Northstar Clean Technologies (ROOF) Q1 2026 earnings summary

Executive summary

• Q1 2026 results reflect ongoing ramp-up to commercial operations, with the Calgary facility now operational and nearing the 100 tons/day milestone.

• Product revenue is expected to begin in June, with Q2 results to show both product and tipping fee revenue.

• Advanced U.S. expansion with Baltimore, MD selected as the first U.S. site, while Hamilton and Baltimore projects remain in permitting and land development stages.

• Strengthened financial position to support facility ramp-up and future growth, including a simpler, more efficient process for future facilities.

• Focus remains on optimizing throughput, operating hours, and yield to achieve cash flow breakeven.

Financial highlights

• Q1 2026 revenue was $208,458, up from $175,517 year-over-year, with revenue mainly from tipping fees as steady-state operations are approached.

• Gross profit reached $83,649, reversing a gross loss of $47,790 in Q1 2025.

• Net loss increased by CAD 1.9 million year-over-year, with loss and comprehensive loss widening to $4,839,819 from $2,949,917, primarily due to non-cash fair value remeasurements.

• Ended Q1 with CAD 12.7 million in cash, reflecting recent financing activities and up from $2,853,382 a year earlier.

Outlook and guidance

• Expectation of product revenue starting in June, with steady-state production and revenue through Q2 and Q3.

• Upgrade options for the Calgary plant to be delivered in the fall, aiming for improved throughput, yield, and capital efficiency.

• U.S. expansion plans progressing, with Baltimore facility as first U.S. location.

• No near-term use anticipated for the new at-the-market equity program following recent financing.

• Cash flow breakeven is not yet achieved; focus is on operational optimization to reach this milestone.