Ostrom Climate Reports Fiscal Q1 2024 Financial Statements

VANCOUVER, BC / ACCESSWIRE / May 30, 2024 – Ostrom Climate Solutions Inc. (TSX-V:COO, Frankfurt:9EA) has released its financial results for the first quarter ending March 31, 2024.

The company reported revenues of $926,719 for Q1 2024, marking a 76.3% increase compared to $525,617 in Q1 2023. This rise was driven by the strong sales of Verified Emission Reduction (VER) units.

However, the gross profit decreased to $143,545 from $220,759 in the same period last year, attributed to lower-margin VER sales terms. The quarterly net loss widened to $1,080,234 from $490,198, mainly due to higher operational expenses and further development costs for the Climate-Smart Agriculture Project.

Operationally, the company progressed its project pipeline with a focus on Climate-Smart Agriculture in the Philippines and expanded carbon project development. A recent $1.25M equity capital raise will support these initiatives.

CEO Phill Cull remarked on the quarter's performance, noting the significant revenue increase and ongoing investments in project development. He emphasized the commitment to improving operational efficiencies and leveraging the demand for high-quality carbon credits.