Charbone (CH) Q1 2026 earnings summary

Executive summary

• Achieved a 4,731% year-over-year revenue increase in Q1 2026, reaching C$244,778, driven by commercial operations at the Sorel-Tracy hydrogen plant and multi-gas sales in North America.

• Commercial production of UHP hydrogen began at Sorel-Tracy in December 2025, with continuous output and deliveries to customers in both Canada and the U.S.

• Multi-gas platform operational, delivering UHP hydrogen, helium, and oxygen to a diversified customer base across North America.

• Modular, decentralized production model targets mid-tier industrial customers underserved by industry majors.

• Expansion underway in Quebec, Michigan, Wisconsin, and Malaysia, supported by regional supply hubs and multi-year supply agreements.

Financial highlights

• Q1 2026 total income reached C$244,778, up from C$5,067 in Q1 2025, reflecting the shift to commercial operations.

• Net loss for Q1 2026 was C$1.06M, an 11% improvement from C$1.19M in Q1 2025.

• Cash position as of March 31, 2026, was C$2.76M.

• Closed first C$3M drawdown of a new C$10M secured convertible loan facility post-quarter.

• Margins vary between 30%-70% depending on customer, molecule, and geography.

Outlook and guidance

• Phase 1B scale-up at Sorel-Tracy underway, targeting increased production capacity in H2 2026.

• Expansion into the US (Michigan, Wisconsin) and Asia-Pacific (Malaysia) with new production sites and partnerships.

• Six to eight regional supply hubs planned across North America to support growth and recurring revenue.

• Focus on reinvesting cash flow and leveraging strategic partnerships and non-dilutive financing for expansion.

• Targeting high-growth end markets such as semiconductors, AI, pharma, and aerospace.