Base Carbon Reports Third-Quarter 2023 Financial Results

TORONTO, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) (“Base Carbon”, or the “Company”) is pleased to announce its third-quarter 2023 consolidated financial results. All financial references are denominated in U.S. dollars, unless otherwise noted.

Company Highlights for the Three and Nine Months Ended September 30, 2023:

• In Q3 2023, the Company executed an agreement with Value Network Ventures Advisory Services Pte Ltd. (“VNV”), through wholly owned subsidiary Base Carbon Capital Partners Corp., to facilitate the development of a nature-based carbon removal project, focused on the reforestation of degraded rural farmlands in the northern Indian state of Uttar Pradesh (the “India ARR Project”).
• Deployed initial $3.6mm in India ARR Project capital towards the planting of approximately 6.5 million trees.
• Vietnam project capital deployment is now 92% complete with contractual, milestone-based payments of $0.2mm deployed during Q3 2023.
• Incurred a $1.7 million net loss in Q3 2023, representing $0.01 loss per share.
• Purchased 4,476,920 common shares for cancellation pursuant to the Company’s normal course issuer bid program (“NCIB”) during the nine months ended September 30, 2023. The current NCIB program began on June 21, 2023, allowing Base Carbon to purchase up to an additional 7,974,471 common shares during the 12 months following renewal.
  

Financial Highlights: 

(in thousands of United States Dollars)	Three months ended			Nine months ended
	September 30, 2023			September 30, 2023
Realized and unrealized gains on investments in carbon credit projects	$	-		$	111,102
Total operating expenses		1,679			4,977
Operating income (loss) for the period		(1,679	)		106,126
Income tax expense		-			(4,824	)
Net income (loss)		(1,745	)		101,284
Basic income (loss) per share		(0.01	)		0.83
Diluted income (loss) per share	$	(0.01	)	$	0.83
(in thousands of United States Dollars)	September 30, 2023			December 31, 2022
Cash and Cash Equivalents	$	3,838		$	12,918
Current investment in carbon credit projects		25,634			-
Non-current investment in carbon credit projects		110,652			24,471
Total assets	$	142,793		$	44,091