Northstar Clean Technologies (ROOF) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked a pivotal period with the completion and commissioning of the Calgary facility, achieving operational milestones and setting the stage for first product sales and revenue in December 2025.

• Achieved first production runs of both liquid asphalt and solid asphalt pellets, demonstrating full commissioning and robustness of proprietary technology.

• The company is focused on replicating the Calgary model in Hamilton, US1, and other locations, aiming for a scalable, repeatable business model supported by strong municipal and government partnerships.

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

• A clear roadmap to a billion-dollar valuation is outlined, based on building multiple facilities with proven economics and off-take agreements.

Financial highlights

• Q3 2025 tipping fee revenue was CAD 122,000, with cumulative nine-month revenue of 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 as operations ramped up.

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

• Cash at quarter-end was just under CAD 2 million, with accounts payable and accrued liabilities at CAD 2.7 million.

• Closed a $3.6 million non-brokered private placement in July 2025.

Outlook and guidance

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

• Permitting and funding applications for Hamilton and US1 are progressing, with site selection and local engagement underway.

• 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.

• The company targets identifying and advancing at least three additional sites by the end of 2026.