Cyber App Solutions Corp., a company specializing in the acquisition, exploration, development, and production of helium and food-grade CO2, has released its Form 10-Q report for the quarter ended September 30, 2023. The report highlights significant financial and operational milestones, including the startup of its first helium plant and future expansion plans.
Financial Highlights
- Helium revenue: $0.122 million, attributed to the completion and startup of the first helium plant in the St. Johns Field.
- Net loss: $(4.037) million, a 49% decrease compared to the same period in 2022, primarily due to reduced general and administrative expenses and interest expense.
- Net loss per share of common stock outstanding - Basic and Diluted: $(0.05), an improvement from $(0.13) in the same period in 2022.
Business Highlights
- Revenue Segments: The company reported helium revenue for the first time, attributed to the completion and startup of its first helium plant in the St. Johns Field, selling approximately 250 MCF during the period.
- New Production Launches: The company completed the construction of its first helium plant in the St. Johns Field and commenced production during the quarter ended September 30, 2023.
- Sales Units: Approximately 250 MCF of helium was sold during the reporting period, marking the company's initial sales from its new production facility.
- Future Outlook: The company plans to expand its Phase I Helium Extraction Plant and construct CO2 processing facilities, requiring external financing to complete these projects. Additionally, the company is negotiating a potential financial award from the U.S. Department of Energy for developing a regional Direct Air Capture Hub.
- Operational Strategy: The company is focused on the acquisition, exploration, development, and production of helium and food-grade CO2, with capabilities for carbon capture and storage. Its assets are concentrated in the St. Johns Field located in Apache County, Arizona.
- Segment Information: The company manages its business globally within one reportable segment, focusing on helium and CO2 production.
SEC Filing: