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Base Carbon Reports First-Quarter 2025 Operating and Financial Results and Upcoming Investor Update Call
Globenewswireยท 2025-05-15 11:30
Core Viewpoint - Base Carbon Inc. reported its first-quarter 2025 financial results, highlighting a focus on free cash flow generation, project de-risking, and portfolio growth opportunities while reducing shares outstanding by over 4% since year-end 2024 [2][4]. Financial Highlights - Realized cash settled gains on investments in carbon credit projects amounted to $790,000 for Q1 2025, with total operating expenses of $1,800,000, resulting in an operating loss of $1,010,000 [3]. - The company recognized unrealized gains of $1,580,000 on investments in carbon credit projects, compared to a loss of $18,881,000 in the same period last year [3]. - Comprehensive income for the period was $518,000, a significant improvement from a loss of $19,838,000 in Q1 2024 [3]. - Total assets increased to $112,279,000, with total liabilities at $8,924,000 and total shareholders' equity at $103,354,000 [3]. Operational Highlights - The company achieved net cash proceeds of $800,000 from carbon credit sales related to the Vietnam water purifier project, marking the fourth consecutive quarter of revenue from carbon credit sales [4][6]. - Significant progress was made in the biochar initiatives, with a focus on key development opportunities [4]. - The company repurchased over 0.7 million shares during Q1 2025 and an additional 3.75 million shares post-quarter, reducing total shares outstanding to 104.75 million [4]. Project Performance - The Vietnam household devices project generated $789,621 in net cash proceeds and recognized an unrealized gain of $1,388,701 during Q1 2025 [6][7]. - The Rwanda cookstoves project also saw an unrealized gain of $191,700, reflecting positive reassessment of carbon credit issuance timing [8]. - The India Afforestation, Reforestation, and Revegetation (ARR) project is expected to issue its first carbon credits in the second half of 2025, with project registration anticipated soon [10]. Market Position and Strategy - The company is actively pursuing Requests for Proposals (RFPs) for ARR projects, indicating a growing demand for high-quality carbon removal solutions [11]. - Management remains confident in the strength and resilience of its assets and the disciplined execution of its projects [5]. Upcoming Events - An investor update call is scheduled for May 27, 2025, to discuss Q1 financial results and provide a commercial update [12][13].