Cyber App Solutions Corp., a company specializing in helium production and carbon capture technologies, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational developments, including the startup of its first helium plant and the challenges faced in its operations.
Financial Highlights
- Helium revenue: $0.418 million. The 100% increase in helium revenues was due to the completion and startup of the company's first helium plant in the St. Johns Field during the third quarter of 2023.
- Net loss: $(4.083) million. The net loss decreased by 37% compared to the same period in 2023, primarily due to increased helium revenue and a decrease in event of default fees.
- Net loss per share of common stock outstanding - Basic and Diluted: $(0.05). This reflects the impact of increased operating expenses and interest expenses despite the increase in helium revenue.
Business Highlights
- Revenue Segments: The company reported helium revenue of $418,042 for the six months ended June 30, 2024, marking a significant increase due to the startup of its first helium plant in the St. Johns Field during the third quarter of 2023.
- Sales Units: Approximately 861 thousand cubic feet of helium were sold during the six months ended June 30, 2024, compared to none in the same period in 2023, indicating a successful ramp-up in production capacity.
- New Production Launches: The completion and startup of the first helium plant in the St. Johns Field were key operational milestones, contributing to the company's ability to generate revenue from helium sales.
- Operational Challenges: The company faced mechanical issues and design limitations at its helium plant, resulting in inefficient operations and lower helium recovery rates. This led to the decision to idle the plant in June 2024.
- Future Outlook: The company is exploring strategies to restart its helium plant and improve operational efficiency. Additionally, it is part of a consortium selected for a potential $11.6 million grant from the U.S. Department of Energy to develop a regional Direct Air Capture hub, which could enhance its carbon capture capabilities.
SEC Filing: