NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LONDON, Ontario, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ("Aduro" or the "Company") (CSE: ACT) (OTCQX: ACTHD) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, has filed its audited financial results for the year ended May 31, 2024, and has provided the following highlights. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Ofer Vicus, CEO of Aduro, remarked, "In 2024 the Company is focusing on execution, making sure we continue to make progress on our key goals. We have achieved many of the milestones that we had set forth at the beginning of the year and will continue to deliver value by driving innovation and expanding on these recent successes."
Mena Beshay, CFO of Aduro, added, "For the full year 2024 we continued to improve our revenues and cash. The Company is in a healthy financial position as we look beyond 2024 with optimism, backed by a strong pipeline of customer and stakeholder engagement and the additional talent we have added to our team over the last year."
Fourth Quarter 2024 - Financial Highlights
Revenue was $102,250 for Q4 2024, an increase of 99% compared to revenue of $51,339 generated in Q4 2023.
Loss from operations was $1,792,219 for Q4 2024, as compared to loss from operations of $1,598,118 in Q4 2023.
Full Year 2024 - Financial Highlights
Revenue was $337,516 for the fiscal year 2024, an increase of 208% year-over-year.
Loss from operations was $7,436,861 for the fiscal year 2024, as compared to a Loss from operations of $5,863,317 for fiscal year 2023.
Property, plant, and equipment carrying cost as at May 31, 2024, was $3.6 million representing an increase of approximately $1.0 million from the prior year, signifying an increased investment in research equipment and the completion of the expanded laboratory and office facilities located in London Ontario.
The Company maintained a strong cash position of $2,814,576 as at May 31, 2024.
Subsequent to May 31, 2024, Aduro received gross proceeds of approximately $3.5 million from the closing of a non-brokered private placement and approximately $2.0 million from the exercise of options and warrants, further strengthening the Company's balance sheet.
Fourth Quarter 2024 - Corporate Highlights and Subsequent Events
Filed New Patent Application: Aduro filed a new patent application to transform waste plastics and renewable oils into high value BTX chemicals. The new process is simpler, more efficient, and more cost effective than traditional BTX production processes.
Entered New Phase of Collaboration with TotalEnergies: After positive preliminary technical evaluations by TotalEnergies, Aduro entered a research and development (R&D) collaboration phase. The project aims to establish process parameters to manage these variable and hard-to-recycle feedstocks, optimize the process design and operating conditions, and lay the groundwork for a commercial process.
Provided Update on Next Generation Process (NGP): Following the successful completion of a series of tests and work done over the first half of calendar year 2024, the Company announced that it is now conducting semi-industrial scale experiments to finalize reactor configurations. These experiments are crucial for determining the necessary configurations for the NGP. Aduro aims to complete the design of the NGP by the end of 2024. Initial engagements with design, engineering, and fabrication firms have begun.
Provided Results on Testing of Hard to Recycle Crosslinked Polymers: Reported promising results from the preliminary tests with yields up to 84% of lower-molecular-weight hydrocarbons, predominantly in the C8 to C28 range. These results demonstrate another example of the ability of HCT to deconstruct and create value from hard to recycle materials which have proven to be challenging for traditional approaches. Cross-linked polymers are ...
