Charbone (CH) Q3 2025 earnings summary

Executive summary

• Completed construction and installation of Sorel-Tracy facility Phase 1A, with commissioning underway and hydrogen production imminent.

• Advanced Malaysian green hydrogen project, generating initial revenues from the Master Collaborative Agreement.

• Initiated first helium deliveries and signed an offtake agreement with a US Tier One industrial gases producer, expanding revenue streams.

Financial highlights

• Net operating loss for Q3 2025 decreased by 17% to $577,159 compared to $697,894 in Q2 2025.

• Q3 2025 net loss was $719,240, up from $609,263 in Q3 2024; nine-month net loss was $2,351,568 versus $1,886,603 year-over-year.

• Revenues recognized from hydroelectricity and project development activities totaled $79,085 for Q3 2025 and $261,228 for the nine-month period.

• General and administrative expenses for the nine months rose to $2,262,887 from $1,741,149 year-over-year.

Outlook and guidance

• Management is focused on structuring deals to finance further project investments and expansion, aiming to unlock strong growth potential.

• Execution mode initiated to scale up clean hydrogen and industrial gas distribution networks.