Charbone (CH) Q2 2024 earnings summary

Executive summary

• Revenue rose 48% year-over-year to $182,143 for the six months ended June 30, 2024, driven by the Wolf River acquisition.

• Operating loss narrowed to $1,307,376 for the six-month period, compared to $1,510,688 last year.

• Cost reduction initiatives led to a 19% decrease in spending, with general and administrative expenses down to $1,243,876.

• The Sorel-Tracy Green Hydrogen Project remains on track to commence production in the second half of 2024.

Financial highlights

• Net loss for the six months was $1,277,339, an improvement from $1,653,143 year-over-year.

• Hydroelectricity income increased to $182,143 from $123,391 year-over-year.

• Cash at period end was $142,611, up from negative $30,435 at the end of the prior year period.

Outlook and guidance

• Management expects to begin green hydrogen production in the second half of 2024, leveraging the Sorel-Tracy facility.

• Strategic discussions with partners are progressing to support growth and execution of expansion plans.