Business
Ostrom Climate Reports Fiscal Q2 2024 Financial Statements
VANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Ostrom Climate Solutions Inc. ("Ostrom Climate" o...
About this update from Ostrom Climate Solutions Inc
[{"type":"text","content":"Ostrom Climate Reports Fiscal Q2 2024 Financial StatementsVANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Ostrom Climate Solutions Inc. (\"Ostrom Climate\" or the \"Company\") (TSX-V:COO)(Frankfurt:9EAA), a leading developer of high-quality carbon offset projects and climate solutions, has released its financial results for the second quarter ended June 30, 2024. The Company reported a notable increase in revenues driven by the expansion of its Verified Emission Reduction (VER) units and consulting services, despite experiencing an increased net loss due to strategic investments in project development and operational expansion.Second Quarter Financial Highlights:Q2 2024 revenue reached $578,123, an increase of 186.6% from $201,724 in Q2 2023, reflecting strong growth in VER sales and consulting services.The Company's gross profit rose to $369,000 from $95,707 in Q2 2023, demonstrating improved cost management and efficiency.Net loss for the quarter was $856,934, compared to a net loss of $553,958 in the same period last year, largely due to increased operational expenses and strategic investments, including costs associated with its Climate-Smart Agriculture Project in the Philippines.Operational and Strategic Developments:During Q2 2024, Ostrom Climate made progress in expanding its flagship Upper Pampanga River Climate-Smart Agriculture Rice Project (UPRIIS). UPRIIS aims to reduce greenhouse gas emissions in rice cultivation, bolstering environmental impact, water conservation and food security. As discussed in the Company's corporate update announcement on June 5, 2024, UPRIIS is an essential part of the Company's strategy to focus on high-quality carbon project development and Nature Based Solutions (NBS). NBS in carbon project development are strategies that use natural processes and ecosystems to capture and store carbon, thereby reducing greenhouse gas (GHG) emissions and supporting biodiversity.On June 24, 2024, the Company also announced a Cooperation Agreement with Klima 1.5 Corp (\"Klima\"), a carbon management company in the Philippines. Ostrom Climate and Klima have committed to producing a conceptual plan and feasibility study for NBS carbon projects in the Philippines. The key focus of the Cooperation Agreement centers around Afforestation, Reforestation & Revegetation (ARR) projects, which are essential for ca...