Northstar Clean Technologies (ROOF) Q3 2025 earnings summary

Executive summary

• Achieved major operational milestone with the commissioning and ramp-up of the Calgary facility, reaching 80 tons per day and producing first liquid and pelletized asphalt, demonstrating full commissioning and robustness of proprietary technology.

• Secured a five-year supply agreement with the City of Calgary for all waste shingles, ensuring consistent feedstock.

• Calgary facility recognized as a flagship project with strong provincial and municipal support, positioning for expansion.

• Added a new U.S. patent for limestone recovery, expanding the product line and enhancing product quality.

• Clear roadmap outlined to scale to a billion-dollar valuation by replicating the Calgary model across North America.

Financial highlights

• Q3 2025 tipping fee revenue was CAD 122,000; cumulative nine-month revenue reached CAD 440,000, consistent year-over-year.

• Comprehensive loss for Q3 2025 was CAD 3.95 million, up from CAD 3.21 million in Q3 2024, driven by higher variable and personnel costs.

• Capital expenditures totaled CAD 1.67 million in Q3 2025, down from CAD 6.46 million in Q3 2024 as construction completed.

• Ended the quarter with just under CAD 2 million in cash and accounts payable/accrued liabilities of CAD 2.7 million; working capital deficit stood at $3.81 million as of September 30, 2025.

• Raised CAD 3.4 million (or $3.6 million) in net proceeds via non-brokered unit financing/private placement to support working capital and commercial ramp-up.

Outlook and guidance

• Expecting first product sales and revenue from the Calgary facility in December 2025, with steady ramp-up into 2026.

• Plans to have next three sites (Hamilton, US1, and Vancouver/Delta) identified and in progress by end of 2026.

• Targeting EBITDA of CAD 10 million per 80,000-ton facility, with a goal to build 10 facilities for a CAD 1 billion valuation.

• Superior asphalt quality from new production runs may provide additional economic upside in future commercial agreements.

• The new limestone recovery patent is expected to remain in force until 2045, supporting long-term revenue streams.