Base Carbon Reports Third-Quarter 2026 Operating and Financial Results

Rwanda sales brought in approximately $1.9 million, while Vietnam’s methodology change is expected to reduce water-purifier credit generation.

Rhea-AI Summary

Base Carbon (BCBNF) reported third-quarter 2026 earnings per share of $0.02, unchanged from the same quarter a year earlier. Rwanda carbon-credit sales generated approximately $1.9 million in quarterly cash proceeds. At September 30, total assets were $105.792 million, cash was $2.484 million and shareholders’ equity was $97.574 million, below December 31, 2025 levels.

Verra completed aviation-compliance eligibility tagging for 342,356 credits held by Base Carbon and 639,609 held by DelAgua. A further 387,015 credits were issued after quarter-end; their eligibility tagging remains pending. Base Carbon anticipates Rwanda’s next issuance in the first half of 2027. Vietnam’s water-purifier methodology change is expected to reduce credit generation from that component by approximately 15% for vintages after 2027. India remains on track for first issuance in 2027.

10 points · 0 major

MixediHow this balance works

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointRwanda credit sales generated approximately $1.9 million in cash proceeds during the quarter.
• Moderate pointRwanda’s fifth issuance delivered 387,015 credits after quarter-end, held by DelAgua under the revenue-sharing arrangement.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Rwanda is anticipated to generate approximately 2.2 million additional credits at regular six-month intervals over its remaining crediting period.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Vietnam could generate approximately 15.3 million credits for international transfer and potential compliance use, subject to approvals and expansion rights.
• Minor pointVerra completed eligibility tagging for 342,356 company-held credits, making all company inventory eligible for CORSIA’s First Phase.

5 minor points

• Minor pointDelAgua’s 639,609 credits received eligibility tagging, bringing the project’s eligible issued total to 1,959,812.
• Minor point. Forward-looking: it has not happened yet and may not happen.Rwanda’s next issuance is anticipated in the first half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.India remains on track for first carbon-credit issuance in 2027 and continues pursuing Verra’s ABACUS label.
• Minor pointIndia replanting continued during and after the quarter at no incremental cost to Base Carbon.
• Minor pointTotal liabilities declined to $8.218 million from $8.445 million at December 31, 2025.

Negative

• Moderate pointCash and cash equivalents fell to $2.484 million from $5.691 million at December 31, 2025.
• Moderate pointCarbon-credit inventory fell to $13.505 million from $21.229 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Vietnam’s methodology change is expected to reduce water-purifier credit generation approximately 15% for vintages after 2027.
• Minor pointTotal assets declined to $105.792 million from $108.936 million at December 31, 2025.
• Minor pointShareholders’ equity declined to $97.574 million from $100.491 million at December 31, 2025.

3 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Vietnam’s estimated output depends on governmental approvals and expansion rights; compliance eligibility remains potential.
• Minor pointRwanda’s newly issued 387,015 credits await eligibility tagging through inclusion in Rwanda’s forthcoming transparency report.
• Minor pointIndia project capital payments totaled approximately $0.3 million during the quarter.

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TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (“BCCPC”, together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce its third-quarter 2026 consolidated operational and financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.

Highlights:

• Continued Rwanda CORSIA Sales: The Company continues to strategically and opportunistically monetize its CORSIA-eligible¹ carbon credits from the Rwanda cookstoves project. During the quarter, the Company received approximately $1.9 million in cash proceeds from sales.
  
  
• CORSIA Eligibility Extended Across Issued Rwanda Credits: During the quarter, Verra completed CORSIA-eligible tagging of 342,356 carbon credits held by the Company and 639,609 carbon credits held by project partner, the DelAgua Group (“DelAgua”), bringing the aggregate number of CORSIA-eligible tagged carbon credits issued from the project to 1,959,812.
  
  
• Positive EU CORSIA Proposal and Pricing Momentum: The European Commission’s proposal embeds CORSIA into European Union law through 2035. CORSIA-eligible carbon credit pricing strengthened significantly during the quarter, with the spot price of the ICE Dec-26 CP1 futures contract increasing approximately 39%^2,3.
  
  
• Financial Results: The Company ended the quarter with total assets of approximately $105.8 million, including $2.5 million in cash and cash equivalents, $13.5 million in carbon credit inventory, and $3.3 million in the carbon credit revenue participation asset. The Company reported third-quarter 2026 earnings per share of $0.02 (Q3 2025: $0.02).
  
  

“With approximately two million CORSIA-eligible carbon credits now issued from our Rwanda project and a regular semi-annual production cadence, we believe we hold one of the few fully eligible, uncommitted inventories available to the aviation compliance market,” said Michael Costa, Chief Executive Officer of Base Carbon. “Both pricing and volumes traded strengthened significantly during the quarter, and we will continue to monetize our inventories in an opportunistic and accretive manner. In Vietnam, the government continues to advance the Article 6 framework through which our project’s carbon credits may become CORSIA-eligible, and in India our project remains on track for first issuance under the new VM0047 methodology in 2027.”

Financial Highlights:

(in thousands of United States Dollars)	September 30, 2026		December 31, 2025
Total assets	$	105,792	$	108,936
Total liabilities		8,218		8,445
Total shareholders’ equity		97,574		100,491
Breakdown of key assets
Cash and cash equivalents	$	2,484	$	5,691
Carbon credit inventory		13,505		21,229
Current investment in carbon credit projects		32,737		11,041
Carbon credit revenue participation asset		3,324		1,455
Non-current investment in carbon credit projects		51,961		68,146

Rwanda Cookstoves Project

The Company continued to monetize CORSIA-eligible carbon credits generated by its Rwanda cookstoves project, receiving cash proceeds of approximately $1.9 million during the quarter. Following the Government of Rwanda’s submission of its Biennial Transparency Report (“BTR”), Verra completed CORSIA-eligible tagging of 342,356 carbon credits held by the Company, resulting in all carbon credits held in the Company’s inventory being eligible for CORSIA’s First Phase compliance period. In September 2026, following the purchase of the required insurance, Verra completed CORSIA-eligible tagging of 639,609 previously issued carbon credits held by DelAgua pursuant to the project agreement and revenue sharing arrangement.

Subsequent to quarter-end, 387,015 carbon credits were issued from the project, marking the project’s fifth issuance. These carbon credits are held by DelAgua pursuant to the project agreement and revenue sharing arrangement. The Company and DelAgua are pursuing CORSIA-eligible tagging of these carbon credits through inclusion in the Government of Rwanda’s forthcoming BTR submission.

As of the date of this release, the Company holds approximately 0.9 million CORSIA-eligible carbon credits in inventory, with a further approximately 1.1 million carbon credits held by DelAgua, of which approximately 0.7 million are CORSIA-eligible. Going forward, the project is anticipated to generate approximately 2.2 million additional carbon credits on regular 6-month intervals during the remainder of the project’s crediting period, with the next issuance anticipated in the first half of 2027.

Vietnam Household Devices Project

During the quarter, the government of Vietnam continued to make meaningful progress developing its internal carbon market and finalizing its Article 6 and Letter of Authorization (“LOA”) process. Receipt of an LOA would position the project’s carbon credits for potential compliance market eligibility, including CORSIA and Singapore’s carbon tax regime.

Also, during the quarter, the water purifier component of the project was transitioned to Verra’s newest VMR0015 methodology for vintages after 2027, which is expected to reduce carbon credit generation from the water purifier component by approximately 15%. Subject to the receipt of the necessary governmental approvals and the exercise of project expansion rights, the Company now estimates the project could generate approximately 15.3 million carbon credits eligible for international transfer and potential compliance market use.

India Afforestation, Reforestation, and Revegetation (ARR) Project

During the quarter, the Company engaged an independent third-party consultant, Kanop, to conduct the eligibility analysis required for the project’s transition to Verra’s VM0047 methodology and made capital payments of approximately $0.3 million to its project development partner, Value Network Ventures Pte. Ltd. (“VNV”).

During and subsequent to the quarter, VNV continued regular-way replanting activities to continually replenish the project’s standing stock, at no incremental cost to the Company, pursuant to the project agreement. The project remains on track for first carbon credit issuance in 2027 and continues to pursue Verra’s ABACUS label.

About Base Carbon

Base Carbon provides capital, development expertise and management operating resources to projects involved in the global carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and reduction projects globally and, where appropriate, will utilize technologies within the evolving environmental industries to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.

Media and Investor Inquiries

Base Carbon Inc.
Investor Relations
Tel: +1 647 952 3979
E-mail: investorrelations@basecarbon.com

Media Inquiries
E-mail: media@basecarbon.com

Cautionary Statement Regarding Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the focus of Base Carbon’s business, the expected issuance and timing of carbon credits, the expected tagging of CORSIA-eligible carbon credits by Verra, including through the inclusion of carbon credits in the Government of Rwanda’s biennial transparency reporting or the purchase of certain credit insurance, the European Commission’s proposal to embed CORSIA into European Union law and the future application of the EU ETS proposal, Article 6 of the Paris Agreement, the Article 6 Authorized label, the CORSIA-eligible label and the ABACUS label and market reaction thereto, the timing and ability to complete the sale of carbon credits, the outcome of current carbon credit sale processes and the ability to monetize or sell carbon credits and the receipt of proceeds from the disposition of carbon credits or revenue sharing arrangements, the implementation of the CORSIA framework and Singapore’s carbon tax regime and timing of eligibility and participation of carbon credits and carbon credit methodologies thereunder, the market demand and price of CORSIA-eligible carbon credits, the development and finalization of Vietnam’s Article 6 and letter of authorization process, the receipt and timing of a letter of authorization for the Vietnam household devices project and ability to sell carbon credits from such project internationally, the estimated number of carbon credits from the Vietnam household devices project eligible for international transfer, the ability to transition the Vietnam household devices project to methodology VM0050, the application of the VMR0015 methodology to the Vietnam household devices project and the number of carbon credits issuable thereunder, the ability to transition the India afforestation, reforestation, and revegetation project methodology to VM0047 and ability to replant project trees to address tree mortality, the timing of project registration and first carbon credit issuance of the India afforestation, reforestation, and revegetation project and the potential exercise of contractual expansion options for the Vietnam household devices project and the India afforestation, reforestation, and revegetation project. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans”, “seeks” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. These statements should not be read as guarantees of future performance, results, or achievements.

Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, readers should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information.

In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain factors that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) the Company has retained industry leading experts/consultants/advisors to assist with the evaluation, planning, negotiation and execution of such projects, (ii) the work product, including monitoring reports, of each project’s validation and verification body, (iii) project carbon credit market prices, (iv) the verification of ongoing project monitoring reports and issuance of carbon credits by Verra, (v) changes to laws, regulation or policies in applicable jurisdictions, and (vi) the Company has sufficient funds on hand to make any required carbon credit purchase price payments.
In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain assumptions that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) distributed cookstoves and water purifiers perform to specification when used and participating households use the devices as contemplated by project estimates, (ii) the Company’s in-country project partners, being DelAgua in the case of the Rwanda cookstoves project and SIPCO and the project offtaker in the case of the Vietnam household devices project, perform their obligations in connection with the development and operation of the projects, (iii) the new project methodologies are applied to the projects and there is no further changes in the project methodologies used by the applicable carbon credit registry or otherwise adopted by project proponents which results in less carbon credits being issuable, (iv) positive market recognition of the attributes linked to the Company’s carbon credits (such as project methodologies and changes thereto) and acceptance of such carbon credits by emissions trading schemes or compliance programs such as CORSIA or Singapore’s carbon tax regime, (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary and compliance carbon markets, and (vi) counterparties to carbon credit sale agreements perform their obligations, including payment of the purchase price on settlement.

In respect of the India afforestation, reforestation, and revegetation project, certain factors that influence the commercial success of the project include, among other things: (i) the Company’s expertise with respect to the evaluation, planning and negotiation of the project, (ii) the conduct of the project counterparties, including cooperation with local small-land owners, (iii) project costs and carbon credit market prices, (iv) ongoing project monitoring and issuance of carbon credits by Verra, (v) changes to laws and regulation in the Republic of India, and (vi) tree mortality rates, including due to extreme weather event and natural disasters.

In respect of the India afforestation, reforestation, and revegetation project, certain assumptions that influence the commercial success of the project include, among other things: (i) the development of the project remains in line with anticipated timelines and costs, (ii) project counterparties, including project partner Value Network Ventures Pte. Ltd., its subcontractors and local small-land owners, perform their contractual and/or standard operating procedures, (iii) the survival of trees, (iv) the successful project validation and registration by Verra, (v) the waiver of any carbon credit ownership rights by local project participants, (vi) the growth rates of trees are consistent with the expectations under the project which is then reflected by monitoring reports accepted by Verra, (vii) the Company has sufficient funds to satisfy its capital commitments, (viii) over the life of the project, there is no change to the project methodology which results in less carbon credits being issuable from the operation of such project, and (ix) continued participant involvement and public support of the voluntary carbon market.

The forward-looking statements made herein are subject to a variety of risk factors and uncertainties, many of which are beyond the Company’s control, which could cause actual events or results to differ materially and adversely from those reflected in the forward-looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the management’s discussion and analysis for the Company’s three and nine months ended September 30, 2026 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedarplus.ca) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

                                                                         

¹ Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”) and CORSIA – First Phase, 2024-2026 Eligible (“CORSIA-eligible”).

² Refer to July 21, 2026, press release for more information.

³ ICE Futures Europe CORSIA Eligible Emissions Units (2024-2026) Futures, available at ice.com.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Base Carbon’s third-quarter 2026 earnings per share?

Base Carbon reported earnings per share of $0.02 for the third quarter of 2026, unchanged from $0.02 in the third quarter of 2025. All financial figures are in U.S. dollars unless otherwise noted.

How many Rwanda carbon credits does Base Carbon hold?

As of November 12, 2026, Base Carbon held approximately 0.9 million CORSIA-eligible carbon credits in inventory. DelAgua held a further approximately 1.1 million credits, of which approximately 0.7 million were eligible for CORSIA, the aviation carbon-offset compliance scheme.

What would a letter of authorization mean for Base Carbon’s Vietnam project?

A letter of authorization would position the Vietnam project’s credits for potential compliance-market eligibility, including CORSIA and Singapore’s carbon tax regime. Vietnam continued developing its domestic carbon market and finalizing its Article 6 and letter-of-authorization process during the quarter.

How is Base Carbon preparing its India project for the VM0047 methodology?

Base Carbon engaged independent consultant Kanop to conduct the eligibility analysis required for the India project’s transition to Verra’s VM0047 methodology. The project remains on track for first carbon-credit issuance in 2027.