Charbone (CH) Q3 2024 earnings summary

Executive summary

• Revenue grew 23% year-over-year to $261,228 for the nine months ending September 30, 2024, driven by the Wolf River acquisition.

• All permits secured and electrolyzer testing completed for the Sorel-Tracy facility, targeting green hydrogen production in early 2025.

• Disciplined financial management and strategic partnerships are supporting growth and balance sheet strengthening.

Financial highlights

• Spending decreased 11% to $1,741,149 for the nine months ending September 30, 2024, reflecting tighter general and administrative controls.

• Net loss for the nine months was $1,886,603, an improvement from $2,208,404 in the prior year period.

• Operating loss for the nine months was $1,804,103, compared to $1,893,424 year-over-year.

• Cash at period end was $34,428, down from $63,991 at the end of the prior year period.

Outlook and guidance

• Sorel-Tracy facility is on track to commence green hydrogen production in early 2025, providing a first-mover advantage in North America.

• Ongoing discussions with strategic partners are expected to support future growth and execution.