Charbone (CH) Q4 2025 earnings summary

Executive summary

• Generated first revenues from industrial gases in 2025, including clean UHP hydrogen, helium, and oxygen, following commissioning of Sorel-Tracy facility Phase 1A.

• Progressing with Phase 1B at Sorel-Tracy to increase hydrogen production capacity in Q3 2026 and expanding specialty gases platform.

• Net loss decreased by 6% to $2,676,116 in 2025 compared to 2024, reflecting tighter expense management.

Financial highlights

• Gas income reached $201,277 in 2025, compared to $0 in 2024; total income was $252,041 in 2025 versus $325,753 in 2024.

• Operating expenses were $2,482,580 in 2025, slightly up from $2,474,516 in 2024.

• Net loss for 2025 was $2,676,116, down from $2,837,693 in 2024.

• Cash balance at year-end 2025 was $1,016,292, up from $452,739 at the end of 2024.

• Cash flows from financing activities totaled $2,849,947 in 2025, up from $2,086,315 in 2024.

Outlook and guidance

• Phase 1B at Sorel-Tracy expected to increase hydrogen production capacity in Q3 2026.

• Expansion of specialty gases platform and continued growth as a vertically integrated producer and distributor.