Charbone Hydrogen Corporation Reports Strong Financial Performance and Operational Progress in Q3
Key Ideas
- Charbone Hydrogen Corporation saw a 23% year-over-year increase in revenue for the third quarter of 2024, reaching $261,000.
- Spending decreased by 11% in the same period, totaling approximately $1.7 million compared to $1.9 million in 2023.
- The company secured about $1.5 million through private placements and $100,000 through convertible debentures, strengthening its financial position.
- Operational progress includes upgrades to the Sorel-Tracy facility, with production set to start in early 2025 after successful testing and permit acquisition.
Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) has announced its financial and operational results for the third quarter, showing impressive growth and advancements in green hydrogen production. Revenue for the first nine months of 2024 reached $261,000, marking a 23% increase from the previous year. The company also managed to reduce spending by 11% to around $1.7 million. Through various financing activities, Charbone raised $1.5 million via private placements and secured an additional $100,000 through convertible debentures. Moreover, renegotiation of terms on $1.2 million in secured convertible debentures improved the company's financial standing. Operationally, Charbone upgraded its Sorel-Tracy facility, increasing electrolyzer capacity to 1.75 MW and acquiring hydrogen storage equipment. The project is progressing well, with production expected to commence in early 2025 following successful testing and permit acquisitions. Charbone's CFO, Benoit Veilleux, expressed satisfaction with the efforts to strengthen the company's balance sheet and highlighted positive developments in talks with strategic partners to support Charbone's growth potential.