Cielo Announces Fiscal Q3 2024 Financial Results and Provides Update on its Progress to Fuel Renewable Change - Seite 3

Periods ended January 31	Three months		Nine months
(000’s of dollars, except per share amounts)	2024	2023	2024	2023
Financing costs	72	620	709	1,838
General and administrative	546	1,137	2,111	3,021
Research and development	167	442	827	1,406
Share based compensation	(113)	143	205	270
Impairment of assets and assets held for sale	-	-	3,826	25,366
Net loss per share – basic & diluted	(0.02)	(0.04)	(0.12)	(0.62)

The Company recorded a net loss of $1.9 million for the three months ended January 31, 2024, primarily comprised of (i) general and administrative costs of $0.6 million; (ii) research & development costs of $0.2 million; (iii) finance costs of $0.08 million; (iv) share based compensation credit of ($0.1 million) due to the expiry of unvested options, and amortization of $1.3 million. Net loss for the nine months ended January 31, 2024 was $9.2 million, $22 million less than the period ended January 31, 2023, primarily due to an overall reduction of operating costs totaling approximately $1.0 million, plus reduced impairment expense of $21 million. During the third quarter ended January 31, 2024, there was an impairment loss upon the sale of the Company’s Fort Saskatchewan property of $3.8 million, compared to the impairment recognition related to property, plant and equipment of $25.4 million in the period ended January 31, 2023.

Cielo’s operating cash flow totaled $0.02 million for the third quarter 2024, and the Company recorded negative cash flow of $1.1 million in the nine-month period ended January 31, 2024. This level of cash flow aligns with prior periods and is to be expected in a pre-revenue business such as Cielo.

For further information please contact:

Cielo Investor Relations

Ryan Jackson, CEO
Phone: [phone]