Base Carbon (BCBNF) has reported its year-end 2024 financial results, highlighting strong operational performance with $16.4 million in operating cash flow and $18.2 million in Adjusted Comprehensive Income. The company’s cash position increased to $14.8 million, representing about 50% of the current share price.
Key operational highlights include:
- Rwanda Cookstoves Project achieved first carbon credit production with 1.7 million Article 6 Authorized credits valued at $25 million
- Vietnam Household Devices Project monetized 5.7 million carbon credits for $28.0 million
- India Afforestation Project completed planting 6.5 million trees with first carbon credit issuance expected in 2025
The company actively managed its capital allocation through share repurchases, buying back 8.7 million shares through its Normal Course Issuer Bid program. Despite reporting a net loss of $28.9 million, primarily due to $45.0 million in unrealized losses on carbon credit project investments, the company maintained strong fundamentals with total assets of $112.1 million and shareholders’ equity of $103.0 million.
Base Carbon (BCBNF) ha riportato i risultati finanziari di fine anno 2024, evidenziando una forte performance operativa con un flusso di cassa operativo di 16,4 milioni di dollari e un reddito complessivo rettificato di 18,2 milioni di dollari. La posizione di cassa dell’azienda è aumentata a 14,8 milioni di dollari, rappresentando circa il 50% del prezzo attuale delle azioni.
I principali punti salienti operativi includono:
- Il Progetto dei Forni a Legna in Rwanda ha raggiunto la prima produzione di crediti di carbonio con 1,7 milioni di crediti autorizzati ai sensi dell’Articolo 6, valutati 25 milioni di dollari
- Il Progetto dei Dispositivi Domestici in Vietnam ha monetizzato 5,7 milioni di crediti di carbonio per 28,0 milioni di dollari
- Il Progetto di Riforestazione in India ha completato la piantagione di 6,5 milioni di alberi, con la prima emissione di crediti di carbonio prevista per il 2025
L’azienda ha gestito attivamente la propria allocazione di capitale attraverso riacquisti di azioni, riacquistando 8,7 milioni di azioni tramite il programma Normal Course Issuer Bid. Nonostante abbia registrato una perdita netta di 28,9 milioni di dollari, principalmente a causa di 45,0 milioni di dollari in perdite non realizzate sugli investimenti nei progetti di crediti di carbonio, l’azienda ha mantenuto solidi fondamentali con attivi totali di 112,1 milioni di dollari e un patrimonio netto di 103,0 milioni di dollari.
Base Carbon (BCBNF) ha reportado sus resultados financieros de fin de año 2024, destacando un fuerte desempeño operativo con un flujo de caja operativo de 16,4 millones de dólares y un ingreso integral ajustado de 18,2 millones de dólares. La posición de efectivo de la compañía aumentó a 14,8 millones de dólares, representando aproximadamente el 50% del precio actual de las acciones.
Los aspectos operativos clave incluyen:
- El Proyecto de Estufas de Cocina en Ruanda logró la primera producción de créditos de carbono con 1,7 millones de créditos autorizados bajo el Artículo 6, valorados en 25 millones de dólares
- El Proyecto de Dispositivos para Hogares en Vietnam monetizó 5,7 millones de créditos de carbono por 28,0 millones de dólares
- El Proyecto de Reforestación en India completó la plantación de 6,5 millones de árboles, con la primera emisión de créditos de carbono esperada para 2025
La empresa gestionó activamente su asignación de capital a través de recompras de acciones, comprando 8,7 millones de acciones a través de su programa Normal Course Issuer Bid. A pesar de reportar una pérdida neta de 28,9 millones de dólares, principalmente debido a 45,0 millones de dólares en pérdidas no realizadas en inversiones en proyectos de créditos de carbono, la empresa mantuvo sólidos fundamentos con activos totales de 112,1 millones de dólares y un patrimonio neto de 103,0 millones de dólares.
Base Carbon (BCBNF)는 2024년 연말 재무 결과를 보고하며, 운영 현금 흐름이 1,640만 달러, 조정 포괄 손익이 1,820만 달러에 달하는 강력한 운영 성과를 강조했습니다. 회사의 현금 위치는 1,480만 달러로 증가했으며, 이는 현재 주가의 약 50%에 해당합니다.
주요 운영 하이라이트는 다음과 같습니다:
- 르완다 조리기구 프로젝트가 1.7백만 개의 제6조 승인 탄소 크레딧을 생산하여 2,500만 달러의 가치를 달성했습니다
- 베트남 가정용 기기 프로젝트가 570만 개의 탄소 크레딧을 2,800만 달러에 현금화했습니다
- 인도 재조림 프로젝트가 650만 그루의 나무를 심었으며, 첫 번째 탄소 크레딧 발급은 2025년에 예상됩니다
회사는 정상적인 발행자 매입 프로그램을 통해 870만 주의 자사주 매입을 통해 자본 배분을 적극적으로 관리했습니다. 2,890만 달러의 순손실을 보고했지만, 이는 주로 탄소 크레딧 프로젝트 투자에서 발생한 4,500만 달러의 미실현 손실 때문이며, 회사는 총 자산 1억 1,210만 달러와 주주 자본 1억 3백만 달러로 강력한 기초를 유지했습니다.
Base Carbon (BCBNF) a publié ses résultats financiers de fin d’année 2024, mettant en avant une forte performance opérationnelle avec un flux de trésorerie d’exploitation de 16,4 millions de dollars et un revenu global ajusté de 18,2 millions de dollars. La position de liquidités de l’entreprise a augmenté à 14,8 millions de dollars, représentant environ 50 % du prix actuel de l’action.
Les principaux points saillants opérationnels comprennent :
- Le projet de cuisinières au Rwanda a atteint la première production de crédits carbone avec 1,7 million de crédits autorisés au titre de l’article 6, d’une valeur de 25 millions de dollars
- Le projet d’appareils ménagers au Vietnam a monétisé 5,7 millions de crédits carbone pour 28,0 millions de dollars
- Le projet de reforestation en Inde a complété la plantation de 6,5 millions d’arbres, avec la première émission de crédits carbone prévue pour 2025
L’entreprise a géré activement son allocation de capital grâce à des rachats d’actions, rachetant 8,7 millions d’actions par le biais de son programme Normal Course Issuer Bid. Bien qu’elle ait enregistré une perte nette de 28,9 millions de dollars, principalement en raison de 45,0 millions de dollars de pertes non réalisées sur des investissements dans des projets de crédits carbone, l’entreprise a maintenu des fondamentaux solides avec des actifs totaux de 112,1 millions de dollars et des capitaux propres de 103,0 millions de dollars.
Base Carbon (BCBNF) hat seine finanziellen Ergebnisse zum Jahresende 2024 veröffentlicht und hebt die starke operative Leistung mit einem operativen Cashflow von 16,4 Millionen Dollar und einem bereinigten Gesamteinkommen von 18,2 Millionen Dollar hervor. Die Liquiditätsposition des Unternehmens stieg auf 14,8 Millionen Dollar, was etwa 50 % des aktuellen Aktienkurses entspricht.
Wichtige betriebliche Höhepunkte umfassen:
- Das Rwanda Cookstoves-Projekt erzielte die erste Produktion von Kohlenstoffgutschriften mit 1,7 Millionen gemäß Artikel 6 genehmigten Gutschriften im Wert von 25 Millionen Dollar
- Das Vietnam Household Devices-Projekt monetisierte 5,7 Millionen Kohlenstoffgutschriften für 28,0 Millionen Dollar
- Das Indien Aufforstungsprojekt hat 6,5 Millionen Bäume gepflanzt, wobei die erste Ausgabe von Kohlenstoffgutschriften für 2025 erwartet wird
Das Unternehmen verwaltete aktiv seine Kapitalallokation durch Aktienrückkäufe und kaufte 8,7 Millionen Aktien im Rahmen seines Normal Course Issuer Bid-Programms zurück. Trotz eines ausgewiesenen Nettoverlusts von 28,9 Millionen Dollar, hauptsächlich aufgrund von 45,0 Millionen Dollar an nicht realisierten Verlusten aus Investitionen in Kohlenstoffgutschriftenprojekten, hielt das Unternehmen starke Fundamentaldaten mit Gesamtvermögen von 112,1 Millionen Dollar und Eigenkapital von 103,0 Millionen Dollar aufrecht.
Positive
- Strong cash flow generation with $16.4M from operating activities
- Significant cash position increase to $14.8M (up from $1.4M in 2023)
- Vietnam project generated $28.0M from carbon credit sales
- Rwanda project produced 1.7M carbon credits valued at $25M
- Successful completion of India project tree planting ahead of schedule
Negative
- Net loss of $28.9M for 2024
- $45.0M in unrealized losses on carbon credit project investments
- Gross loss of $79,000 on carbon credit sales
- Operating expenses increased to $7.7M from $6.9M in 2023
TORONTO, April 01, 2025 (GLOBE NEWSWIRE) — Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (“BCCPC”, together, with affiliates, “Base Carbon”, or the “Company”), is pleased to announce its year-end 2024 consolidated financial results and operational highlights. All financial references are denominated in U.S. dollars, unless otherwise noted.
Annual Corporate and Financial Highlights as of December 31, 2024:
- Strong Free Cash Flow Generation: Delivered Net Cash Provided by (used in) Operating Activities of
$16.4 million and Adjusted Comprehensive Income1 of$18.2 million , while achieving continued attractive risk-adjusted returns on capital deployed. - Increased Cash Position: Year-over-year cash balance increased to
$14.8 million (up from$1.4 million as at year-end 2023), equivalent to$0.14 (C$0.20 2) per basic share, representing approximately50% of the current share price3 of C$0.40 in cash alone. - Rwanda Cookstoves Project – Milestone Achieved: First carbon credit production achieved during 2024 with issuances contributing over 1.7 million Article 6 Authorized carbon credits to inventory, valued at approximately
$25 million , or over$0.23 (C$0.33 1) per basic share. - Vietnam Household Devices Project – Ongoing Monetization of Carbon Credits: Monetized approximately 5.7 million carbon credits for proceeds of
$28.0 million in 2024. Subsequent to year end, approximately 270,000 additional carbon credits were delivered and sold to project off-taker Citigroup and a further issuance and monetization is expected in Q2 2025. - India Afforestation, Reforestation, and Revegetation (“ARR”) Project – Planting Complete: Successfully completed full planting of approximately 6.5 million trees within 14 months of project execution in August 2023 and remains on track for first carbon credit issuance during 2025.
- Disciplined Capital Allocation: The Company repurchased approximately 8.7 million common shares through the Normal Course Issuer Bid (“NCIB”) during 2024. With a focus on the Company’s equity cost of capital, driving per share value accretion and increasing the optionality of the enterprise, the Company is actively exploring complementary market mechanisms to drive further risk-adjusted shareholder accretion.
- Strategic Growth Advancement: Continued advancement of the Company’s contractual project expansion rights in both Vietnam and India. Continue to develop deep internal, thesis-driven, expertise that will underpin growth capital opportunities in North American carbon project development and environmental industrials.
“In 2024, Base Carbon continued to deliver on its business plan by generating strong free cash flow, enhancing the value of its carbon credit inventory and further expanding the embedded optionality across our portfolio. Our key efforts over the year were to (i) actively manage and begin monetization of our portfolio of assets, and (ii) lay the groundwork that will underpin our next phase of growth and capital deployment. Within our current portfolio, 2024 was a year of transition from asset underwriting and capital deployment to operational management and monetization,” said Michael Costa, CEO of Base Carbon.
“As we progress and execute on our growth strategy, we remain keenly focused on our equity cost of capital. Throughout the year, our growth capital was primarily allocated towards share repurchases under our NCIB where we strongly believe in the long-term accretive value of these purchases on both a fundamental basis as well as on an optionality basis. With broader softness in carbon and environmental industrials capital markets, the Company through its track record, expertise and meaningful cash position is uniquely positioned to capitalize on this market dynamic. This cyclical weakness in environmental markets presents a unique opportunity for the Company to begin deploying capital into high expected return situations, in a manner consistent with our thorough underwriting, with attractive risk reward characteristics that we believe to be accretive to the long-term value of the Company,” Costa added.
Outlook
Despite cyclical headwinds within carbon markets, including near-term commercial and perception-based challenges, Base Carbon remains confident in the sector’s long-term fundamentals, particularly in the end-markets where we maintain active, risk-aligned exposure. We continue to see strong validation of our disciplined approach through proven free cash flow generation, the strength of our asset base, and commercial optionality embedded in our portfolio.
Base Carbon retains an option to expand or extend our investment in the Vietnam household devices and India ARR projects, which could meaningfully scale production and returns. We continuously evaluate and re-underwrite these options based on our equity cost of capital, market conditions and expected risk-adjusted returns. Management views these options as compelling growth levers given the operational success of both projects to date.
Base Carbon continues to progress a diversified but highly-focused portfolio set through novel capital allocations via three key channels: organic expansions, thesis-driven growth, and inbound opportunities. While no new capital deployments were announced in 2024, this is a reflection of our intentional focus on portfolio quality, timing, and market discipline rather than strategic inertia or lack of opportunity. We believe our improved capitalization and track record provide a strong foundation to pursue attractive growth opportunities in 2025 and beyond.
Looking ahead, Base Carbon is focused on nature-based and technology-based removals, aligned with growing demand for high-integrity and compliance-aligned credits. We are also actively evaluating mature biochar opportunities across North America and see this as a key growth driver of our long-term capital allocation strategy.
Furthermore, as Base Carbon’s shares continue to trade below the value of its cash plus its carbon credit inventory4, as well as at a significant discount to both, book value and equity research estimates, we remain committed to enhancing shareholder value through opportunistic buybacks under our NCIBprogram. In addition, the Company is exploring complementary capital market-based strategies which align with our disciplined approach to capital allocation and long-term value creation.
Rwanda Cookstoves Project Update
In 2024, the Rwanda cookstoves project issued and delivered over 1.7 million Article 6 Authorized carbon credits to BCCPC. These credits, valued at approximately
In Q4 2024, Verra released an updated methodology (VM0050) for cookstove projects, enhancing the accuracy of emission reduction calculations and aligning with the latest scientific standards. Shortly thereafter, it was confirmed that Verra-issued credits under the new VM0050 methodology may be eligible for the first phase of the Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”) compliance program.
The Company and DelAgua Group, the project developer, are working collaboratively to maximize the value of the carbon credits, and believe that participation in CORSIA could drive significant pricing upside and position the project as a leader in high-integrity, compliance-aligned carbon reduction endeavors.
Base Carbon and DelAgua initiated the process to transition the Rwanda cookstoves project and its future issuances to the updated methodology, and based on the latest update from DelAgua, CORSIA eligibility is expected to be confirmed in Q3 of 2025.
With respect to the current inventory of 1.7 million Article 6 Authorized carbon credits, Base Carbon retains the right, but not the obligation, to re-quantify these credits under the VM0050 methodology. While the existing credits remain valuable as non-double counted Article 6 Authorized carbon credits, re-quantification could lead to eligibility for CORSIA, further enhancing their value.
The Rwanda cookstoves project is fully funded and requires no further capital from the Company.
Vietnam Household Devices Project Update
During the year ended December 31, 2024, Base Carbon, through BCCPC, received total net cash payments of approximately
As of August 2024, the Company had fully funded its contractually committed capital to the project.
India Afforestation, Reforestation, and Revegetation (ARR) Project Update
During the year ended December 31, 2024, all 6.5 million project trees were planted, within 14 months of deal execution in August 2023. The first issuance of carbon credits from the project is expected in the second half of 2025, contingent on the completion of key development milestones, including the finalization of the project design document and successful project registration and verification. Over its anticipated 20-year life, the India ARR project is expected to generate approximately 1.6 million nature-based removal carbon credits.
To date, Base Carbon, through BCCPC, has deployed approximately
Following expected credit issuance, this will mark Base Carbon’s third project brought online within a two-year span, an accomplishment delivered amid challenging market conditions. Importantly, the project will mark the Company’s entry into the nature-based carbon removals segment, which has seen increasing market demand and liquidity.
As of the date of this release, multiple Requests for Proposals (RFPs) are active for Afforestation, Reforestation, and Revegetation (ARR) projects, including from prominent buyers such as the Symbiosis Coalition and Watershed. The Company believes this momentum underscores the growing demand for high-quality carbon removal solutions and affirms its strategic focus in the space.
2024 Year-end Financial Results
As at December 31, 2024, the Company had total assets of
In 2024, the Company recorded a net loss of
Primary operating expenses in 2024 were attributable to consulting fees (
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Realized Cash Settled gains on investments in carbon credit projects | 28,027 | 6,418 | ||
Gross loss on carbon credit sales | (79) | – | ||
Total operating expenses | 7,706 | 6,860 | ||
Operating income (loss) | 20,243 | (442) | ||
Unrealized (losses) gains on investments in carbon credit projects | (45,014) | 104,684 | ||
(Loss) gain on investments at fair value | (2,041) | – | ||
Impairment loss | – | – | ||
Other expenses (income) | 113 | 24 | ||
Income tax expense | (2,206) | (5,993) | ||
Comprehensive (loss) income for the Period | (28,905) | 98,274 | ||
Adjusted comprehensive income (loss) for the Period(1) | 18,150 | (6,202) | ||
On a per-share basis(1) | (0.25) | 0.82 | ||
On a diluted per-share basis(1) | (0.25) | 0.81 | ||
Adjusted on a per-share basis(1) | 0.16 | (0.05) | ||
Adjusted on a diluted per-share basis(1) | 0.16 | (0.05) | ||
Total assets | 112,068 | 141,243 | ||
Total liabilities | 9,059 | 6,555 | ||
Total shareholders’ equity | 103,008 | 134,689 | ||
(1) “Adjusted Comprehensive Income (loss) for the Period”, including per-share amounts, is a non-IFRS metric. For more information regarding this measurement, refer to “Non-IFRS Accounting Standards Measures” section below, and for additional information on why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, please refer to the Company’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024. | ||||
Pursuant to Base Carbon’s NCIB program, which was renewed on June 21, 2024, a total of 8,695,696 shares were purchased and cancelled during the year-ended December 31, 2024.
About Base Carbon
Base Carbon is a financier of projects involved primarily in the global voluntary carbon markets. We endeavor to be the preferred carbon project partner in providing capital and management resources to carbon removal and abatement projects globally and, where appropriate, will utilize technologies within the evolving environmental industries to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.
Non-IFRS Accounting Standards Measures
This press release contains non-IFRS financial measures. The Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, the presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein has an actual effect on the Company’s operating results.
Adjusted Comprehensive income (loss) for the period, including per share amounts, is calculated as comprehensive (loss) income for the period and adjusted for (i) the unrealized (losses) gains on investments in carbon credit projects, (ii) share of loss on investment in associate and (iii) loss on investments at fair value. Adjusted comprehensive income (loss) for the period is used by the company to monitor its results from operations for the period.
For a full reconciliation of the non-IFRS financial measures referenced in this press release to their closest IFRS equivalents, please refer to the Company’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.
Media and Investor Inquiries
Base Carbon Inc.
-Investor Relations
Tel: +1 647 952 3979
E-mail: investorrelations@basecarbon.com
Media Inquiries
E-mail: media@basecarbon.com
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the focus of Base Carbon’s business, the expected issuance, and timing, of carbon credits, the application of Article 6 of the Paris Agreement and the “Article 6 Authorized Label” and market reaction thereto, the receipt of proceeds from the disposition of carbon credits, the implementation of the CORSIA framework and timing of eligibility and participation of carbon credits thereunder, the market demand and price of CORSIA eligible carbon credits, and the timing of project validation and first carbon credit issuance of the India project. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. These statements should not be read as guarantees of future performance, results, or achievements.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, readers should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information.
In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain factors that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) the Company has retained industry leading experts/consultants/advisors to assist with the evaluation, planning, negotiation and execution of such projects, (ii) the work product, including monitoring reports, of each project’s validation and verification body, (iii) project carbon credit market prices, (iv) the verification of ongoing project monitoring reports and issuance of carbon credits by Verra, (v) changes to laws, regulation or policies in applicable jurisdictions, and (vi) the Company has sufficient funds on hand to make any required carbon credit purchase price payments.
In respect of the Rwanda cookstoves project and the Vietnam household devices project, certain assumptions that influence the commercial success of such projects, including the timing and number of expected carbon credits, include among other things: (i) distributed cookstoves and water purifiers perform to specification when used and participating households use the devices as contemplated by project estimates, (ii) the Company’s in-country project partners, being the DelAgua in the case of the Rwanda cookstoves project and SIPCO and the project offtaker in the case of the Vietnam household devices project, perform their obligations in connection with the development and operation of the projects, and (iii) there is no further changes in the project methodologies used by the applicable carbon credit registry or otherwise adopted by project proponents which results in less carbon credits being issuable, (iv) positive market recognition of the attributes linked to the Company’s carbon credits and acceptance of such carbon credits by emissions trading schemes, such as CORSIA (v) continued participant involvement and public support, including that of applicable governmental authorities, of the voluntary carbon market.
In respect of the India afforestation, reforestation, and revegetation project, certain factors that influence the commercial success of the project include, among other things: (i) the Company’s expertise with respect to the evaluation, planning and negotiation of the project, (ii) the conduct of the project counterparties, including cooperation with local small-land owners, (iii) project costs and carbon credit market prices, (iv) ongoing project monitoring and issuance of carbon credits by Verra, (v) changes to laws and regulation in the Republic of India, and (vi) extreme weather event and natural disasters.
In respect of the India afforestation, reforestation, and revegetation project, certain assumptions that influence the commercial success of the project include, among other things: (i) the development the project remains in line with anticipated timelines and costs, (ii) project counterparties, including project partner Value Network Ventures Services Pte Ltd., its subcontractors and local small-land owners, perform their contractual and/or standard operating procedures, (iii) the survival of trees, (iv) the successful project registration and validation by Verra, (v) the waiver of any carbon credit ownership rights by local project participants (vi) the growth rates of trees are consistent with the expectations under the project which is then reflected by monitor reports accepted by Verra, (vii) the Company has sufficient funds to satisfy its capital commitments, (viii) over the life of the project, there is no change to the project methodology which results in less carbon credits being issuable from the operation of such project, and (ix) continued participant involvement and public support of the voluntary carbon market.
The forward-looking statements made herein are subject to a variety of risk factors and uncertainties, many of which are beyond the Company’s control, which could cause actual events or results to differ materially and adversely from those reflected in the forward-looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the management’s discussion and analysis for the Company’s year ended December 31, 2024 and the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedarplus.ca) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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1 “Adjusted Comprehensive Income (loss) for the Period” is a non-IFRS metric and for information on why it is used and a reconciliation to the most directly comparable measure under IFRS see the “Non-IFRS Accounting Standards Measures” section below and the Company’s MD&A for the year ended December 31, 2024.
2 At an exchange rate of C
3 As of close of business, March 31st, 2025.
4 Cash and cash equivalents as at December 31, 2024: ~US
FAQ
What were Base Carbon’s (BCBNF) key financial metrics for 2024?
Base Carbon generated $16.4M in operating cash flow, $18.2M in Adjusted Comprehensive Income, and increased cash position to $14.8M. Total assets were $112.1M with $103.0M in shareholders’ equity.
How many carbon credits did BCBNF’s Vietnam project monetize in 2024?
The Vietnam Household Devices Project monetized approximately 5.7 million carbon credits for proceeds of $28.0 million in 2024.
What is the status of BCBNF’s India Afforestation Project as of 2024?
The project completed planting 6.5 million trees within 14 months and is on track for first carbon credit issuance in 2025.
How many shares did BCBNF repurchase through its NCIB program in 2024?
Base Carbon repurchased and cancelled 8,695,696 shares through its Normal Course Issuer Bid program during 2024.
What was the value of BCBNF’s Rwanda project carbon credits in 2024?
The Rwanda Cookstoves Project issued 1.7 million Article 6 Authorized carbon credits valued at approximately $25 million.