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Northstar Reports Third Quarter 2024 Financial Results

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Northstar Clean Technologies (TSXV: ROOF) reported its Q3 2024 financial results, highlighted by a $14.0 million royalty transaction with CVW CleanTech. The company continued developing its Empower Calgary Facility, completing procurement and equipment testing. Financial highlights include a cash balance of $15.5 million, cumulative capital expenditures of $15.1 million for the Empower Calgary Facility, and revenue of $165,000. The company secured two draws from BDC's project loan facility totaling $4.3 million and received a patent from CIPO for its asphalt shingle reprocessing technology.

Northstar Clean Technologies (TSXV: ROOF) ha riportato i suoi risultati finanziari del terzo trimestre 2024, evidenziati da una transazione di royalty di $14,0 milioni con CVW CleanTech. L'azienda ha continuato a sviluppare il suo Impianto Empower Calgary, completando la fase di approvvigionamento e test delle attrezzature. I punti salienti finanziari includono un saldo di cassa di $15,5 milioni, spese in conto capitale cumulative di $15,1 milioni per l'Impianto Empower Calgary, e ricavi di $165.000. L'azienda ha ottenuto due prelievi dal fondo di prestiti per progetti della BDC per un totale di $4,3 milioni e ha ricevuto un brevetto dalla CIPO per la sua tecnologia di ri-processamento delle tegole bituminose.

Northstar Clean Technologies (TSXV: ROOF) informó sus resultados financieros del tercer trimestre de 2024, destacados por una transacción de regalías de $14.0 millones con CVW CleanTech. La compañía continuó desarrollando su Instalación Empower Calgary, completando la adquisición y las pruebas del equipo. Los aspectos financieros destacados incluyen un saldo de efectivo de $15.5 millones, gastos de capital acumulados de $15.1 millones para la Instalación Empower Calgary, y ingresos de $165,000. La empresa aseguró dos retiros del fondo de préstamos de proyectos de BDC por un total de $4.3 millones y recibió una patente de CIPO para su tecnología de reprocesamiento de tejas asfálticas.

Northstar Clean Technologies (TSXV: ROOF)은 2024년 3분기 재무 결과를 발표했으며, 주요 내용은 CVW CleanTech와의 1,400만 달러 규모의 로열티 거래이다. 회사는 Empower Calgary 시설 개발을 계속 진행하며 장비 조달 및 테스트를 완료했다. 재무 하이라이트로는 1,550만 달러의 현금 잔고, Empower Calgary 시설에 대한 누적 자본 지출 1,510만 달러, 그리고 165,000 달러의 수익이 포함된다. 회사는 BDC의 프로젝트 대출 시설에서 총 430만 달러를 두 번 인출했고, 아스팔트 슈ingle 재처리 기술에 대해 CIPO로부터 특허를 받았다.

Northstar Clean Technologies (TSXV: ROOF) a publié ses résultats financiers pour le troisième trimestre 2024, mettant en avant une transaction de redevance de 14,0 millions de dollars avec CVW CleanTech. L'entreprise a poursuivi le développement de son installation Empower Calgary, achevant l'approvisionnement et les tests d'équipement. Les points forts financiers incluent un solde de trésorerie de 15,5 millions de dollars, des dépenses en capital cumulées de 15,1 millions de dollars pour l'installation Empower Calgary, et des revenus de 165 000 dollars. L'entreprise a obtenu deux tirages du fonds de prêt de projets de la BDC totalisant 4,3 millions de dollars et a reçu un brevet de la CIPO pour sa technologie de revalorisation des bardeaux d'asphalte.

Northstar Clean Technologies (TSXV: ROOF) berichtete über seine finanziellen Ergebnisse für das dritte Quartal 2024, insbesondere durch eine Royaltie-Transaktion von 14,0 Millionen Dollar mit CVW CleanTech. Das Unternehmen setzte die Entwicklung seiner Empower Calgary-Anlage fort und schloss die Beschaffung und die Geräteeinführung ab. Zu den finanziellen Höhepunkten gehören ein Cash-Bestand von 15,5 Millionen Dollar, kumulierte Investitionsausgaben von 15,1 Millionen Dollar für die Empower Calgary-Anlage und Einnahmen von 165.000 Dollar. Das Unternehmen sicherte sich zwei Abhebungen aus der Projektkreditfazilität der BDC in Höhe von insgesamt 4,3 Millionen Dollar und erhielt ein Patent von der CIPO für seine Technologie zur Wiederaufbereitung von Asphalt-Schindeln.

Positive
  • Secured $14.0 million royalty transaction with CVW CleanTech
  • Cash balance increased to $15.5 million in Q3 2024
  • Obtained patent for front-end asphalt shingle reprocessing technology
  • Secured $4.3 million in project loan draws from BDC
Negative
  • Revenue decreased to $165,000 in Q3'24 from $240,000 in Q2'24
  • G&A expenses remained elevated at $1.47 million in Q3'24

Q3 2024 Highlights

  • Closed $14.0 million royalty transaction with CVW CleanTech Inc. ("CVW")
  • Continued to develop and construct the Empower Calgary Facility which included completing procurement, arrival and testing of equipment in preparation for installation and continuing with shingle collection in preparation for facility commissioning and operation.
  • Completed the first draw of $1.6 million on the senior secured project loan facility with Business Development Bank of Canada ("BDC") for constructing the Empower Calgary Facility
  • Received a patent from the Canadian Intellectual Property Office ("CIPO")

CALGARY, AB, Nov. 29, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its third quarter 2024 unaudited financial statements and management's discussion and analysis for the three and nine months ended September 30, 2024 on the Company's SEDAR+ profile at www.sedarplus.ca. These documents are also available on the Company's website at www.northstarcleantech.com.

Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "The third quarter of 2024 was highlighted by the announcement and closing of our royalty funding transaction with CVW. This is a monumental funding transaction for the cleantech space globally and highlights the interest in our technology solution for municipalities across Canada and the United States. We were thrilled to close the transaction with Akshay and the team at CVW and are grateful for all the shareholder support received in the deal."

"Furthermore, the construction of our Empower Calgary Facility is well advanced. We have delivered on numerous construction-related milestones throughout the third and fourth quarters. We remain excited about 2025 as it draws near and we bring online the world's first-of-its-kind commercial facility," continued Mr. Mills.

Q3 2024 Highlights

  • July 2024 – Received a patent for the Company's front-end technology for reprocessing asphalt shingles from the CIPO.
  • August 2024 – Announced a $14.0 million royalty transaction with CVW.
  • September 2024 – Completed first draw of approximately $1.6 million from the senior secured project loan with BDC.
  • September 2024 – Closed the royalty transaction with CVW. A replay of the investor update webinar is available here: https://www.youtube.com/watch?v=SbI-oSY4qJo

Subsequent to Q3 2024

  • October 2024 – Completed a construction update on the Empower Calgary Facility. The update is available here: https://www.youtube.com/watch?v=5Od5cCUIA2E
  • November 2024 – Completed a second construction update on the Empower Calgary Facility. The update is available here: https://www.youtube.com/watch?v=Zht7Wo59Yec
  • November 2024 – Completed the second draw of approximately $2.7 million from the senior secured project loan with BDC.
  • November 2024 – Announced key senior management changes at Northstar that will build on its strong momentum and continue to lay the foundation for continued success.

Q3 2024 Financial Summary

(in '000s)

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Cash Balance

$8,545

$7,648

$5,987

$5,623

$15,551

Empower Calgary Facility                  
Cumulative Capital Expenditures

581

2,623

4,371

8,655

15,122

Revenue

64

67

71

240

165

Expenses






   R&D Expense

174

31

-

-

-

   G&A Expense

1,325

1,804

1,544

1,448

1,474

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 Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.

All amounts are shown in Canadian dollars unless stated otherwise.  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.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/northstar-reports-third-quarter-2024-financial-results-302318542.html

SOURCE Northstar Clean Technologies Inc.

FAQ

What was Northstar Clean Technologies (ROOOF) revenue in Q3 2024?

Northstar reported revenue of $165,000 in Q3 2024.

How much was the royalty transaction Northstar (ROOOF) closed with CVW CleanTech in Q3 2024?

Northstar closed a $14.0 million royalty transaction with CVW CleanTech in Q3 2024.

What was Northstar's (ROOOF) cash balance at the end of Q3 2024?

Northstar's cash balance was $15.551 million at the end of Q3 2024.

How much has Northstar (ROOOF) spent on the Empower Calgary Facility as of Q3 2024?

Northstar's cumulative capital expenditures for the Empower Calgary Facility reached $15.122 million by the end of Q3 2024.

NORTHSTAR CLEAN TECHN INC

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