TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies ("CHAR Tech" or the "Company") (TSXV:YES), a leader in sustainable energy solutions, today announced results for the fiscal 2024 third quarter ended June 30, 2024. The full third quarter ended June 30, 2024 financial statements and MD&A are available on SEDAR+.
CHAR Tech Q3 2024 highlights include:
Revenue for the quarter of $1,163,919, up 172% from Q3 2023 $427,383.
Revenue for the fiscal 9 months ending June 30th, 2024, of $2,457,551, up 85% from the fiscal 9 months ending June 30th, 2023, of $1,327,925.
Increase to CHAR Tech's Thorold facility Property Plant and Equipment of $3,495,288 over 9 months ending June 30th, 2024.
Cash inflow of $941,904 over 9 months ending June 30th, 2024 in deferred grant income from previously announced Government programs.
Installation and commissioning of biocarbon agglomeration equipment at CHAR's Thorold facility for the previously announced 500 tonnes production run
Andrew White, CEO of CHAR Tech, "As we reflect on the accomplishments of Q3, we are proud to report significant progress in key areas of our business. Our strategic initiatives are not only driving growth but also positioning us for long-term success. We remain committed to our vision and are confident that our continued focus on innovation and operational excellence will enable us to meet and exceed our goals."
As identified in the Q3 financial statements the following subsequent events have occurred:
Management Changes: On July 12, 2024, the company announced changes in the senior management team, including the appointment of Anton Szpitalak as the new Chief Development Officer and the departure of Lewis Smith (Chief Commercial Officer) and Robert Sinyard (Chief Operating Officer).
Loan Agreements: On July 16, 2024, the company entered into loan agreements with lenders for a total amount of CAD $850,000, repayable within 90 days. This loan will be used ...
