
Cielo Announces Fiscal Q3 2024 Financial Results And Provides Update On Its Progress To Fuel Renewable Change
As at | ||
(000's of dollars) | January 31, 2024 | April 30, 2023 |
Total assets | 59,627 | 29,366 |
Total liabilities | 13,818 | 14,569 |
Total non-current liabilities | 2,434 | 61 |
Working capital deficiency | (9,694) | (12,487) |
Periods ended January 31 | Three months | Nine months | ||
(000's of dollars, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
Financing costs | 72 | 620 | 709 | 1,838 |
General and administrative | 546 | 1,137 | 2,111 | 3,021 |
Research and development | 167 | 442 | 827 | 1,406 |
Share based compensation | (113) | 143 | 205 | 270 |
Impairment of assets and assets held for sale | - | - | 3,826 | 25,366 |
Net loss per share – basic & diluted | (0.02) | (0.04) | (0.12) | (0.62) |
The Company recorded a net loss of $1.9 million for the three months ended January 31, 2024, primarily comprised of (i) general and administrative costs of $0.6 million; (ii) research & development costs of $0.2 million; (iii) finance costs of $0.08 million; (iv) share based compensation credit of ($0.1 million) due to the expiry of unvested options, and amortization of $1.3 million. Net loss for the nine months ended January 31, 2024 was $9.2 million, $22 million less than the period ended January 31, 2023, primarily due to an overall reduction of operating costs totaling approximately $1.0 million, plus reduced impairment expense of $21 million. During the third quarter ended January 31, 2024, there was an impairment loss upon the sale of the Company's Fort Saskatchewan property of $3.8 million, compared to the impairment recognition related to property, plant and equipment of $25.4 million in the period ended January 31, 2023.
Cielo's operating cash flow totaled $0.02 million for the third quarter 2024, and the Company recorded negative cash flow of $1.1 million in the nine-month period ended January 31, 2024. This level of cash flow aligns with prior periods and is to be expected in a pre-revenue business such as Cielo.
For further information please contact:
Cielo Investor Relations
Ryan Jackson, CEO
Phone : (403) 348-2972
Email : ...
ABOUT CIELO
Cielo Waste Solutions Corp. is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. The process and technology does not use food as feedstock as we are proudly advancing our non-food derived model based on our exclusive licence in Canada for patented Enhanced Biomass to Liquids (EBTLTM) and Biomass Gas to Liquids (BGTLTM) technologies and related intellectual property, along with an exclusive licence in the US for creosote and treated wood waste, including abundant railway tie feedstock. We have assembled a diverse portfolio of projects across geographic regions and secured the ability to leverage the expertise of proven industry leaders. Cielo is committed to the goal of producing renewable fuels from wood by-products that contribute to a cleaner fuel source and generating positive returns for our shareholders. Cielo shares are listed on the TSX Venture Exchange (“TSXV”) under the symbol“CMC,” as well as on the OTC Markets under the symbol“CWSFF.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as“forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as“anticipate”,“achieve”,“could”,“believe”,“plan”,“intend”,“objective”,“continuous”,“ongoing”,“estimate”,“outlook”,“expect”,“may”,“will”,“project”,“should” or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions.
Cielo is making forward looking statements, with respect to, but not limited to: timing, location, feedstocks and milestones for the Carseland Project and the Dunmore Project; the acceleration of the Company's timeline to revenues; the purpose of the facilities the Company's five-year plan to build six facilities using the Licensed Technologies; the use of proceeds from the Company's convertible debenture unit offering; the Company's intention to undertake capital markets engagement activities; utilization of the Company's R&D facility in Aldersyde; and the use and integration of the TCD technology.
Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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