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ECOSYNTHETIX “ SUSTAINABLE POLYMERS FOR PLANET EARTH " EcoSynthetix Reports 2021 Second Quarter Results Burlington , Ontario , July 28 , 2021 - EcoSynthetix Inc. ( TSX : ECO ) ( " EcoSynthetix " or the " Company " ) , a renewable chemicals company that produces a portfolio of commercially proven bio - based products , today announced its financial and operational results for the three months ( Q2 2021 ) and six months ( YTD 2021 ) ended June 30 , 2021. Financial references are in U.S. dollars unless otherwise indicated . Highlights ( Comparison periods in each case are the three months ended June 30 , 2020 ) • • • • • Recorded net sales of $ 4.9 million , up 58 % , in Q2 2021 , due to higher volumes of 36 % and higher average selling price of 22 % Recorded Adjusted EBITDA loss of $ 0.2 million in Q2 2021 , an improvement of $ 0.1 million , or 26 % , compared to the prior period Diversified revenue mix with increased sales of the Company's bio - based DuraBindTM resin from a leading retailer and manufacturer of wood composites that ran multiple large - scale production runs in support of further end product validation and testing Purchased and cancelled 52,000 common shares in Q2 2021 , and 109,600 in YTD 2021 , under the normal course issuer bid for total consideration of $ 0.2 million and $ 0.4 million respectively Maintained a strong balance sheet with cash of $ 41.2 million as at June 30 , 2021 " It was a great quarter with a return to topline growth driven by increased volumes and higher pricing . The sales increase was accelerated by the continued diversification of our revenue mix as our high - value strategic accounts in wood composites made a more significant contribution in the quarter . We believe this growth driven by the diversification of the business is the beginning of a sustainable , long - term trend , " said Jeff MacDonald , CEO of EcoSynthetix . “ Our primary focus is delivering meaningful growth in the wood composites end market as part of our multiple shots on goal product strategy . As consumers , retailers and manufacturers pursue more sustainable and healthier alternatives to petroleum- based binders , the performance and value of our bio - based resins are attracting increased interest from manufacturers across all three product categories . " Financial Summary Net Sales Net sales were $ 4.9 million and $ 8.6 million for Q2 2021 and YTD 2021 , respectively , compared to $ 3.1 million and $ 7.3 million in the corresponding periods in 2020. The increase in the quarterly period was due to higher sales volumes which increased sales $ 1.1 million , or 36 % , and a higher average selling price which increased sales by $ 0.7 million , or 22 % . The increase in the YTD period was due to higher sales volumes which increased sales $ 0.7 million , or 10 % , and a higher average selling price which increased sales by $ 0.5 million , or 7 % . During the past 24 months , the paper market dynamics have been impacted by decreased macro demand , compounded by the COVID - 19 pandemic , which ultimately led to paper mill consolidation in the industry . Third - party research reports manufacturing capacity of coated freesheet , the Company's primary end market , has declined by 28 % in North America . Despite the industry - wide mill consolidation , all of the mills the Company sells to remain operational . This industry - wide