Base Carbon Reports Year End 2025 Operating and Financial Results

Rhea-AI Summary

Base Carbon (OTCQX: BCBNF) reported year‑end 2025 results showing continued project advancement, monetizations and capital allocation actions. Total assets were $108.9M, including $5.7M cash, $79.2M in carbon project investments and $21.2M carbon credit inventory.

Key operational milestones include Verra VM0050/CORSIA tagging for the Rwanda cookstoves project, ~2.0M Rwanda credits issued, a DelAgua sale of ~200,000 CORSIA credits (net ~$0.7M) and Vietnam Phase 1 monetizations delivering ~$1.8M cash proceeds. The company repurchased 7.2M shares in 2025 (25.6M total since NCIB inception).

Positive

• Total assets of $108.9M at year‑end 2025
• Rwanda project: ~2.0M credits issued and VM0050/CORSIA eligibility
• Vietnam Phase 1 monetizations delivered approximately $1.8M net cash
• Share repurchases: 7.2M shares cancelled in 2025 (25.6M total)

Negative

• Cash declined to $5.7M from $14.8M at year‑end 2024
• Inventory write‑down of $3.9M recorded in 2025
• Loss on re‑quantification to VM0050 of $2.9M

TORONTO, March 31, 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 year-end 2025 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.

Company Highlights:

• Compliance‑market project upside: The Rwanda cookstoves project achieved Verra’s CORSIA – First Phase, 2024-2026 Eligible¹ (“CORSIA-eligible”) designation in Q1 2026, expanding the Company’s monetization pathways and improving pricing visibility.
  
  
• Meaningful carbon credit generation and first CORSIA sales: Base Carbon has advanced multiple projects through issuance, monetization and methodological enhancements, notably the Rwanda cookstoves project. In Q1 2026, Rwanda project partner, the DelAgua Group (“DelAgua”), completed multiple sales to CORSIA buyers which are subject to a revenue sharing arrangement with the Company. Since inception, approximately 2.0 million Rwanda carbon credits have been issued in aggregate utilizing Verra’s new VM0050 cookstove methodology.
  
  
• Shareholder‑focused capital allocation: In fiscal 2025, the Company purchased 7.2 million shares for cancellation at an average price of C$0.56 per share². Since inception of the Company’s Normal Course Issuer Bid (“NCIB”) program through year-end 2025, an aggregate total of 25.6 million shares have been purchased and cancelled at an average price of C$0.49 per share³, utilizing the NCIB program and various share purchase agreements.
  
  
• Ongoing execution across core projects: The India ARR project completed planting of approximately 6.5 million trees and continues to advance towards first carbon credit issuance under Verra’s VM0047 methodology and ABACUS labeling. The Vietnam household devices project has now completed Phase 1, generating $1.8 million in cash proceeds in 2025 and meaningful realized cash gains in excess of the Company’s invested capital.
  
  
• Organic contractual growth: The Company holds contractual expansion rights on both the Vietnam household devices project and India ARR project, providing the Company with a capital‑efficient and executable growth pipeline across two mature and fully underwritten portfolio projects.
  
  
• Financial results: Full year 2025 earnings of $0.00 per share (-$0.25 per share in 2024). The Company ended the year with total assets of $108.9 million, including $5.7 million in cash and cash equivalents, and a $21.2 million carbon credit inventory.
  
  

“In 2025, Base Carbon continued to advance our project portfolio along the life cycle of an environmental project. Notably as of late, we achieved first issuances under the new methodology in Rwanda, achieved compliance-market tagging, and executed on first sales,” said Michael Costa, CEO of Base Carbon. “As we move into 2026, we remain focused on disciplined management of the firm’s risk as we continue to unlock value within our current portfolio as well as the contractual project expansion options. In a separate press release concurrent with this filing, we have published our first annual shareholder letter which provides more details on our key views, market overview, and strategic focus for our business.”

2025 Year-end Financial Results:

As at December 31, 2025, the Company had total assets of $108.9 million, primarily comprised of $5.7 million in cash and cash equivalents, $79.2 million in investments in carbon credit projects and $21.2 million in carbon credit inventory. The Company had total liabilities of $8.4 million comprised primarily of deferred income tax liabilities.

In 2025, the Company recorded net earnings of $0.2 million, of which $1.8 million was attributable to realized cash settled gains on investments in carbon credit projects and $11.3 million was due to unrealized gains on investments in carbon credit projects. This was partially offset during the year by cash and non-cash operating expenses of $10.2 million and a loss on the re-quantification of carbon credit inventory to the VM0050 methodology of $2.9 million.

Primary operating expenses in 2025 were attributable to salaries and wages ($3.0 million), consulting and professional fees ($1.8 million), general and administrative expenses ($0.7 million), and a write-down of carbon credit inventory ($3.9 million).

(in thousands of United States Dollars)	December 31, 2025		December 31, 2024
Total assets	$	108,936	$	112,068
Total liabilities		8,445		9,060
Total shareholders’ equity		100,491		103,008
Breakdown of key assets
Cash and cash equivalents	$	5,691	$	14,799
Carbon credit inventory		21,229		25,633
Current investment in carbon credit projects		11,041		8,816
Carbon credit revenue participation asset		1,455		-
Non-current investment in carbon credit projects		68,146		61,068

During fiscal year 2025, the Company purchased and cancelled 7.2 million shares at an average price of C$0.56 per share² pursuant to Base Carbon’s NCIB program and various share purchase agreements. In comparison, the average price of shares purchased was significantly below the Company’s volume weighted average 2025 Cboe Canada share price of C$0.75. From inception to year-end 2025, a total of 25.6 million shares have been repurchased at an average price of C$0.49 per share³. The Company continues to view opportunistic share repurchases as both an attractive and accretive capital allocation strategy when there is a disconnect between public markets and the underlying asset value of the business. Management intends to remain focused on tax-efficient and shareholder-focused means of returning capital to shareholders while continuing to enhance per share economics.

Rwanda Cookstoves Project

During 2025, the Rwanda cookstoves project achieved major milestones that enhanced the project’s market positioning and carbon credit monetization pathways. In September 2025, Verra approved the application of the new VM0050 methodology to the project, enabling the transition of both existing inventory and future issuances from VMR0006 to VM0050. This upgrade resulted in the application of Verra’s CORSIA-eligible label in February 2026, improving access to compliance‑driven demand and allowing for sale and delivery into global aviation carbon offsetting markets. During the year, Base Carbon received carbon credits directly into Company-held inventory and recognized a new carbon credit revenue participation asset related to carbon credits issued to project partner DelAgua.

In the first quarter of 2026, DelAgua completed the sale of approximately 200,000 CORSIA‑eligible carbon credits and remitted net proceeds of approximately $0.7 million to the Company pursuant to the revenue sharing arrangement and a holdback of the Company’s share of insurance premiums applicable to all CORSIA-tagged carbon credits held in inventory by the parties. This transaction represents the first monetization of carbon credits from the Rwanda cookstoves project following the VM0050 transition and CORSIA-eligible tagging, demonstrating the project’s enhanced liquidity and relevance within global compliance carbon markets.

Vietnam Household Devices Project

During 2025, the Vietnam household devices project continued to demonstrate strong execution and cash‑generating performance. The project has now completed Phase 1, during which approximately 7.4 million carbon credits were issued, delivered, and monetized under a fixed‑price offtake arrangement, resulting in net cash proceeds of approximately $1.8 million to the Company during the year. Cumulatively, the project has fully repaid Base Carbon’s invested capital and generated meaningful realized cash gains, validating the Company’s structuring, underwriting, and execution capabilities. During the year, the Company also began work to transition the project to Verra’s updated VM0050 methodology, with the objective of enhancing carbon credit quality and aligning future issuances with evolving compliance and market standards.

The Vietnam household devices project has now entered Phase 2, under which Base Carbon retains the option to purchase all future carbon credits generated by the project on a yearly basis at a fixed price. This structure provides continued exposure to future carbon credit issuance while preserving flexibility over capital deployment and monetization timing. The Vietnam household devices project is a foundational example of the Company’s ability to originate, develop, and monetize large‑scale carbon reduction projects, while retaining embedded growth optionality through expansion rights and future carbon credit purchases.

India Afforestation, Reforestation, and Revegetation (ARR) Project

As of year-end 2025, the India ARR project completed initial planting of approximately 6.5 million trees, observed survival rates consistent with project expectations, and progressed through validation activities under carbon credit registry Verra. During the year, the Company and its project development partner elected to transition the project to Verra’s updated VM0047 methodology, the latest high-integrity methodology for afforestation, reforestation, and revegetation projects, in addition to targeting Verra's ABACUS label. Backed by Amazon, the ABACUS label is believed to enhance carbon credit quality through additional requirements around dynamic additionality, transparency, and permanence. As of year‑end, the project remained in the development stage, with cumulative capital deployed of approximately $8.2 million.

In December 2025, the Company and its project development partner, Value Network Ventures Pte Ltd., amended the project agreement including capital payment schedules up to 2027, to better align with the agreed upon transition to Verra’s VM0047 methodology. BCCPC agreed to an incremental $108,000 in payments to help facilitate the transition work to VM0047. Other than this, the quantum of payments was not changed, only the timing of payments.

Subsequent to year‑end, the India ARR project continued to progress in-line with development expectations. In the first quarter of 2026, Base Carbon made milestone‑based capital payments totaling approximately $1.2 million related to ongoing validation, verification, and project maintenance activities. The India ARR project represents Base Carbon’s entry into large‑scale, high-quality, nature‑based removals and provides future growth optionality through expansion rights, while maintaining a staged, disciplined capital deployment profile.

About Base Carbon

Base Carbon is a financier of projects involved primarily in the global voluntary carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and abatement 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.
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Tel: +1 647 952 3979
E-mail: investorrelations@basecarbon.com

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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 future application of Article 6 of the Paris Agreement, the Article 6 Authorized label, the CORSIA-eligible label and the ABACUS label and market reaction thereto, 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 timing of eligibility and participation of carbon credits and carbon credit methodologies thereunder, the market demand and price of CORSIA-eligible carbon credits, the ability to transition the India afforestation, reforestation, and revegetation project methodology to VM0047, 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 cookstoves 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 the DelAgua Group 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) 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, and (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary carbon market. 

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) 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 year ended December 31, 2025 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”)
² Average purchase price of US$0.41 per share using the Bank of Canada daily exchange rate on December 31st, 2025.
³ Average purchase price of US$0.36 per share using the Bank of Canada daily exchange rate on December 31st, 2025.

FAQ

What were Base Carbon's key balance sheet figures for year‑end 2025 (BCBNF)?

Base Carbon reported $108.9M total assets and $5.7M cash at December 31, 2025. According to the company, investments in carbon projects totaled $79.2M and carbon credit inventory was $21.2M.

What monetization did the Rwanda cookstoves project achieve for BCBNF in early 2026?

The Rwanda project achieved VM0050 transition and CORSIA eligibility and saw first CORSIA sales. According to the company, DelAgua sold ~200,000 CORSIA credits, remitting ~$0.7M net to Base Carbon.

How much cash did Base Carbon realize from the Vietnam household devices project in 2025 (BCBNF)?

Base Carbon received approximately $1.8M net cash proceeds from Vietnam Phase 1 monetizations in 2025. According to the company, Phase 1 issued ~7.4M credits and repaid invested capital with realized gains.

How active was Base Carbon's share repurchase program in 2025 for BCBNF?

In 2025, Base Carbon purchased and cancelled 7.2M shares at an average price of C$0.56 per share. According to the company, total repurchases since NCIB inception now total 25.6M shares.

What were the material write‑downs or losses Base Carbon reported in 2025 (BCBNF)?

The company recorded a $3.9M write‑down of carbon credit inventory and a $2.9M loss on re‑quantification to VM0050 in 2025. According to the company, these items reduced net results despite realized gains.