Charbone (CH) Q2 2026 earnings summary

Executive summary

• Gas income rose 155% quarter-over-quarter to CAD 0.5 million in Q2 2026, with first-half gas income at CAD 0.6 million versus nil in the prior year, driven by new customers and expanded helium operations.

• Property, plant, and equipment increased by CAD 3.5 million since year-end, reflecting investments in Sorel-Tracy Phase 1B and distribution infrastructure.

• The company drew the first CAD 3 million tranche of a new CAD 10 million convertible loan facility to support expansion.

• Recurring revenue expanded with new hydrogen, helium, and oxygen customers, and the helium fleet grew from one to five trailers, securing supply commitments through 2028.

• The company changed its corporate name and relocated its headquarters to Varennes, Quebec, near the Sorel-Tracy plant.

Financial highlights

• Q2 2026 gas income reached CAD 0.5 million, up from CAD 0.2 million in Q1 2026, and CAD 0.6 million for the first half of 2026.

• Operating expenses for Q2 2026 were $425,857, with general and administrative expenses at $800,723.

• Net loss for Q2 2026 was $1,103,421; six-month net loss was $2,163,139.

• Property, plant, and equipment assets rose by CAD 3.5 million since December 31, 2025.

• Cash at June 30, 2026: $1,816,856, up from $11,785 at June 30, 2025.

Outlook and guidance

• Sorel-Tracy Phase 1B commissioning is on track for fall 2026, expected to add meaningful hydrogen production capacity.

• Long-term supply commitments secured through 2028, supporting future revenue growth.

• Plans to scale up Sorel-Tracy to 25.65 MW in future phases, aligning with demand growth.

• Targeting 6-8 regional supply hubs across North America, with ongoing development in Ontario, Quebec, Nova Scotia, and New York.

• Expansion into Michigan, Wisconsin, and Malaysia, with new production and advisory revenues expected.