"Aduro has continued its momentum towards commercial readiness, making strong progress over the first quarter of fiscal 2026," said Ofer Vicus, Chief Executive Officer of Aduro. "We made headway on construction of our Next Generation Process ("NGP") Pilot Plant, positioning the project for the start of commissioning activities, which we commenced in September. We also laid the groundwork for the Demonstration Plant program, beginning a global site-selection process post quarter-end, with a focus on locations across Canada, Europe, and Mexico. We also completed initial testing of synthetic turf waste as a potential feedstock for our proprietary Hydrochemolytic™ Technology ("HCT"). With the addition of key leadership, deepening of industry partnerships, and increased visibility through technical and investor engagements, Aduro is well-positioned as we continue through the second quarter of fiscal 2026."
"Our strengthened balance sheet following the June public offering provides the financial flexibility to complete our Pilot Plant and advance our demonstration-scale planning," added Mena Beshay, Chief Financial Officer of Aduro. "We are focused on maintaining fiscal discipline in our spending while continuing to invest in research and development and strategic growth initiatives that support long-term value creation for shareholders."
First Quarter Fiscal 2026, Financial Highlights (three months ended August 31, 2025)
Quarterly revenue for Q1 2026 was $44,500, a net decrease of 19% compared to $55,000 in Q1 2025. The Company's current revenue is earned through the completion of services under Customer Engagement Programs for evaluation of the Company's technology and collaboration work. This revenue is non-recurring and varies with the timing and scope of the evaluation projects. Quarter-over-quarter differences reflect the balance of the Company resources allocated between scale-up activities, ongoing technical analysis, and customer evaluation programs.
Loss from operations was $6,325,018 for Q1 2026, compared to $2,462,532 for Q1 2025. This was primarily driven by an increase in non-cash share-based compensation, a non-cash loss resulting from the revaluation of the Company's derivative financial liability, as well as increased research and development and technology scale-up activities, the hiring of additional employees in line with the Company's growth, and additional corporate expenses associated with the Company's Nasdaq listing in November 2024.
Adjusted EBITDA was $(2,254,384) for Q1 2026, compared to $(1,746,748) for Q1 2025.
As at August 31, 2025, the carrying cost of property, plant, and equipment was $ 6.7 million compared to $5.1 million at Q4 2025 representing an increase of $1.6 million. This was primarily driven by capital work in progress related to the construction of the Company's NGP Pilot Plant.
The Company maintained a strong cash position with $15.09 million at August 31, 2025, compared to $6.96 million in Q4 2025.
Reconciliation of Adjusted EBITDA (Non-GAAP) to Loss from Operations (GAAP)
(CAD $)
Q1 FY2026
Q1 FY2025
Loss from operations (GAAP)
$(6,325,018
)
$(2,462,532
)
Add: Share-based compensation (non-cash)
$2,461,554
$589,051
Add: Change in fair value of derivative financial liability (non-cash)
$1,548,663
$ -
Add: Depreciation and amortization
$142,212
$126,733
Deduct: Other Income
$(81,795
)
$ -
Adjusted EBITDA (Non-GAAP)
$(2,254,384
)
