Carbon Streaming Corp. reports developments tied to its carbon credit streaming and royalty portfolio, including financial results, portfolio monetization, project amendments and legal matters involving stream investments. Company updates have addressed carbon credit projects such as the Azuero Reforestation Stream, Community Carbon Stream, Magdalena Bay Blue Carbon Stream and Rimba Raya Biodiversity Reserve Project.
Recurring news also includes settlement implementation, share cancellations, early-warning ownership reports covering common shares and warrants, and governance support for significant litigation. The company frames its portfolio around carbon reduction or removal projects with environmental, community and biodiversity attributes.
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Carbon Streaming Corporation (OTCQB: OFSTF) reported significant progress in the Rimba Raya Project under new Indonesian carbon regulations. The company achieved a net income of $4.8 million for the three months ended December 31, 2022, despite an adjusted net loss of $5.7 million. Revenue from carbon credit sales was $1.1 million, with an average price of $8.61 per credit. The firm aims to receive carbon credits or royalties from 10+ projects in 2023, driven by a diversified portfolio and increasing demand in voluntary carbon markets, bolstered by regulatory developments. Cash reserves stood at $70.3 million, with no corporate debt.
The Carbon Strategy ETF (NYSE: KARB) will ring the Closing Bell at the New York Stock Exchange on February 7, 2023. KARB focuses on providing exposure to global compliance carbon markets and aims to track the Carbon Streaming BITA Compliance Index through liquid carbon allowance futures contracts. Tim Collins, President of Carbon Fund Advisors, emphasizes KARB's role in providing access to previously inaccessible carbon markets, aligning with global efforts to lower carbon footprints. Justin Cochrane, CEO of Carbon Streaming Corporation (OTCQB: OFSTF), highlights the ETF's potential for ESG-driven investors amid renewed climate commitments following the Paris Agreement.
Carbon Streaming Corporation (OTCQB: OFSTF) reported the Rimba Raya Project's validation under Indonesia's new carbon regulation (Reg 21). This marks Rimba Raya as the first REDD+ carbon project validated under the SRN carbon registry, allowing for domestic and international carbon trading. The project encompasses 36,331 hectares and is expected to generate approximately 2.7 million tonnes of CO2e annually until 2073. Verification is set for January 2023, aiming for around 9.8 million carbon credits.
Carbon Streaming Corporation (OTCQB: OFSTF) reported a net loss of $2.4 million for Q1 2023, with an adjusted net loss of $5.3 million. The company ended the quarter with $72.7 million in cash and no corporate debt. Major developments include new carbon credit agreements, including the FCG Amazon Portfolio Royalty and the Nalgonda Rice Farming Stream. The company is focused on diversifying its portfolio, which consists of over 20 projects generating carbon credits. An update call is scheduled for November 14, 2022.
Carbon Streaming Corporation (OTCQB: OFSTF) successfully held its Annual General Meeting where all eight proposed directors were elected. A total of 18,482,192 shares, accounting for approximately 39.5% of outstanding shares, were voted. The shareholders also appointed Deloitte LLP as the auditor, authorizing directors to set their remuneration. Voting results showed strong support for the nominees, with approval percentages for individual directors ranging from 73.6% to 91.5%. For complete results, visit the Company’s Report of Voting Results dated November 9, 2022.