Northstar Reports Second Quarter 2024 Financial Results
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.
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando significativi progressi nelle sue operazioni. I principali sviluppi includono:
1. Ricevuti 1,34 milioni di dollari in finanziamenti dal TIER Fund dell'Alberta attraverso Emissions Reduction Alberta.
2. Chiuso un collocamento privato da 1,8 milioni di dollari USA di obbligazioni convertibili con TAMKO Building Products.
3. Annunciato un accordo triennale per la fornitura di tegole asfaltiche con Ecco Recycling & Energy.
4. Ottenuto un investimento strategico da 2,25 milioni di dollari da investitori con sede a Calgary.
5. Selezionato l'impianto di TAMKO a Frederick, Maryland, per l'espansione iniziale negli Stati Uniti.
Il saldo di cassa dell'azienda a fine secondo trimestre del 2024 era di 5,623 milioni di dollari, con spese in conto capitale cumulative per l'Empower Calgary Facility che hanno raggiunto 9,348 milioni di dollari. I ricavi sono aumentati a 240.000 dollari nel secondo trimestre del 2024.
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) reportó sus resultados financieros del segundo trimestre de 2024, destacando un progreso significativo en sus operaciones. Los principales desarrollos incluyen:
1. Recibió $1.34 millones en financiamiento del TIER Fund de Alberta a través de Emissions Reduction Alberta.
2. Cerró un colocación privada de $1.8 millones de dólares estadounidenses en bonos convertibles con TAMKO Building Products.
3. Anunció un contrato de suministro de tejas asfálticas por tres años con Ecco Recycling & Energy.
4. Aseguró una inversión estratégica de $2.25 millones de inversores con sede en Calgary.
5. Seleccionó la planta de TAMKO en Frederick, Maryland, para la expansión inicial en Estados Unidos.
El saldo de caja de la empresa a finales del segundo trimestre de 2024 era de $5.623 millones, con gastos de capital acumulados para la instalación Empower Calgary que alcanzaron $9.348 millones. Los ingresos aumentaron a $240.000 en el segundo trimestre de 2024.
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF)는 2024년 2분기 재무 결과를 보고하며 운영에서의 중요한 진전을 강조했습니다. 주요 개발 사항은 다음과 같습니다:
1. Alberta의 TIER Fund로부터 134만 달러의 자금을 받음.
2. TAMKO Building Products와 함께 180만 달러의 전환사채 사모 배치를 종료함.
3. Ecco Recycling & Energy와 3년간의 아스팔트 슁글 공급 계약을 발표함.
4. Calgary에 기반한 투자자로부터 225만 달러의 전략적 투자를 확보함.
5. 미국 초기 확장을 위해 TAMKO의 메릴랜드주 프레더릭 공장을 선택함.
2024년 2분기 기준 회사의 현금 잔고는 562.3만 달러였으며, Empower Calgary Facility의 누적 자본 지출은 934.8만 달러였습니다. 2024년 2분기 수익은 24만 달러로 증가함.
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) a rapporté ses résultats financiers pour le deuxième trimestre 2024, mettant en évidence des progrès significatifs dans ses opérations. Les principales évolutions incluent :
1. Réception de 1,34 million de dollars en financement du TIER Fund de l'Alberta via Emissions Reduction Alberta.
2. Clôture d'un placement privé de 1,8 million de dollars américains d'obligations convertibles avec TAMKO Building Products.
3. Annonce d'un contrat de fourniture de bardeaux d'asphalte de trois ans avec Ecco Recycling & Energy.
4. Obtention d'un investissement stratégique de 2,25 millions de dollars de la part d'investisseurs basés à Calgary.
5. Sélection de l'usine de TAMKO à Frederick, Maryland, pour l'expansion initiale aux États-Unis.
Le solde de trésorerie de l'entreprise à la fin du deuxième trimestre 2024 s'élevait à 5,623 millions de dollars, avec des dépenses d'investissement cumulées pour l'installation Empower Calgary atteignant 9,348 millions de dollars. Les revenus ont augmenté à 240 000 dollars au deuxième trimestre 2024.
Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) berichtete über seine finanziellen Ergebnisse für das zweite Quartal 2024 und hob damit bedeutende Fortschritte in seinen Betrieben hervor. Zu den wichtigsten Entwicklungen gehören:
1. Erhaltene 1,34 Millionen US-Dollar an Fördermitteln vom TIER-Fonds von Alberta über Emissions Reduction Alberta.
2. Abschluss einer Privatplatzierung in Höhe von 1,8 Millionen US-Dollar von wandelbaren Anleihen mit TAMKO Building Products.
3. Bekanntgabe eines Drei-Jahres-Vertrags über die Lieferung von Bitumenschindeln mit Ecco Recycling & Energy.
4. Sicherung einer strategischen Investition in Höhe von 2,25 Millionen US-Dollar von Investoren aus Calgary.
5. Auswahl des Werks von TAMKO in Frederick, Maryland, für die erste Expansion in den USA.
Der Cash-Bestand des Unternehmens betrug zum Ende des zweiten Quartals 2024 5,623 Millionen US-Dollar, mit kumulierten Investitionsausgaben für die Empower Calgary-Anlage in Höhe von 9,348 Millionen US-Dollar. Die Einnahmen stiegen im zweiten Quartal 2024 auf 240.000 US-Dollar.
- 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
- 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
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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