Aduro Clean Technologies Reports Fiscal 2025 First Quarter Results
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LONDON, Ontario, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ("Aduro" or the "Company") (CSE: ACT) (OTCQX: ACTHF) (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 interim consolidated financial results for the three months ended August 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, "This quarter, Aduro continued to achieve essential milestones that underscore our technical progress towards higher market readiness. We advanced our engagement with TotalEnergies from an extended technical evaluation phase into an augmented research and collaboration agreement. In addition, we continue to make great progress on the design of our Next Generation Process, while filing a new patent application, further strengthening our intellectual property and expanding our addressable market."
"Q1 featured notable financial and structural improvements that strengthen Aduro's operational foundation," remarked Mena Beshay, CFO of Aduro. "The successful private placement significantly strengthened our capital structure and bolstered our research and development and scale-up up activities. These steps collectively place Aduro in a stronger financial position to continue advancing our technology applications and customer engagement initiatives."
First Quarter 2025 - Financial Highlights
Quarterly revenue was $55,000 for Q1 2025, a slight decrease of 6% compared to revenue of $58,545 generated in Q1 2024.
Loss from operations was $2,462,532 for Q1 2025, as compared to loss from operations of $1,570,322 in Q1 2024.
Property, plant, and equipment carrying cost as of August 31, 2024, was $3.92 million representing an increase of approximately $0.313 million over Q1 2025, signifying an increased investment in research and laboratory equipment.
The Company maintained a strong cash position of approximately $5.95 million as of August 31, 2024.
First Quarter 2025 - Corporate Highlights and Subsequent Events
Private Placement: Completed a $3.52 million non-brokered private placement, bolstering funds for ongoing R&D and operational growth.
Stock Option Grants: Issued 2,685,000 stock options to directors, officers, employees, and a consultant, exercisable over five years with monthly vesting over 24 months, aligning incentives with corporate growth and execution.
Investor Engagement: Engaged KCSA Strategic Communications, a leading New York-based communications firm, to provide investor relations and digital services. Using the AmplifIR platform to expand investor outreach and strengthen brand presence, the Company expects that KCSA will be able to facilitate greater awareness and widespread dissemination of the Company's news and progress.
Conversion of Class B Warrants and Share Consolidation: Upon reaching the Second Milestone in the Securities Exchange Agreement between the Company and Aduro Energy Inc. dated October 22, 2020, as amended, the Company converted the Class B Special Warrants and issued 4,102,563 post-consolidation common ...
