First Carbon Credits Received from Stream and Royalty Portfolio
Company Publishes 2022 Sustainability Report updated for the Six Months Ended December 31, 2022
Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three month period ended March 31, 2023. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Tuesday, May 16, 2023.
Carbon Streaming Founder and CEO Justin Cochrane stated: “We had a solid start to 2023, receiving first carbon credits from our portfolio of streams and royalties. To date, five of the projects in our portfolio have had credits issued and we remain on track to receive carbon credits or royalties from 10 or more projects this year. Sales of these credits have commenced and are anticipated to continue over the next approximately 12 months, with cash flow expected to follow.”
Mr. Cochrane added: “In 2022, we transformed our portfolio by adding carbon credit streams and royalties covering 18 additional projects while investing in internal systems and capabilities. Building this foundation positions us today as a differentiated partner of choice for project developers, and corporate buyers and end-users of carbon credits. We remain conscientious about protecting our robust, debt-free balance sheet, while selectively continuing to grow and diversify our portfolio.”
Company Highlights
Three months ended March 31, 2023
Ended the quarter with $65.8 million in cash and no corporate debt. Received first delivery of carbon credits from three projects from two of the Company’s carbon credit streaming agreements. Additionally, a second project for which the Company holds a carbon credit royalty agreement was issued carbon credits. Revenue from sale of purchased carbon credits of $21.2 thousand for the three months ended March 31, 2023 (three months ended March 31, 2022 – revenue of $nil). Sold a total of 8,696 carbon credits, including 2,496 purchased carbon credits and 6,200 carbon credits that were delivered under the Company’s carbon credit