Northstar Reports Second Quarter 2024 Financial Results
Q2 2024 Highlights
- Received approval and
$1.34 million in funding from the Government ofAlberta's TIER Fund through Emissions Reduction Alberta ("ERA") for the first grant funding milestone - Accelerated the Phase 2A investment from
TAMKO Building Products ("TAMKO") and closed aUS$1.8 million private placement of convertible debentures - Announced a three-year asphalt shingle supply agreement with
Ecco Recycling & Energy Corporation ("Ecco Recycling ") - Closed a strategic investment of
$2.25 million from twoCalgary -based strategic investors, including the Chiu Family ofTrico Homes andTrico Communities , and appointed Mr.Patrick Chiu to the Board of Directors
Mr.
"Our strategic partnership with
Q2 2024 Highlights
-
April 2024 – Received approval from ERA for the first grant funding milestone following completion of detailed engineering design. -
April 2024 –Northstar and TAMKO selected TAMKO'sFrederick, Maryland plant as the firstU.S. supply location. -
April 2024 – Received$1.34 million from ERA following approval of the first grant funding milestone following completion of detailed engineering design. -
April 2024 – Announced a three-year asphalt shingle supply agreement withEcco Recycling for the Empower Calgary Facility with plans to complete a landfill supply study forEcco Recycling's C&D landfill inCalgary , which has an estimated 500,000 tonnes of potential shingle supply. -
April 2024 – Received the first delivery of asphalt shingles fromEcco Recycling at the Empower Calgary Facility. -
April 2024 – Received the first long-lead equipment item, an advanced shingle grinding machine from Rotochopper, at the Empower Calgary Facility. -
May 2024 – Issued a follow-on patent by the United States Patent and Trademark Office ("USPTO") for the Company's proprietary technology for reprocessing asphalt shingles. This was the second patent issued toNorthstar by the USPTO. -
May 2024 – Accelerated TAMKO's Phase 2A investment and closed aUS$1.8 million private placement of convertible debentures. -
June 2024 – Closed a strategic investment of$2.25 million from twoCalgary -based strategic investors and appointed Mr.Patrick Chiu to the Board of Directors.
Subsequent to Q2 2024
-
July 2024 – Received a patent for the Company's front-end technology for reprocessing asphalt shingles from the Canadian Intellectual Property Office (the "CIPO"). -
August 2024 – Announced a$14.0 million royalty transaction with CVW CleanTech Inc.
Q2 2024 Financial Summary
(in C$ '000s) |
Q2'23 |
Q3'23 |
Q4'23 |
Q1'24 |
Q2'24 |
Cash Balance |
655 |
8,545 |
7,648 |
5,987 |
5,623 |
Empower Calgary Facility |
439 |
581 |
2,623 |
4,371 |
9,348 |
Revenue |
55 |
64 |
67 |
71 |
240 |
Expenses |
|
|
|
|
|
R&D Expense |
244 |
174 |
31 |
- |
- |
G&A Expense |
1,510 |
1,493 |
2,018 |
1,884 |
1,896 |
About Northstar
For further information about
On Behalf of the Board of Directors,
President & CEO, Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/northstar-reports-second-quarter-2024-financial-results-302233622.html
SOURCE