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Charbone Hydrogen Announces Q1 2024 Financial Results
(TheNewswire) Brossard, Quebec, MAY 30, 2024 - TheNewswire - CHARBONE HYDRO...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces Q1 2024 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Quebec, MAY 30, 2024 -\n \n \n TheNewswire -\n \n \n \n \n \n \n CHARBONE HYDROGEN\nCORPORATION\n \n \n \n \n (TSXV: CH; OTCQB: CHHYF;\nFSE: K47) (the “Company” or “CHARBONE”), North America’s\nonly publicly traded pure-play green hydrogen company,\n \n \n is pleased to announce\n \n \n the financial\nand operating results for the three-month period ending March 31,\n2024.\n \n \n \n \n Forward progress continues to be reflected in both 2024\nquarter-end financials and in project advancements, as CHARBONE’s\npriority plans to deliver\n \n \n green hydrogen\nproduction facilities in both the US and Canada during the second half\nof 2024 remain on track.\n \n \n \n \n Q1 2024 HIGHLIGHTS:\n \n \n \n \n \n \n Spending decreased 35% to $506,765 in Q1 2024 compared\nto $781,614 in Q1 2023 (activities refocus and tightening of general\nand administrative expenses).\n \n \n \n \n \n \n Revenue increased 65% to $81,637 in Q1 2024 compared to\n$49,475 in Q1 2023 (generated from the Wolf River acquisition on\nDecember 1, 2022).\n \n \n \n \n \n \n The Company has closed a private financing for gross\nproceeds amounting to $849,622 and Units for debt settlement of\n$50,000;\n \n \n \n \n \n \n The Company also received an additional $100,000 in\n2024 from Finexcorp secured convertible debentures at a deemed price\nof $0.10; and\n \n \n \n \n \n \n The Company made acquisitions of storage hydrogen\nequipment.\n \n \n \n \n \n \n Located near Montreal, Quebec, CHARBONE’s Sorel-Tracy\nGreen Hydrogen Project will serve as the Company’s flagship\nfacility, giving CHARBONE a first-mover advantage with plans to\ncommence production later this year. A second green hydrogen\nproduction project in the Detroit, Michigan area is also scheduled to\nbe operational in 2024. In total, CHARBONE plans to build and deliver\n16 green hydrogen production facilities across North America by 2030.\n \n \n \n \n “As market interest and project\nmomentum increases, Management’s efforts to shore up and strengthen\nour balance sheet have been focused and deliberate. We’ve made\nsignificant cost-reduction headway in...