Northstar Clean Technologies (ROOF) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 marked a pivotal year with major capitalization, facility construction, and operational progress, setting the stage for commercial operations in 2025.

• Achieved substantial completion and began commissioning of the Empower Calgary Facility, targeting operations by mid-2025.

• Strategic partnerships, government funding, and successful milestones in Calgary and U.S. expansion underpin a robust growth trajectory.

• Secured multiple long-term supply agreements and strategic off-take arrangements to support facility operations.

• Advanced expansion plans with new facility site agreements in Hamilton, Ontario, and initial steps for U.S. operations.

Financial highlights

• Cash balance at year-end was CAD 10.2 million, up from CAD 7.6 million the prior year.

• Over CAD 28 million raised, mostly non-dilutive, with nearly CAD 30 million in total cash receipts including government support.

• Revenue increased to CAD 640,000 from CAD 206,000 year-over-year, driven by tipping fees.

• Comprehensive loss widened to CAD 9.33 million from CAD 6.67 million year-over-year.

• Capital expenditures totaled CAD 19.26 million for FY 2024.

Outlook and guidance

• Full operations at the Calgary facility expected by mid-2025, with material revenue increases anticipated.

• Commissioning of the Calgary facility expected to complete by end of Q2 2025.

• Expansion plans target new sites in Hamilton, Vancouver, and the U.S., with site selection and permitting underway.

• Long-term vision includes building and licensing multiple facilities annually, aiming for significant market share in shingle recycling.