Aduro Clean Technologies Reports Third Quarter 2024 Financial
Results
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.
Third Quarter 2024 - Corporate
Highlights and Developments
Strategic Board Appointment:
Aduro welcomed Marie Grönborg to its Board of Directors, a seasoned
leader with a robust background in sustainable technology. With 30
years of global experience, Ms. Grönborg significantly enhances the
diversity and expertise of Aduro's governance structure. Her vast
experience as a chemical engineer and former executive in
clean-tech industries aligns perfectly with Aduro’s strategic focus
on innovation and environmental sustainability. Ms. Grönborg has
been a great addition to the board and her leadership is expected
to continue to have a profound impact on Aduro’s strategic
direction, and in fortifying the Company's position at the
forefront of clean technology.
Expansion of Customer
Engagement: Building on earlier positive technical
evaluation results achieved in the second quarter, a leading
Petrochemical Company and confidential participant in the Company’s
Customer Engagement Program (CEP) expanded its initial project
scope with Aduro. The additional testing included a more diverse
range of waste plastic materials, specifically targeting those with
higher concentrations of PET, polyurethane, metals, and other
challenging contaminants. The decision to expand the initial
testing scope highlights the growing interest in our
Hydrochemolytic™ technology and the confidence our partners have in
the capabilities the Company and its technology platform offer.
Conference Participation:
Throughout the third quarter, Aduro actively participated in
significant industry events, including the 10th Annual CEM
AlphaNorth Capital Event. These events served as excellent
platforms for Aduro to highlight its technological advancements,
engage with potential investors and partners, and facilitate
discussions that are expected to contribute to future
collaborations and innovations.
Market Engagement: Aduro's
innovative solutions were prominently featured in the Viewpoint
with Dennis Quaid documentary series, significantly elevating the
profile of its sustainable technologies across a broad audience.
The feature was broadcast on over 170 U.S. stations and included a
commercial segment aired nationally on the Fox Business Network,
showcasing Aduro's commitment to addressing critical environmental
challenges through advanced chemical recycling technologies.
Sample Test Results from Continuous Flow
Unit: Aduro has achieved significant advancements in the
development of its Hydrochemolytic™ Technology through rigorous
testing with the continuous flow Plastic reactor. Since its launch
in 2023, the reactor has conducted numerous tests on various
polypropylene feedstocks, demonstrating exceptional conversion
efficiency. The Company shared sample data of test results
indicating conversion of up to 95% of the feedstock into valuable
hydrocarbon resources, while less than 5% remained unconverted
solids or as low value gases. This breakthrough underscores Aduro's
potential to enhance the recycling of end-of-life plastics
effectively. The reactor test program continues to generate
critical data needed to advance the design of the Next Generation
Process which remains a major part of Aduro’s
strategic goals for 2024.
For a more detailed discussion of Aduro's Q3
2024 results, please refer to the Company's condensed interim
consolidated financial statements and interim MD&A for the
three and nine months ended February 29, 2024, which are available
at www.sedarplus.ca.
About Aduro Clean
TechnologiesAduro Clean Technologies is a developer of
patented water-based technologies to chemically recycle waste
plastics; convert heavy crude and bitumen into lighter, more
valuable oil; and transform renewable oils into higher-value fuels
or renewable chemicals. The Company’s Hydrochemolytic™ technology
activates unique properties of water in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into 21st-century
resources.
For further information, please
contact:
Ofer Vicus, CEOovicus@adurocleantech.com
Abe Dyck, Investor
Relationsir@adurocleantech.com+1 226 784 8889
Arrowhead Thomas Renaud, Managing Director
enquire@arrowheadbid.com+1 212 619 6889
Forward-Looking Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events, or developments that the
Company believes, expects, or anticipates will or may occur in the
future, are forward-looking statements. The forward-looking
statements reflect management’s current expectations based on
information currently available and are subject to a number of
risks and uncertainties that may cause outcomes to differ
materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance, and,
accordingly, undue reliance should not be put on such statements
due to their inherent uncertainty. Important factors that could
cause actual results to differ materially from the Company’s
expectations include adverse market conditions and other factors
beyond the control of the parties. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether because of new information, future events, or
otherwise, except as required by applicable law.
The CSE has not reviewed, approved, or
disapproved the content of this news release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa7dd3c1-a211-4dbb-90f6-2f606532ac43
Grafico Azioni Aduro Clean Technologies (TG:9D50)
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Da Ago 2024 a Set 2024
Grafico Azioni Aduro Clean Technologies (TG:9D50)
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Da Set 2023 a Set 2024