105 0 Kommentare Aduro Clean Technologies Reports Third Quarter 2024 Financial Results

LONDON, Ontario, April 30, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian 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 and nine months ended February 29, 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, “Q3 was a pivotal quarter for the Company as we continued to advance our technology and expand our market presence. The strategic initiatives undertaken not only enhance our technological capabilities but also reinforce our ability to expand our customer engagement program and further our relationships with key stakeholders.”

Mena Beshay, CFO of Aduro, added, “In Q3 we achieved record revenue and maintained a strong cash position. Our financial performance this quarter mirrors the strategic advancements and operational success Aduro has achieved. With our strong financial foundation and continued technological innovation, we are optimally positioned to achieve our goals for 2024 and beyond.”

Third Quarter 2024 - Financial Highlights

Quarterly revenue of $103,628 was achieved in Q3 2024, an increase of 78% as compared to revenue of $58,290 generated in Q3 2023.
Year-to-date revenue for the nine-months ending February 29, 2024, was $235,266, an increase of 304% as compared to the nine-months ending February 28, 2023.
Loss from operations was $2,027,383 for Q3 2024, an increase of 10% as compared to Loss from operations of $1,845,913 in Q3 2023.
Property, plant, and equipment carrying cost as at February 29, 2024, was $3.5 million, representing an increase of $132,334 and $848,361 in the three- and nine-months ending February 29, 2024, respectively, signifying an increased investment in research equipment and the completion of the new state-of-the-art laboratory and office facilities located in London, Ontario.
The Company maintained a strong cash position of $2,156,359 as at February 29th, 2024.
Subsequent to February 29, 2024, the Company received gross proceeds of $2,081,094 from the exercise of warrants and options, further strengthening the Company’s balance sheet.