Aduro Clean Technologies Reports Fiscal 2025 First Quarter Results
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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LONDON, Ontario, Oct. 31, 2024 (GLOBE NEWSWIRE)
-- Aduro Clean Technologies Inc.
(“Aduro” or the “Company”) (CSE:
ACT) (OTCQX: ACTHF) (FSE:
9D5), a clean 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 months ended August 31, 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, “This
quarter, Aduro continued to achieve essential milestones that
underscore our technical progress towards higher market readiness.
We advanced our engagement with TotalEnergies from an extended
technical evaluation phase into an augmented research and
collaboration agreement. In addition, we continue to make great
progress on the design of our Next Generation Process, while filing
a new patent application, further strengthening our intellectual
property and expanding our addressable market.”
“Q1 featured notable financial and structural
improvements that strengthen Aduro’s operational foundation,”
remarked Mena Beshay, CFO of Aduro. “The successful private
placement significantly strengthened our capital structure and
bolstered our research and development and scale-up up activities.
These steps collectively place Aduro in a stronger financial
position to continue advancing our technology applications and
customer engagement initiatives.”
First Quarter 2025 - Financial
Highlights
- Quarterly revenue was $55,000 for
Q1 2025, a slight decrease of 6% compared to revenue of $58,545
generated in Q1 2024.
- Loss from operations was $2,462,532
for Q1 2025, as compared to loss from operations of $1,570,322 in
Q1 2024.
- Property, plant, and equipment
carrying cost as of August 31, 2024, was $3.92 million representing
an increase of approximately $0.313 million over Q1 2025,
signifying an increased investment in research and laboratory
equipment.
- The Company maintained a strong
cash position of approximately $5.95 million as of August 31,
2024.
First Quarter 2025 - Corporate
Highlights and Subsequent Events
Private
Placement: Completed a $3.52 million
non-brokered private placement, bolstering funds for ongoing
R&D and operational growth.
Stock Option
Grants: Issued 2,685,000 stock options to
directors, officers, employees, and a consultant, exercisable over
five years with monthly vesting over 24 months, aligning incentives
with corporate growth and execution.
Investor
Engagement: Engaged KCSA Strategic
Communications, a leading New York-based communications firm, to
provide investor relations and digital services. Using the AmplifIR
platform to expand investor outreach and strengthen brand presence,
the Company expects that KCSA will be able to facilitate greater
awareness and widespread dissemination of the Company’s news and
progress.
Conversion of
Class B Warrants and Share Consolidation:
Upon reaching the Second Milestone in the Securities Exchange
Agreement between the Company and Aduro Energy Inc. dated October
22, 2020, as amended, the Company converted the Class B Special
Warrants and issued 4,102,563 post-consolidation common shares.
Additionally, the Company executed a 3.25-to-1 common share
consolidation effective August 20, 2024, reducing the common shares
issued and outstanding from 88,316,467 shares to 27,174,297 common
shares inclusive of the Class B warrant conversion.
Entered New
Phase of Collaboration with
TotalEnergies: After two positive
technical evaluation programs with TotalEnergies, Aduro has
advanced to a new research and development collaboration phase with
TotalEnergies to optimize Hydrochemolytic™ technology for complex
multi-polymer waste, establishing parameters for potential
commercial deployment.
Next
Generation Process (NGP): Conducted
semi-industrial experiments to finalize reactor configurations for
the NGP. Aduro aims to complete NGP design by calendar year-end,
advancing its scale-up program and expanding its capabilities to
expand collaborations within its Customer Engagement Program.
New Patent
Filing: Submitted a patent for a
cost-effective and efficient process to produce BTX chemicals
(benzene, toluene, and xylenes) from waste plastics and renewable
oils, strengthening Aduro’s IP and addressing high-demand markets.
BTX compounds are essential building blocks for a wide array of
high-value chemicals and materials, including plastics, paints,
sealants, coatings, and pharmaceuticals. Aromatic chemicals like
BTX are key building blocks, accounting for 40% of petrochemical
production by volume. The new patent application marks significant
progress towards a key objective set out by Aduro at the beginning
of 2024, the expansion of the Company’s technology and intellectual
property position.
Conference
Participation: Participated in the
International Refining & Petroleum Conference 2024 (IRPC),
highlighting advancements and fostering potential partnerships to
support ongoing innovation and commercialization efforts.
These achievements underscore Aduro’s commitment
to scaling innovative technology solutions and positioning itself
as a leader in sustainable chemical processing.
For a more detailed discussion of Aduro's Q1
2025 results, please refer to the Company's condensed interim
consolidated financial statements and interim management discussion
& analysis for the three months ended August 31, 2024, which
are available at www.sedarplus.ca.
Upcoming Annual General
Meeting
The Company’s Annual General Meeting (AGM) is
scheduled for November 22, 2024, at 11:00 a.m. Eastern Time, and
will be accessible via Zoom and teleconference. Shareholders will
vote on important matters, including the election of directors and
auditor appointments. The AGM circular, containing the access link
and agenda, has been sent to shareholders of record as of October
16, 2024. Shareholders are encouraged to vote by proxy in advance
and join the AGM via Zoom or teleconference.
To access the Meeting by Zoom, please join via
the following link:
https://us02web.zoom.us/j/81086061737?pwd=dLbw3MaXY2ruM8ObutqyJ1WE3qa2pg.1
Meeting ID: 810 8606 1737
Passcode: 010600
To dial-in by phone find your local number here:
https://us02web.zoom.us/u/kA2AqZOpw
About Aduro Clean
Technologies
Aduro 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
relies on water as a critical agent in a chemistry platform that
operates at relatively low temperatures and cost, a game-changing
approach that converts low-value feedstocks into resources for the
21st century.
For further information, please
contact:
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
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.
In this news release, the forward-looking statements include, but
are not limited to, the ongoing progress of the design of the
Company’s Next Generation Process, strengthening the Company’s
intellectual property and expansion of the total addressable
market; the plan to continue strengthening the Company’s capital
structure and bolster research and development and scale-up
activities; the anticipated stronger financial position and
continued advancement of the Company’s technology applications and
customer engagement initiatives; the intended use of proceeds from
private placement financings for ongoing R&D and operational
growth; the issuance of stock options intended to align employee
incentives with corporate growth and execution; the engagement of
KCSA Strategic Communications with an intention to expand investor
outreach and strengthen brand presence, including facilitation of
greater awareness and widespread dissemination of the Company’s
news and progress; the anticipated collaboration phase with
TotalEnergies aimed to establish parameters for potential
commercial deployment; the participation by the Company in
conferences aimed to highlight advancements and foster potential
partnerships to support ongoing innovation and commercialization
efforts; the Company’s intention to scale innovative technology
solutions and position itself as a leader in sustainable chemical
processing; and the Company’s plans for the upcoming annual general
meeting. 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, but are not limited to, the
various factors that may impede or prevent the Company’s ongoing
progress for the design of the Next Generation Process, the
strengthening its intellectual property and expansion of the total
addressable market; that the Company may for various reasons fail
to strengthen its capital structure or bolster research and
development and scale-up activities; that the Company’s financial
position may not continue to improve as anticipated for various
reasons; that the advancement of the technology applications and
customer engagement initiatives of the Company may fail to progress
for various reasons; that the proceeds from private placement
financings may be used for other unanticipated purposes; that the
incentive equity awards may not incentivize employees to align with
corporate growth and execution; that the engagement of KCSA may
fail to expand the investor outreach or strengthen brand presence
as anticipated; that the collaboration phase with TotalEnergies may
not proceed as anticipated or may fail to establish any viable
parameters for potential commercial deployment; that the
participation by the Company in conferences may not achieve desired
results or foster partnerships supporting commercialization; that
the Company may be unsuccessful in scaling its technology solutions
and be unable to establish itself as a leader in sustainable
chemical processing due to other competing technologies or
unforeseen circumstances; and that adverse market conditions and
other factors beyond the control of the parties may negatively
affect the company and its business. 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/607f9011-7e66-4784-aa6e-bb2f827db4cf
Grafico Azioni Aduro Clean Technologies (TG:9D50)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Aduro Clean Technologies (TG:9D50)
Storico
Da Mar 2024 a Mar 2025
