Northstar Clean Technologies (ROOF) Q2 2024 earnings summary

Executive summary

• Secured $1.34 million in grant funding from Emissions Reduction Alberta for the Empower Calgary Facility.

• Closed a US$1.8 million private placement of convertible debentures with TAMKO Building Products, accelerating Phase 2A investment.

• Announced a three-year asphalt shingle supply agreement with Ecco Recycling, with first deliveries received.

• Closed a $2.25 million strategic investment from Calgary-based investors and appointed a new board member.

Financial highlights

• Q2 2024 revenue was $240,000, up from $71,000 in Q1 2024 and $67,000 in Q4 2023.

• Cash balance at quarter-end was $5.6 million, down from $5.99 million in Q1 2024.

• Cumulative capital expenditures for the Empower Calgary Facility reached $9.35 million.

• R&D expenses were $1.51 million, and G&A expenses were $1.49 million for Q2 2024.

Outlook and guidance

• Focus remains on completing the Empower Calgary Facility and expanding into the U.S. market, starting with TAMKO's Frederick, Maryland plant.

• Plans to complete a landfill supply study for Ecco Recycling's C&D landfill, with an estimated 500,000 tonnes of potential shingle supply.