Flip Deck: Progressive Planet Solutions (TSXV: PLAN) - Dec 2025
A Kamloops, BC vertically-integrated manufacturing business that ships over 2 million units a year and reaches over 10,000 retail stores across North America.
Most TSXV “green” stories are built on promises, presentations, and repeat financings. Progressive Planet is not that. This is a Kamloops, BC-based manufacturer that processes minerals, ships millions of units a year, and sells into thousands of retail locations across North America.
It’s also about a two-hour drive from where I live, which I like. Real facility. Real trucks. Real customers. No magic beans. Just magic cat litter.
What PLAN actually does
PLAN is a vertically integrated mineral processor. The core business takes minerals like diatomaceous earth, zeolite, and bentonite and turns them into practical products used in animal health, industrial absorbents, and consumer categories like cat litter and pest control.
Brands like Activated Barn Fresh, Red Lake Earth, WunderCat, CanDry, and Last Crawl are not exciting dinner party conversation. They are boring. And that’s fine. Boring businesses that generate cash and improve margins are allowed to exist.
This legacy business is the engine. It is where the revenue comes from today and where I expect the next leg of growth to come from in 2026.
Execution first, optionality second
Over the last several quarters, management cleaned up operations, focused on higher margin customers, and got costs under control. The results have been consistent.
Gross margin moved from 26.6 percent in mid-2023 to the high 30s
EBITDA flipped from losses to sustained profitability
Cash built up to roughly $4.8M
2.7 million shares were bought back and cancelled
That last point still stands out. Most microcaps dilute when they can. PLAN reduced its share count while improving the business. That matters.
Tariffs and US exposure
There was some noise earlier this year around US tariffs since a meaningful portion of revenue comes from south of the border. The initial shock faded. The company kept executing. The market moved on. This now feels like something to monitor rather than something to fear.
About PozGlass and expectations
PLAN also has a low-carbon cement replacement initiative called PozGlass. It is interesting. It is credible. It is also early.
I do not expect PozGlass to materially move revenue in 2026. I see it as a 2027 story. Pilot stage work, testing, qualification, and early commercial traction are what matter first. If that progresses, it should layer on a second growth engine over time.
That sequencing matters. The near-term thesis is not dependent on PozGlass working tomorrow.
What I expect to see next
The base case here is continued growth in the boring legacy business through 2026 - I’d like to see it growth by at least 50% YoY. More volume. Better mix. Stable margins. Fewer one-off write-downs and shutdowns muddying the picture.
PozGlass is the longer-dated option. If it works, it extends the growth curve. If it takes longer, the core business still stands on its own.
Valuation and reality check
At roughly 1.8x EV to sales and 10.6x EV to EBITDA, this stock is not screamingly cheap. It also is not priced like a business in trouble. It sits in the uncomfortable middle where the company has to keep proving itself QoQ.
TokStocks is a shareholder, has been for most of 2025, and continues to accumulate. That also means we are biased. Do your own DD.
Bottom line
PLAN is past cleanup mode and firmly in execution mode. The legacy business needs to keep growing in 2026. PozGlass needs to show progress, not miracles, and is more likely to matter in 2027.
There is still more to see before this stock earns a serious rerate. That is fine. That is often where the opportunity lives…a steady compounder.
This co is our first stock that we are adding to our 2026 TokStocks core portfolio.