Northstar Reports Second Quarter 2024 Financial Results
Rhea-AI Summary
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) reported its Q2 2024 financial results, highlighting significant progress in its operations. Key developments include:
1. Received $1.34 million in funding from Alberta's TIER Fund through Emissions Reduction Alberta.
2. Closed a US$1.8 million private placement of convertible debentures with TAMKO Building Products.
3. Announced a three-year asphalt shingle supply agreement with Ecco Recycling & Energy
4. Secured a $2.25 million strategic investment from Calgary-based investors.
5. Selected TAMKO's Frederick, Maryland plant for initial U.S. expansion.
The company's cash balance as of Q2 2024 was $5.623 million, with cumulative capital expenditures for the Empower Calgary Facility reaching $9.348 million. Revenue increased to $240,000 in Q2 2024.
Positive
- Secured $1.34 million in funding from Alberta's TIER Fund through Emissions Reduction Alberta
- Closed a US$1.8 million private placement of convertible debentures with TAMKO Building Products
- Announced a three-year asphalt shingle supply agreement with Ecco Recycling & Energy
- Secured a $2.25 million strategic investment from Calgary-based investors
- Revenue increased to $240,000 in Q2 2024, up from $71,000 in Q1 2024
Negative
- Cash balance decreased from $5.987 million in Q1 2024 to $5.623 million in Q2 2024
- G&A expenses remained relatively high at $1.896 million in Q2 2024
News Market Reaction – ROOOF
On the day this news was published, ROOOF declined 1.01%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Q2 2024 Highlights
- Received approval and
$1.34 million Alberta 's TIER Fund through Emissions Reduction Alberta ("ERA") for the first grant funding milestone - Accelerated the Phase 2A investment from TAMKO Building Products ("TAMKO") and closed a
US private placement of convertible debentures$1.8 million - Announced a three-year asphalt shingle supply agreement with Ecco Recycling & Energy Corporation ("Ecco Recycling")
- Closed a strategic investment of
$2.25 million Calgary -based strategic investors, including the Chiu Family of Trico Homes and Trico Communities, and appointed Mr. Patrick Chiu to the Board of Directors
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "While our transformative
"Our strategic partnership with TAMKO Building Products has also gained momentum, highlighted by the early closure of the
Q2 2024 Highlights
- April 2024 – Received approval from ERA for the first grant funding milestone following completion of detailed engineering design.
- April 2024 – Northstar and TAMKO selected TAMKO's
Frederick, Maryland plant as the firstU.S. supply location. - April 2024 – Received
$1.34 million - April 2024 – Announced a three-year asphalt shingle supply agreement with Ecco Recycling for the Empower Calgary Facility with plans to complete a landfill supply study for Ecco Recycling's C&D landfill in
Calgary , which has an estimated 500,000 tonnes of potential shingle supply. - April 2024 – Received the first delivery of asphalt shingles from Ecco Recycling at the Empower Calgary Facility.
- April 2024 – Received the first long-lead equipment item, an advanced shingle grinding machine from Rotochopper, at the Empower Calgary Facility.
- May 2024 – Issued a follow-on patent by the United States Patent and Trademark Office ("USPTO") for the Company's proprietary technology for reprocessing asphalt shingles. This was the second patent issued to Northstar by the USPTO.
- May 2024 – Accelerated TAMKO's Phase 2A investment and closed a
US private placement of convertible debentures.$1.8 million - June 2024 – Closed a strategic investment of
$2.25 million Calgary -based strategic investors and appointed Mr. Patrick Chiu to the Board of Directors.
Subsequent to Q2 2024
- July 2024 – Received a patent for the Company's front-end technology for reprocessing asphalt shingles from the Canadian Intellectual Property Office (the "CIPO").
- August 2024 – Announced a
$14.0 million
Q2 2024 Financial Summary
(in C$ '000s) | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 |
Cash Balance | 655 | 8,545 | 7,648 | 5,987 | 5,623 |
Empower Calgary Facility | 439 | 581 | 2,623 | 4,371 | 9,348 |
Revenue | 55 | 64 | 67 | 71 | 240 |
Expenses | |||||
R&D Expense | 244 | 174 | 31 | - | - |
G&A Expense | 1,510 | 1,493 | 2,018 | 1,884 | 1,896 |
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale up facility in
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
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SOURCE Northstar Clean Technologies Inc.
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