Base Carbon Reports Second-Quarter 2024 Operating and Financial Results
Base Carbon Inc. (BCBNF) reported its Q2 2024 financial results, highlighting significant progress in its carbon credit projects. The company received $12.5 million from carbon credit sales in Vietnam during the quarter, with an additional $11.2 million post-quarter from Vietnam and Rwanda projects. The Rwanda cookstoves project achieved its first issuance of 717,558 Article 6 Authorized carbon credits, valued at $9.3 million. The India ARR project has planted over 82% of its planned 6.5 million trees.
As of June 30, 2024, Base Carbon had total assets of $127.2 million, including $7.5 million in cash and $108.8 million in carbon credit project investments. The company reported a net income of $7.47 million for the quarter, with gains on carbon credit project investments of $10.67 million.
Base Carbon Inc. (BCBNF) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando significativi progressi nei suoi progetti di crediti di carbonio. L'azienda ha ottenuto 12,5 milioni di dollari dalla vendita di crediti di carbonio in Vietnam durante il trimestre, con un ulteriore 11,2 milioni di dollari successivamente al trimestre da progetti in Vietnam e Ruanda. Il progetto dei forni a cottura in Ruanda ha raggiunto la sua prima emissione di 717.558 crediti di carbonio autorizzati ai sensi dell'Articolo 6, valutati 9,3 milioni di dollari. Il progetto ARR in India ha piantato oltre l'82% degli 6,5 milioni di alberi previsti.
Al 30 giugno 2024, Base Carbon possedeva attività totali per 127,2 milioni di dollari, inclusi 7,5 milioni di dollari in contante e 108,8 milioni di dollari in investimenti nei progetti di crediti di carbonio. L'azienda ha riportato un reddito netto di 7,47 milioni di dollari per il trimestre, con guadagni sugli investimenti nei progetti di crediti di carbonio pari a 10,67 milioni di dollari.
Base Carbon Inc. (BCBNF) reportó sus resultados financieros del segundo trimestre de 2024, destacando avances significativos en sus proyectos de créditos de carbono. La empresa recibió 12.5 millones de dólares de la venta de créditos de carbono en Vietnam durante el trimestre, con un adicional de 11.2 millones de dólares después del trimestre de proyectos en Vietnam y Ruanda. El proyecto de estufas de cocina en Ruanda logró su primera emisión de 717.558 créditos de carbono autorizados bajo el Artículo 6, valorados en 9.3 millones de dólares. El proyecto ARR en India ha plantado más del 82% de los 6.5 millones de árboles planeados.
Al 30 de junio de 2024, Base Carbon tenía activos totales de 127.2 millones de dólares, incluyendo 7.5 millones de dólares en efectivo y 108.8 millones de dólares en inversiones en proyectos de créditos de carbono. La empresa reportó un ingreso neto de 7.47 millones de dólares para el trimestre, con ganancias de 10.67 millones de dólares en inversiones de proyectos de créditos de carbono.
베이스 카본 주식회사 (BCBNF)는 2024년 2분기 재무 결과를 발표하며 탄소 신용 프로젝트에서의 상당한 진전을 강조했습니다. 회사는 분기 동안 베트남에서 탄소 신용 판매로 1,250만 달러를 받았으며, 분기 이후 베트남 및 르완다 프로젝트에서 추가로 1,120만 달러를 받았습니다. 르완다의 조리기구 프로젝트는 717,558개의 제6조 승인 탄소 신용의 첫 발급을 달성했으며, 이는 930만 달러로 평가됩니다. 인도 ARR 프로젝트는 계획된 650만 그루 중 82% 이상 나무를 심었습니다.
2024년 6월 30일 기준으로 베이스 카본은 총 자산 1억 2,720만 달러를 보유하고 있으며, 현금 750만 달러와 탄소 신용 프로젝트 투자 1억 880만 달러를 포함하고 있습니다. 회사는 이번 분기에 순이익 747만 달러를 기록했으며, 탄소 신용 프로젝트 투자에서 1,067만 달러의 이익을 올렸습니다.
Base Carbon Inc. (BCBNF) a publié ses résultats financiers pour le deuxième trimestre 2024, soulignant des progrès significatifs dans ses projets de crédits carbone. L'entreprise a perçu 12,5 millions de dollars de ventes de crédits carbone au Vietnam au cours du trimestre, avec un montant supplémentaire de 11,2 millions de dollars après le trimestre provenant de projets au Vietnam et au Rwanda. Le projet de cuisinières au Rwanda a atteint sa première émission de 717 558 crédits de carbone autorisés selon l'Article 6, évalués à 9,3 millions de dollars. Le projet ARR en Inde a planté plus de 82 % de ses 6,5 millions d'arbres prévus.
Au 30 juin 2024, Base Carbon disposait de 123,2 millions de dollars d'actifs totaux, comprenant 7,5 millions de dollars en liquidités et 108,8 millions de dollars en investissements dans des projets de crédits carbonés. L'entreprise a déclaré un revenu net de 7,47 millions de dollars pour le trimestre, avec des gains de 10,67 millions de dollars sur les investissements dans des projets de crédits de carbone.
Base Carbon Inc. (BCBNF) hat die Finanzzahlen für das 2. Quartal 2024 veröffentlicht und dabei bedeutende Fortschritte in seinen Carbon-Credit-Projekten hervorgehoben. Das Unternehmen erhielt 12,5 Millionen Dollar aus dem Verkauf von Carbon-Credits in Vietnam im Laufe des Quartals, mit zusätzlichen 11,2 Millionen Dollar nach dem Quartal aus Projekten in Vietnam und Ruanda. Das Kochtopfprojekt in Ruanda erreichte seine erste Ausgabe von 717.558 gemäß Artikel 6 autorisierten Carbon-Credits, die mit 9,3 Millionen Dollar bewertet werden. Das ARR-Projekt in Indien hat über 82 % der geplanten 6,5 Millionen Bäume gepflanzt.
Zum 30. Juni 2024 hatte Base Carbon Gesamtvermögen von 127,2 Millionen Dollar, einschließlich 7,5 Millionen Dollar in bar und 108,8 Millionen Dollar in Investitionen in Carbon-Credit-Projekte. Das Unternehmen berichtete einen Nettoeinkommen von 7,47 Millionen Dollar für das Quartal, mit Gewinnen aus Carbon-Credit-Projektinvestitionen von 10,67 Millionen Dollar.
- Received $12.5 million from Vietnam project carbon credit sales in Q2 2024
- Additional $11.2 million received post-quarter from Vietnam and Rwanda projects
- First issuance of 717,558 Article 6 Authorized carbon credits from Rwanda project, valued at $9.3 million
- India ARR project progress with over 82% of planned 6.5 million trees planted
- Net income of $7.47 million for Q2 2024
- Total assets of $127.2 million as of June 30, 2024
- Vietnam project achieved full capital investment payback plus $9.0 million in initial returns
- Operating expenses increased to $2.54 million in Q2 2024 from $2.01 million in Q2 2023
- Decrease in gains on investments in carbon credit projects from $111.1 million in Q2 2023 to $10.67 million in Q2 2024
TORONTO, Aug. 14, 2024 (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 second-quarter 2024 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.
Company Highlights for the Three and Six Months Ended June 30, 2024:
- Continued generation and sale of carbon credits from the Company’s projects:
- Received payments of approximately
$12.5 million during the quarter from carbon credit sales pursuant to the Vietnam project offtake arrangement. - Subsequent to quarter-end, received a further payment of approximately
$11.2 million from the sale of carbon credits generated from its Vietnam and Rwanda projects.
- Received payments of approximately
- First issuance of 717,558 correspondingly adjusted carbon credits from the Rwanda cookstoves project achieved with each carbon credit labeled with Verra’s “Article 6 Authorized” and representing a carrying value of
$9.3 million . - Continued operational success in India ARR project with over
82% of the planned 6.5 million trees planted to date with full planting continued to be expected within 2024. - As of June 30, 2024, the Company had total assets of
$127.2 million , including$7.5 million in cash and cash equivalents, and$108.8 million in investments in carbon credit projects.
Financial Highlights:
| (in thousands of United States Dollars) | Three months ended | Three months ended | ||||
| June 30, 2024 | June 30, 2023 | |||||
| Gains on investments in carbon credit projects | $ | 10,671 | $ | 111,102 | ||
| Total operating expenses | (2,538 | ) | (2,008 | ) | ||
| Operating income for the period | 8,133 | 109,095 | ||||
| Income tax recovery (expense) | 332 | (4,824 | ) | |||
| Net income for the period | 7,470 | 104,129 | ||||
| Basic loss per share | 0.06 | 0.85 | ||||
| Diluted loss per share | $ | 0.06 | $ | 0.85 | ||
| (in thousands of United States Dollars) | June 30, 2024 | December 31, 2023 | ||
| Cash and cash equivalents | $ | 7,480 | $ | 1,401 |
| Carbon credit inventory | 9,271 | - | ||
| Current investment in carbon credit projects | 27,403 | 34,813 | ||
| Non-current investment in carbon credit projects | 81,396 | 102,273 | ||
| Total assets | $ | 127,224 | $ | 141,243 |
Vietnam Household Devices Project Update
Including the payments received during and subsequent to the most recent quarter, in aggregate to date, Base Carbon has received a total of approximately
The Company also expects additional proceeds of approximately
Rwanda Cookstoves Project Update
In April 2024, the Company received its first carbon credits generated from the Rwanda cookstoves project when project developer the DelAgua Group transferred 717,558 correspondingly adjusted carbon credits to BCCPC, each designated by Verra with an Article 6 Authorized label.
Subsequent to the quarter-end, Base Carbon completed an initial market sale of 20,000 carbon credits, representing less than
While the Company is currently evaluating all sales options with respect to the remaining inventory of approximately 700,000 carbon credits, the Company believes that maintaining a short-term inventory of the Rwanda project carbon credits will allow for positive exposure to anticipated price momentum and liquidity upon eligibility under programs like CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation). Further credit production is expected to occur at regular intervals with transfer of carbon credits to the Company pursuant to the VERPA with project developer the DelAgua Group.
India Afforestation, Reforestation, and Revegetation (ARR) Project Update
The Company, through BCCPC, executed a project agreement with Value Network Ventures Advisory Services Pte Ltd. to fund an expected
As of June 30, 2024, Base Carbon has funded
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
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Investor Relations
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 application of Article 6 of the Paris Agreement and the “Article 6 Authorized Label” and market reaction thereto, the receipt of proceeds from the disposition of carbon credits, and the implementation of the CORSIA framework and eligibility of carbon credits thereunder, including carbon credits generated by the Company’s projects. 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” 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, and (iii) 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 the project remains in line with anticipated timelines and costs, (ii) project counterparties, including project partner Value Network Ventures Advisory Services Pte Ltd., its subcontractors and local small-land owners, perform their contractual and/or standard operating procedures, (iii) the successful planting and survival of trees, (iv) the growth rates of trees are consistent with the expectations under the project which is then reflected by monitor reports accepted by Verra, (v) the Company has sufficient funds to satisfy its capital commitments, and (vi) 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 fiscal year ended December 31, 2023 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.
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