Base Carbon Reveals Impressive Q3 2024 Results and Milestones

Base Carbon's Impressive Third-Quarter Operating Results

Base Carbon Inc. (Cboe CA: BCBN) (OTCQX: BCBNF) recently announced outstanding consolidated financial results and operational highlights for the third quarter of 2024. With operations managed through its subsidiary, Base Carbon Capital Partners Corp. (BCCPC), the company is reaffirming its place as a leader in the carbon market. All financial data is reported in U.S. dollars unless otherwise specified.

Michael Costa, the Chief Executive Officer of Base Carbon, expressed enthusiasm about the company’s ongoing progress. He highlighted that the company successfully generated over $11 million from carbon credit sales during the third quarter alone, with significant milestones achieved across multiple projects. Notably, they completed the planting of 6.5 million trees for the India Afforestation, Reforestation, and Revegetation (ARR) project and secured over 1 million new carbon credits from their Rwanda initiative.

Key Operational Highlights

Base Carbon has recently reached impressive operational milestones:

Carbon Credit Sales and Revenue

The company reported receiving approximately $11.2 million from carbon credits originating from their Vietnam and Rwanda projects, demonstrating the robust performance of carbon credit transactions.

Achievements in the Vietnam Project

To date, Base Carbon has generated total payments of around $30 million from the Vietnam project, surpassing its initial investment of $20.8 million, yielding approximately $9.2 million, translating to a significant 43.9% return within an impressive time frame of 27 months.

Rwanda Project Inventory Expansion

Recent data shows that Base Carbon received 1,014,635 Article 6 Authorized labeled carbon credits from Rwanda after the quarter ended. With these new credits added, the total now stands at 1,712,193 credits, marking a substantial increase in their carbon credit inventory.

Financial Overview

As of September 30, 2024, Base Carbon reported total assets amounting to $126.9 million, comprised of $13.6 million in cash, $9.2 million in carbon credit inventory, and $101.4 million invested in carbon credit projects. This strong financial backing reinforces the company’s ability to pursue further growth in the carbon sector.

Q3 2024 Financial Performance

In reviewing the financial performance for the third quarter, the following highlights stand out:

• Gain on investments in carbon credit projects reached $2,161, showcasing positive returns on their strategic investments.
• Operating income for the quarter was recorded at $299, which is a significant improvement compared to the previous year’s loss of $(1,679).
• The company reported a net income of $61, compared to a loss of $(1,745) the year prior, indicating a positive trend in profitability.

Project Updates: Vietnam and Rwanda

Vietnam Household Devices Project Success

Base Carbon's efforts in Vietnam are producing remarkable results. The company received a payment of approximately $11 million in the last quarter, bringing the total to about $30 million from carbon credits. This achievement has fully recouped their invested capital of $20.8 million and generated substantial initial returns.

Rwanda Cookstoves Initiative

The Rwanda project has similarly progressed well. In August 2024, the company completed an initial market sale of 20,000 carbon credits as part of an experimental trade, which was executed to test commercial capabilities. As of the end of September, their Rwanda project maintained a carbon credit inventory valued at over $9 million.

India Afforestation Project Progress

Base Carbon, through BCCPC, has been actively working on funding a reforestation initiative in Uttar Pradesh, India. Following the recent completion of planting all 6.5 million trees, the project is set to generate an expected 1.6 million carbon credits over its 20-year lifespan, with credit production anticipated to begin in 2025. As of now, the company has funded 43% of the committed capital.

About Base Carbon

Base Carbon specializes in financing global voluntary carbon market projects. The organization aims to be the leading partner in carbon reduction efforts, utilizing resources and technologies within the environmental sector to enhance efficiency and credibility.

Contact Information for Further Inquiries

For media and investor inquiries related to Base Carbon, please contact:

Base Carbon Inc.
Investor Relations
Tel: +1 647 952 3979
E-mail: investorrelations@basecarbon.com
Media Inquiries:E-mail: media@basecarbon.com

Frequently Asked Questions

What is Base Carbon known for?

Base Carbon is recognized for its leadership in the global voluntary carbon market, focusing on financing carbon reduction projects and management resources.

How much revenue did Base Carbon generate from carbon credits?

In Q3 2024, Base Carbon generated over $11 million from carbon credit sales, reflecting the success of its projects.

What recent projects have contributed to Base Carbon's success?

The company’s projects in Vietnam, Rwanda, and India have significantly contributed to its progress, establishing a strong portfolio in carbon credits.

How are Base Carbon’s financial results trending?

The financial results for Q3 2024 indicate a positive trend, with improvements in both operating income and net income compared to the previous year.

Where can I find more information about Base Carbon?

For more detailed information, visit Base Carbon's official website at www.basecarbon.com.

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