CHAR Technologies (YES) Q4 2024 earnings summary

Executive summary

• Focus shifted to core cleantech development, exiting environmental consulting to prioritize renewable gas and biocarbon projects.

• Consulting division classified as discontinued operation and sold post-year-end for $275,000.

• Significant government grants and new funding secured to support project expansion.

Financial highlights

• Revenue for the year ended September 30, 2024 was $3.8 million, flat year-over-year.

• Net loss from continuing operations was $7.52 million, compared to $8.43 million last year.

• Net loss and comprehensive loss for the year was $8.33 million, including $0.81 million from discontinued operations.

• Cash at year-end was $0.95 million, down from $2.09 million; total assets decreased to $15.4 million from $18.9 million.

• Shareholders’ equity declined to $0.47 million from $6.93 million year-over-year.

Outlook and guidance

• Additional $2.5 million in Québec government funding announced post-year-end to support wood waste-to-biocarbon and hydrogen project.

• Proceeds from recent private placement and asset sale to be used for working capital and advancing the Thorold Project.