VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Ostrom Climate Solutions Inc. ("Ostrom Climate" or the "Company") (TSX-V:COO)(Frankfurt:9EA), a leading carbon project developer and climate solutions company, today announced its financial results for the first quarter ended March 31, 2024.
First Quarter Financial Highlights:
- Q1 2024 revenue reached $926,719, an increase of 76.3% from $525,617 in Q1 2023, driven by robust sales in Verified Emission Reduction (VER) units.
- Gross profit for the quarter was $143,545, a decrease from $220,759 in Q1 2023, reflecting agreement specific lower-margin VER sales terms.
- The Company reported a quarterly net loss of $1,080,234, widening from a net loss of $490,198 in the same period last year, primarily due to increased operational expenses, a lower gross margin, and further development costs incurred on the Company's Climate-Smart Agriculture Project.
Operational and Strategic Developments:
- During the quarter, Ostrom continued to advance its project pipeline, notably through increased activities in Climate-Smart Agriculture in the Philippines and expanded carbon project development.
- The company's focus on developing high-quality carbon projects is expected to drive future growth, supported by the Company's recent $1.25M equity capital raise to fund these strategic initiatives.
Management Commentary:
"Our Q1 performance reflects both the opportunities and challenges in a dynamic market," stated Phill Cull, CEO of Ostrom Climate. "The significant increase in revenue demonstrates our strong market position and the growing demand for carbon credits. However, the increase in our net loss highlights the investments we're making in project development. As we progress through 2024, we remain committed to enhancing our operational efficiencies and capitalizing on the high demand for high-quality carbon credits and climate solutions."
About Ostrom Climate Solutions Inc.
Ostrom is one of North America's leading providers of carbon project development and management services, climate solutions, and carbon credit marketing. Over the past 12 years, Ostrom has validated and verified forest carbon projects globally for voluntary and regulated markets, having developed 16 million acres of forest land for conservation and monetized over 10 million carbon credits. Based out of Vancouver, B.C., Canada, the Ostrom team has a global reach, has worked with over 200 organizations globally, including Fortune 500 companies, managed projects in partnership with indigenous stakeholders and has extensive on-ground experience in emerging markets.
Ostrom is focused on developing high-quality carbon projects that have a positive impact on the environment, local communities and biodiversity. Ostrom is publicly listed on the TSX Venture Exchange (COO) and the Frankfurt Stock Exchange (9EA).
Please visit us at www.ostromclimate.com.
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For more information regarding the Company, please contact:
Tej Virk
Ostrom Climate Solutions Inc.
322 Water St #400, Vancouver, BC V6B 1B6, Canada
Email: tej.virk@ostromclimate.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Ostrom Climate Solutions Inc
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