Carbon Streaming Announces Financial Results for the Year Ended December 31, 2024
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) ("Carbon Streaming" or the "Company") today reported its financial results for the fiscal year ended December 31, 2024. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Tuesday, April 1, 2025. In addition, the Company is also pleased to announce the appointment of Mr. Sam Wong to the board of directors of the Company (the "Board") effective April 1, 2025.
Carbon Streaming Chief Executive Officer Marin Katusa stated: "In the fourth quarter of 2024, Carbon Streaming focused on its restructuring efforts and evaluating strategic alternatives while taking significant steps to reduce costs and improve financial sustainability. We successfully reduced the number of individuals receiving full-time salaries from 24 at the start of 2024 to 4 by January 2025, resulting in significant savings to ongoing operating expenses. With cost reductions complete, our priority in 2025 is to maximize value from our existing portfolio while continuing to explore all strategic options to enhance shareholder value. More specifically, we will evaluate all potential acquisitions, divestments, corporate transactions, and strategic partnerships. While the voluntary carbon market continues to experience difficult market conditions and many economic uncertainties exist, we are committed to adapting to market conditions and ensuring the best path forward for our shareholders. With respect to the Rimba Raya, Magdalena Bay and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights as we will with all our investments."
Annual Highlights
Ended the year with $37.4 million in cash and no corporate debt.
Reduced the number of individuals receiving full-time salaries at the Company - including employees, consultants, and directors - from 24 at the start of 2024 to 8 by year-end, with a further decrease to 4 full time employees by January 2025, resulting in significant savings in ongoing operating expenses.
Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $58.2 million (net loss on revaluation of $32.9 million in 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
Continued the previously-announced corporate restructuring plan, which resulted in a non-recurring restructuring charge of $2.6 million.
Generated $1.6 million in settlements from carbon credit streaming and royalty agreements (settlements of $55 thousand in 2023).
Operating loss of $68.3 million (operating loss of $45.0 million in 2023).
Recognized net loss of $67.4 million (net loss of $35.5 million in 2023).
Adjusted net loss was $5.2 million (adjusted net loss of $7.6 million in 2023) (see the "Non-IFRS Accounting Standards Measures" section of this news release).
Paid $8.1 million in upfront deposits for carbon credit streaming and royalty agreements (paid $7.6 million in upfront deposits in 2023).
Fourth Quarter Highlights
Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $13.2 million (net loss on revaluation of $24.0 million in Q4 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
Generated $0.5 million in settlements from carbon credit streaming and royalty agreements (settlements of $nil in Q4 2023).
Operating loss of $14.9 million (operating loss of $26.8 million in Q4 2023).
Recognized net loss of $16.9 million (net loss of $26.1 million in Q4 2023).
Adjusted net loss was $0.9 million (adjusted net loss of $2.2 million in Q4 2023) (see the "Non-IFRS Accounting Standards Measures" section of this news release).
Paid $2.2 million in upfront deposits for carbon credit streaming and royalty agreements (paid $2.1 million in upfront deposits in Q4 2023).
Financial Highlights Summary
Three months ended December 31, 2024
Three months ended December 31, 2023
Year ended December 31, 2024
Year ended December 31, 2023
Carbon credit streaming and royalty agreements
Revaluation of carbon credit streaming and royalty agreements
$
(13,190)
$
(23,952)
$
(58,155)
$
(32,897)
Settlements from carbon credit streaming and royalty agreements1
513
-
1,550
55
Other financial highlights
Other operating expenses
1,760
2,691
10,340
12,035
Operating loss
(14,923)
(26,784)
(68,335)
(45,002)
Net loss
(16,932)
(26,092)
(67,369)
(35,501)
Loss per share (Basis and Diluted) ($/share)
(0.32)
(0.55)
(1.34)
(0.75)
Adjusted net loss2
(884)
(2,225)
(5,214)
(7,586)
Adjusted net loss per share (Basic and Diluted) ($/share)2
(0.02)
(0.05)
(0.10)
(0.16)
Statement of financial position
Cash3
37,350
51,416
37,350
51,416
Carbon credit streaming and royalty agreements3
9,081
60,122
9,081
60,122
Total assets3
48,683
117,111
48,683
117,111
Non-current liabilities3
112
1,083
112
https://www.benzinga.com/pressreleases/25/03/g44576244/carbon-streaming-announces-financial-results-for-the-year-ended-december-31-2024
