additional new customer relationships that should be announced soon. This commentary was not that easy to find and is not in the company’s press releases. Additionally, this company’s strategic focus includes a connection to the rapidly evolving GLP-1 drug landscape, hinting at long-term potential by solving supply chain issues to source raw material. While this idea is not a slam dunk, when we look at the recent news, possible InfoArb and you couple it with some already attractive investing metrics, the stock is very compelling to track.

Highlights

New Reasons For Tracking (RFT) on Environmental Products Solutions Company Flexible Solutions International (NYSE:FSI).
Transformative Growth Development: A newly signed contract could double the company’s annual revenue, marking a major step into high-margin food-grade manufacturing.
Expanding Into High-Growth Markets: Recent efforts to diversify beyond legacy products includes a strong pipeline of orders that are expected to be executed shortly.
Pharmaceutical Ambitions: The company is exploring entry into the injectable drug market, including GLP-1 diabetes and weight loss treatments.
Improved Margins and Stability: Transitioning to less cyclical, higher-margin markets could enhance earnings predictability and long-term growth.
New Optionality In Underperforming Business Segment: New product is in final stages of testing with customers.
Attractive Valuation: Projected EPS growth and higher-margin revenue from new markets support a potential price-to-earnings multiple of 20x to 25x, implying large upside from current levels. Our estimates are conservative.

Read full reasons for tracking here .

Research

Thu, 20 Oct 2022 14:43:47 GMT

Flexible Solutions International (NYSE:FSI) ($2.99; 37.0M market cap) - Yesterday, FSI, a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry, announced a preliminary Q3 2022 sales forecast of $11.6 million, well ahead of analyst estimates of $9.8 million.

Assuming the margin profile stays similar to Q2, the Q3 revenue guidance implies the company should easily beat the analyst EPS estimates of $0.06, potentially reporting earnings per share north of $0.13. MS Microcaps (MSM) now believes it’s possible the stock could retest its April 2022 high of $4.50.

Cliff Notes from 10/08/2022 ($3.17) (Src: MS Microcaps):

There might be an opportunity to capture some short-term gains in FSI. This chemical company targets the following applications:
- Agriculture: increase crop yield and fertilizer loss in the soil
- Oil/Gas: treating oilfield water, preventing pipes from clogging with mineral scale.
- The current economic environment (food inflation/oil back in vogue) favors both of the areas.
The company also sells to greenhouse, turf and golf markets. This division is slated to do well in 2023.
The stock pulled back sharply from its April 2022 high of $4.50 to a recent low of $1.50 after the company missed Q4 estimates (due to temporary issues) and more as a result of an acquisition announcement.
We believe that investors shunned the potential acquisition due to the high amount of additional investment that would be required to grow the acquisition target.
Shares are selling at a low P/E of 7x on 2023 EPS estimates of $0.44, likely because it operates in a low P/E industry and 2023 growth is just ok at 2.9% topline and 15.8% on the bottom
However, the company beat estimates by a wide margin in Q1, Q2 and in its Q2 CC, management indicated that the company will continue to grow for the balance of 2023.
The stock popped over the last few days to over $3.17 in reaction to news that the company canceled the acquisition. Thus, given the strong 2022 results and bullish commentary about the rest of the year, we think there is a good chance the stock could retest the $4.00 level.

Research

Tue, 21 May 2019 15:16:42 GMT

Flexible Solutions International (NYSE:FSI) (3.15; 36.9M market cap) shares hit a new 52 week high yesterday on the heels of the company's bullish Q1 2019 conference call. The call prompted us to issue the following alert implying that the stock could react positively as investors digested the information.

We currently do not see a transcript available, but the main takeaway from the call is that the once typical seasonality the company faced in its Q3 will likely not be the case this year. The Company also guided that Q2 will be similar to Q1 which would equate to another beat of analyst estimates.

Research

Mon, 20 May 2019 14:16:07 GMT

Flexible Solutions International (NYSE:FSI) (2.95; 34.6M market cap) a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry, announced Q1 2019 results midday on Friday:

Sales of $8.4 million vs $4.2 million in the prior year and ahead of analyst estimates of $7.0 million
Non-GAAP EPS of $0.06 vs $0.06 in the prior year and ahead of analyst estimates of $0.04
GAAP EPS of $0.09 vs $0.06 in the prior year

"We are very pleased with the results of our first quarter. Having a record profit to go with record revenue truly shows the quality of our team and, in addition, the quality of the new team members who joined us last October." CEO O'Brien continues, "Nine cents a share is excellent earnings, however, Shareholders should be aware that earnings were reduced by two items. The costs of the October ENP acquisition reduced earnings by approximately ½ cent per share which will not recur. Second, during the quarter we placed more than $250,000 in tariffs with the US Government, most of which will be recovered over a period of time through the rebate program for export sales." Mr. O'Brien concludes, "At some future point we will receive the tariff rebates and since the acquisition won't recur, we consider that the underlying non-GAAP earning for the quarter to be 11 cents rather than 9.

The NanoChem division continues to be more than 60% of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment, oil field extraction and agricultural use to further increase sales in this division. In past years the NanoChem division sales have been less volatile quarter over quarter, however due to increasing sales to agriculture, revenue seasonality may become larger.”

The company will be hosting a conference call today at 11:00 AM EST. We will be on the call to see if management provides more color on the revenue seasonality comment from the press release as well as any other guidance/forward looking statements.

You can see our original research note from April 3, 2019 on the catalyst that sparked FSI strong run thus far in 2019.

Research

Thu, 18 Apr 2019 14:28:14 GMT

Flexible Solutions International (NYSE:FSI) (2.75; 32.2M market cap) shares closed at a new 52 week high in yesterday’s trading session, boosted by the positive Q1 revenue outlook we mentioned via Tweet on Tuesday:

is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies.

It is hard to know what the EPS for Q1 2019 would translate to on this topline number since the company’s margins had a wide variance throughout 2018. Current analyst estimates have Q1 2019 EPS of $0.04 on $7.0 million in revenues. The company reported $0.06 on $4.2 million for Q1 2018. While management did not specify on the bottom line in this release, comments from the last conference call indicated that profits will increase significantly in 2019.

“Full year 2019 revenue will increase very strongly compared to 2018, driven by historic operations, the ENP acquisition and the January LLC investments. We expect that profits and cash flow will increase very significantly along with the increases in top line revenue.”

Research

Wed, 03 Apr 2019 14:47:09 GMT

Flexible Solutions International (NYSE:FSI) (2.23; 25.9M market cap) - Shares of FSI are up strong since the beginning of 2019 (stock was trading at $1.30 early 2019) on the heels of several positive catalysts. is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies.

The catalysts that sparked FSI’s rise in price included:

January 18, 2019: FSI announced that it has purchased membership in a profitable limited liability company engaged in international sales of fertilizer additives. This purchase will be accounted for as an investment. The price paid is an initial US$ 1 million with two further payments of US $1 million and US $ 1.5 million contingent on the investment reaching EBITDA hurdles in 2019 and 2020 respectively. The purchase was made using cash and is expected to be accretive to earnings beginning in Q1 2019. In addition, FSI's NanoChem subsidiary will be manufacturing products for the LLC and, as a result, expects FSI revenue to increase significantly in 2019.
February 7, 2019, provided Q4 2018 revenue update:

“Sales were higher in Q4, 2018 than in Q4, 2017. Flexible Solutions' top line revenue increased from $2.84 million (Q4, 2017) to $5.62 million (Q4, 2018), up approximately 98% year over year.”

February 25, 2019 announced a special $0.05 dividend:

"The Board of Directors is proud to announce that FSI considers itself to have the solid future prospects and current strength needed to become a dividend paying company." Mr. O'Brien continues, "In addition to the special dividend announced today, the Board is considering the size and payment schedule for a regular dividend. When deliberation is complete, the decision will be announced.”

March 12, 2019 announced $0.15 annual dividend:

"The Board of Directors is proud to announce that FSI considers itself to have the solid future prospects and current strength needed to become a dividend paying company. After careful consideration, the Board has decided that the Company will pay 7.5 cents per share on April 15th to shareholders of record as of March 31st. The Company will pay 7.5 cents per share on October 15th to shareholders of record on September 30th. This 15 cent per share annual dividend will continue until such time as the Board decides to revise it."

April 2, 2019 the company held a conference call for year end 2018 results where management offered a very bullish outlook for fiscal 2019, which was not echoed in the press release. Some excerpts from the call:

“in Q4, agriculture product sales strengthened to service early by and winter crop programs as expected; and in the first half of 2019, we will show significant improvements over the year earlier periods. Oil, gas and industrial sales of TPA were not as strong in Q3, 2018 as they were in the same period of 2017. We are continuing to change this and saw some improvement in fourth quarter 2018. The recovery of sales into this market vertical is expected to continue throughout 2019.”

“The effect of the ENP acquisition. This synergistic acquisition added more than $1.5 million in consolidated revenue to FSI for Q4 2018 and contributed to EBITDA immediately. In 2019, we expect that ENP will provide more than $8 million in consolidated revenue and significant positive cash flow. Effect of the LLC investments announced in January. This investment will generate quarterly cash flows and profits starting in Q1 2019. The company we invested in will also order substantially more product from us in 2019 than in 2018, which will further increase revenue and profitability.”

“Full year 2019 revenue will increase very strongly compared to 2018, driven by historic operations, the ENP acquisition and the January LLC investments. We expect that profits and cash flow will increase very significantly along with the increases in top line revenue”

Caveats:

Company likely has exposure to oil and gas industry, the significance of which we will look into
Some volatility and underperformance in certain business segments in 2018, which we need to understand better
There is little information and no pro-forma 8-K for the January 18th investment.
Stock has had strong run the past two months
Current analyst EPS estimate for 2019 is only $0.13; we feel there may be an upside to this number.