Carbon Streaming Corporation Stock Price, News & Analysis

Carbon Streaming Corporation (OFSTF) held its annual general meeting where shareholders voted on key matters. All five nominated directors were successfully elected with strong approval ratings ranging from 83.2% to 92.7%. The meeting saw participation from approximately 30.32% of outstanding shares, with 16,029,044 common shares voted. Sam Wong received the highest approval at 92.726%, while other nominees including Marcel de Groot, Olivier P. Garret, Marin Katusa, and Alice Schroeder each received over 83% approval. Shareholders also approved the appointment of Deloitte LLP as the company's auditor.

Carbon Streaming Corporation (OFSTF) announced key corporate updates including a streamlined process for U.S. investors to remove restrictive legends from their 2021 Financings shares at no cost. The company reported a strong financial position with US$37.0 million in cash, remaining debt-free. They currently hold 532,720 carbon credits from cookstove projects and 18,990 from water purification projects. The company has filed a Notice of Arbitration against Will Solutions Inc. following the termination of their agreement due to project milestone failures. Notable operational changes include significant cost reductions, with only three full-time employees and a part-time CFO, while the CEO and Board are not collecting compensation. The company achieved a US$0.8 million forex gain from converting US$18.0 million to Canadian dollars.

Carbon Streaming Corporation (OFSTF) reported Q1 2025 financial results with significant cost-cutting measures and strategic repositioning. The company ended Q1 with $36.4 million in cash and no corporate debt. Key financial metrics include a net loss of $0.8 million (improved from $35.8 million loss in Q1 2024) and an operating loss of $1.4 million (vs $36.6 million in Q1 2024). The company has drastically reduced its workforce from 24 to just 3 full-time employees, with the CEO forgoing salary. Carbon Streaming faces multiple challenges, including legal disputes with former executives and project partners, particularly regarding the Rimba Raya, Magdalena Bay, and Sustainable Community Streams. Several projects, including the Sheep Creek Reforestation Stream, have encountered significant setbacks, leading to write-downs. The company is currently evaluating strategic alternatives, including potential acquisitions, divestments, and partnerships to maximize shareholder value.

Carbon Streaming (OTCQB: OFSTF) has initiated legal action in the Ontario Superior Court of Justice against former executives, directors, and consultants. The lawsuit alleges breach of fiduciary duty, fraudulent misrepresentation, and unjust enrichment.

The company seeks significant damages from multiple defendants, including:

• USD $30.1 Million from Justin Cochrane
• USD $4.1 Million each from Conor Kearns and Black Vulcan Resources
• USD $1.4 Million from Anthony Milewski and The Oregon Group
• USD $850,000 from Michael Beck and Regent Advisors
• USD $400,000 from Beck, Milewski, and Carbon Advisors
• USD $4.1 Million each from Maurice Swan, Andrew Scott Tester and Jeanne Usonis

The lawsuit claims defendants approved payments for advisory and consulting fees for minimal or no services rendered, made false representations leading to financial losses, and improperly diverted funds.

Carbon Streaming (OTCQB: OFSTF) reported its financial results for FY2024, revealing significant challenges and restructuring efforts. The company ended the year with $37.4 million in cash and no corporate debt, while implementing major cost-cutting measures by reducing full-time staff from 24 to 4 by January 2025.

Key financial metrics include a net loss of $67.4 million for 2024, compared to $35.5 million in 2023, largely due to a $58.2 million loss on revaluation of carbon credit streaming agreements. The company generated $1.6 million in settlements from carbon credit agreements.

Notable portfolio developments include: the Rimba Raya Stream facing legal challenges over license revocation in Indonesia; the Magdalena Bay Blue Carbon Stream receiving an abandonment notice; termination of the Sustainable Community Stream due to missed milestones; and slower-than-anticipated expansion of the Cerrado Biome Stream. The Community Carbon Stream issued over 1.6 million carbon credits in 2024, generating $1.1 million in cash settlements.

Carbon Streaming (OTCQB: OFSTF) received a Notice of Adverse Impact from Mast Reforestation regarding the Sheep Creek Stream Agreement. The project has experienced significantly higher mortality rates and slower growth rates than expected among seedlings. As a result, Mast indicated it cannot deliver the agreed 286,229 forecast mitigation units, considering the existing project plan and budget no longer viable.

The company has formally responded to the notice, raising concerns about its timing and characterization. Carbon Streaming is evaluating legal options under the agreement. The company had previously entered a US$15 million pipeline streaming agreement with Mast and invested US$2 million through a convertible note, which was converted into 1.3 million preferred shares valued at $2.6 million in October 2023.

The company expects these developments to materially decrease the fair value of both the Sheep Creek Stream and the Preferred Shares on its consolidated financial statements.

Carbon Streaming (OTCQB: OFSTF) announced key leadership changes. Marin Katusa, who became CEO on November 25, 2024, has been appointed to the board of directors, replacing Jeanne Usonis who has resigned. Additionally, Mark Schaal will assume the role of Chief Financial Officer effective January 1, 2025. Schaal brings over 35 years of finance and accounting experience, including 17 years as CFO of various private companies. He holds a BA in Economics from UCLA and an MBA from Dartmouth's Tuck School of Business.

Carbon Streaming (OTCQB: OFSTF) has appointed Marin Katusa as CEO, effective November 25, 2024, following a comprehensive search. Katusa, one of the company's largest shareholders, will succeed interim CEO Christian Milau, who will step down from both his executive role and board position by November 30, 2024.

Notably, Katusa has elected to receive only a nominal $1 per annum salary, foregoing standard compensation to help reduce costs. He emphasized that the company's current portfolio requires further restructuring to maximize shareholder and stakeholder value.

Carbon Streaming reported Q3 2024 financial results, ending with $41.9M in cash and no corporate debt. The company faced significant challenges, recording a net loss of $11.9M compared to net income of $0.7M in Q3 2023. Key developments included a $11.7M loss on revaluation of carbon credit agreements, primarily due to the Magdalena Bay and Sustainable Community Stream values dropping to zero. The company generated $0.1M from carbon credit streaming agreements and continued its restructuring plan with a $0.3M charge. Operating loss increased to $13.6M from $0.1M in Q3 2023.